The Feds allege JPMorgan should have known what Madoff was up to. Marc LoPresti, founder of LoPresti Law Group, and CNBC's Herb Greenberg, discuss the $2 billion fine the bank will pay the Feds for "turning a blind eye" to Madoff's fraudulent operations.» Read More
When Sen. Bob Corker, (R-TN), asks JPMorgan's Jamie Dimon if regulations have made the banking system safer, he responds: "I don't know."
Sen. John "Jack" Reed asks if there was someone monitoring the CIO at JPMorgan for risk management and questions whether the "bet" on the direction of the market was a hedging play.
Sen. Michael Crapo asks Jamie Dimon, what should be the primary focus of our regulatory structure.
Sen. Chuck Schumer, (D-NY) asks Mr. Dimon about what went wrong with the risk committees at JPMorgan and how improvements can be made going forward.
Sen. Richard Shelby asks JPMorgan's CEO whether he was investing or hedging at the time of the losses. "I have a hard time distinguishing a bright line between prop trading and hedging," says Dimon.
Sen. Tim Johnson asks Jamie Dimon, what did you know when you made your "tempest in a teapot" comment?
"We have let a lot of people down and we are sorry," says CEO Jamie Dimon testifying before the Senate Banking Committee on what went wrong at JPMorgan.
JPMorgan CEO Jamie Dimon testifies before the Senate Banking Committee on what went wrong at JPMorgan.
Sen. Richard Shelby, (R-AL) and Ranking Member of the Senate Banking Committee, delivers his opening statement. "It should not be the role of Congress to second guess decisions by private sector business," he says. "Regulators don't always meet our expectations."
CNBC's Andrew Ross Sorkin discusses what he will be watching ahead of Jamie Dimon's testimony before the Senate Banking Committee, and a look at the impact of today's hearing on JPMorgan's stock, with Todd Hagerman, Sterne Agee financial services analyst. Michael Scanlon, John Hancock Asset Management weighs in on whether the stock offers a buying opportunity.
Sen Tim Johnson, (D-SD) and chairman of the Senate Banking Committee, says although risk cannot be eliminated from the economy, banks must take risk management seriously and enforce strong controls.
CNBC's Mary Thompson provides a preview of Jamie Dimon's testimony before the Senate Banking Committee today.
The "Squawk on the Street" news team reports the market-moving stories of the day, including today's Senate Banking Committee hearing with Jamie Dimon; the upside potential in current markets; and Goldman Sachs' downgrade of McDonald's.
Mike Mayo, "Exile on Wall Street" author, weighs in on JPMorgan's huge trading losses, and explains his "Triangle of Tragedy" concept, which includes tracking a stock's performance under the company's current CEO.
"Was this gambling or managing risk?" asks Sen. Richard Shelby, (R-AL) and ranking member on the Senate Banking Committee, discussing what he wants to hear from Jamie Dimon during testimony today on JPMorgan's huge trading losses.
"Will we see another round of regulations?" asks Sallie Krawcheck, discussing today's Senate hearing on what went wrong with JPMorgan's trading losses, and the impact of complex regulations on banks.
Sharyn O'Halloran, Columbia University professor, provides a tick-by-tick look on how JPMorgan's $2 billion trading loss went down, and discusses the need for simpler regulations.
Major Garrett, National Journal White House correspondent, and CNBC's John Harwood report on the politics behind today's Senate hearing and provide a preview of questions likely to be asked of key witness Jamie Dimon.
Sallie Krawcheck, Motif Investing director, discusses what went wrong at JPMorgan; the impact of regulations on risk and hedging strategies; and defining the Volcker Rule.
CNBC's Andrew Ross Sorkin provides a preview of today's Senate Banking Committee hearing on Capitol Hill, where JPMorgan's CEO Jamie Dimon will deliver testimony on what went wrong with his firm's infamous trading losses.