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Last Call: Jamie Dimon Hits the Hill

President and CEO of JPMorgan Chase Co. Jamie Dimon testifies before a Senate Banking Committee hearing on Capitol Hill June 13, 2012 in Washington, DC.
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President and CEO of JPMorgan Chase Co. Jamie Dimon testifies before a Senate Banking Committee hearing on Capitol Hill June 13, 2012 in Washington, DC.

In honor of Jamie Dimon’s visit to Capitol Hill today, let’s play “spot the fake.” Which of these quotes is NOT from Jamie Dimon?

A) Listen, no excuses but people make mistakes. We're going to make mistakes. This obviously was far bigger than a mistake we want to make.

B) Do you think I’d be crazy enough to go out there and say something I knew to be a lie?

C) I've consistently told you I’m not going to tell you.

D) Economies of scale are a good thing. If we didn't have them, we'd still be living in tents and eating buffalo.

E) If you think of my last five or six predecessors, five of them left because they went to the government. The government is probably not going to call me up, so that means either staying forever or dying at my desk.

The answer is below.

Market Musings From CNBC Numbers Guru Robert Hum

  • Afternoon slump sends stocks lower, but stocks close slightly off lows
  • Dow flirts with 100-point drop, but avoids 3rd straight triple-digit move
  • JPMorgan Chase leads Dow for most of day on 2x normal volume, ends day at a 1-month high
  • Of the 10 S&P 500 sectors, only Telecom & Utilities are up QTD; however 9 sectors are still up YTD thanks to a strong Q1

The Word On The Street

DIMON TO CNBC: 'WE'RE GOING TO GET THROUGH THIS/CNBC.com – Jeff Cox: “After getting through a Capitol Hill grilling that turned out to be less hostile than expected, JPMorgan Chase CEO Jamie Dimon told CNBC that he's ready to get back to work. … Appearing relaxed and relieved, Dimon said his job now is to face shareholders, deal with the rest of the fallout from the loss and to move ahead.”

JAMIE DIMON ON HOW HE WOULD REGULATE THE WORLD/WSJ – Victoria McGrane: “While the hearing held by the Senate Banking Committee Wednesday was ostensibly to probe J.P. Morgan’s giant $2 billion-plus trading loss, Chairman and CEO Jamie Dimon got the opportunity to opine on a wide-range of regulatory topics, from the superiority of U.S. capital markets to the looming “fiscal cliff.”

JPMORGAN’S CHIEF SAYS CLAWBACK EFFORTS ARE ‘LIKELY’/DealBook – Ben Protess: “JPMorgan Chase is “likely” to try to recover compensation from executives responsible for a recent multibillion-dollar trading blowup, according to Jamie Dimon, the bank’s chief executive. … “When the board finishes the review, you can expect we’ll take proper corrective action,” the executive told a packed hearing room, shortly after a parade of protesters jeered the chief executive. “There’s likely to be clawbacks.”

DICK CLARK PRODUCTIONS SAID TO PURSUE A SALE OF ITSELF/DealBook – Michael DeLa Merced: “Dick Clark Productions, the 55-year-old company that produces the Golden Globe awards show and the New Year’s Eve broadcast created by the company’s late founder, is exploring a sale of itself, people briefed on the matter said on Wednesday. … A sale could yield a payday for the company’s current backers, the Washington Redskins owner Daniel M. Snyder and Six Flags Entertainment . Mr. Snyder’s Red Zone Capital bought Dick Clark Productions from another investment group in 2007 for $175 million.”

GREEK BANK WITHDRAWALS ACCELERATE/WSJ – Alkman Granitsas: “Withdrawals by customers at Greek banks have been rising before Sunday's elections, two banking sources said Wednesday, reflecting growing unease among Greeks ahead of crucial national elections that could determine the country's future in the euro zone. According to banking industry sources, the rate of withdrawals has been steadily inching upwards day by day approaching the level of deposit flight seen just over a month ago when government coalition talks collapsed in the aftermath of inconclusive May 6 elections that set off a fresh round of jitters and forced new polls later this month.”

LARGE INSTITUTIONS DISCUSS NEW MARKETPLACE FOR BONDS/WSJ – Serena NG & Kirsten Grind: “Big money managers and Wall Street banks are laying the groundwork for a new marketplace for corporate bonds, an effort that highlights the heft of large investors and the impact of new rules limiting bank risk-taking. In recent weeks, senior traders at investment managers and big Wall Street banks have been discussing how the financial industry can set up a centralized electronic market that would let all participants trade bonds freely with one another, according to people involved in the talks.”

SPAIN CREDIT RATING SLASHED BY MOODY'S, EGAN-JONES/REUTERS: “Moody's Investors Service cut its rating on Spanish government debt by three notches on Wednesday From A-3 to to Baa-3, saying the newly approved euro zone plan to help the country's banks will increase the country's debt burden. … Egan-Jones also cut Spain's sovereign rating to "CCC+" from "B," pushing the country's debt deep into speculative territory. The rating cut, Egan-Jones's fifth for Spain this year, carries a "negative" outlook.”

GEITHNER: 2% GROWTH RATE WON'T CUT IT ON JOBS/Reuters with CNBC.com: “Treasury Secretary Timothy Geithner said Wednesday a U.S. growth rate of 2 percent is not enough to get Americans back to work and that the country had a long way to go to repair damage to the economy. He said the most helpful thing Washington can do to spur growth is to extend middle-class tax cuts and take the threat of default off the table.”

GOOGLE WANTS LOVE AND 90 OTHER THINGS/NY Times – Nicole Perloth: “On Wednesday, the Internet Corporation for Assigned Names and Numbers, or Icann, revealed the list of applicants for new top-level domains, those two or three letters that come after the period in a Web address– like .com, .org, .edu and so on. With the Web addresses running low, Icann said in January that it would start accepting applications for new top-level domains. It has said it hopes to finish the application process next year. Google proved to be one of the more ambitious applicants — it applied for more than 90 top level domains, some expected, some not. Not surprisingly, the search giant wants .google, .youtube, .goog and .plus. It was the only applicant vying for .fly, .new and .eat. But it is going to have to fight Johnson & Johnson for .baby, Microsoft for .docs and .live, and Amazon for 17 top-level domains: .search, .shop, .drive, .free, .game, .mail, .map, .movie, .music, .play, .shop, .show, .spot, .store, .talk, .you and — bizarrely–.wow."

Quiz Answer:

GOLDMAN CHIEF SAYS HE WILL STAY ‘FOREVER/FT – Hal Weitzman: "Lloyd Blankfein brushed off speculation about his future at the head of Goldman Sachs , joking that he expected either to stay at the investment bank 'forever' or to 'die at my desk'."

Economic Data

830am et (w/e 6/9) Initial Claims

830am et May CPI

0830am 1Q Current Acct Balance

1300pm et 30-Yr Bond Auction

1600pm et Fed Balance Sheet

1600pm et Money Supply

Earnings

Before the bell:

Kroger, Smithfield Foods, Pier 1 Imports (11a cc)

Key Guests

Sarat Sethi, Douglas C Lane Partner (630a)

Michael Strauss, Commonfund Chief Economist (630a)

Joshua Kraft, Boys & Girls Clubs of Boston (700a)

Jonathan Kraft, The Kraft Group President (700a)

Bob Kraft, The Kraft Group CEO (700a)

John Faraci, International Paper CEO (710a)

Jon Bon Jovi, Jon Bon Jovi Foundation Chairman/Singer (745a)

Gary Gottlieb, Brigham and Women's Hospital President (810a)

Phillippe Dauman, Viacom CEO (840a)

Richard Austin, Sotheby's NY (1000a)

Rick Marini, BranchOut CEO (1100a)

Natalie Morales, Today Show National Correspondent (1100a)

Tim Armstrong, AOL CEO (1145a)

Barbara Novick, BlackRock Vice Chairman (140p)

Anthony Chan, JPMorgan Private Bank Chief US Economist (330p)

Joe Dear, CalPERS Chief Investment Officer (430p)

Marc Gardner, Pay Anywhere CEO (500p)

Bernie Marcus, Home Depot Co-Founder (700p)

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