This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Jamie Dimon Sweats Little, Says Nothing

Yet, he pointed out, the CEO on Feb.29 filed a certification required by law that the bank had adequate risk controls in place and that management's assessment of the firm determined there were no material weaknesses in its internal controls or financial reporting as of Dec. 31, 2011.

"I know you are entitled to rely on your subordinates in making that certification, but was that certification correct?," Miller asked Dimon.

"It was to my knowledge at the time," Dimon replied.

When pressed on whether he believed it was still true based on his information now, the CEO was a little more evasive. " We try to disclose what we are supposed to disclose," he said and later added " I believed at the time that the risk controls at CIO[Chief Investment Office] were properly being done."

Dimon faced plenty of questions on regulation of foreign subsidiaries, the Volcker rule and too big to fail and the CEO rattled off many of his favorite talking points. He even added a new zinger when asked whether the bank could conceivably lose $50 billion. "Not unless the moon strikes the earth," Dimon said.

But he steered clear of being sucked into the politics of budget cuts.

"I have enough problems" Dimon said, declining to comment on whether there should be staff cuts at the CFTC.

Shares of JPMorgan were up by 2.5% on Tuesday.

JPMorgan Chase shareholders will have to wait till July 13 to get the answer to the one question that really matters- the size of the trading loss. The bank has scheduled a two-hour conference call on the day it reports to shed more light on the second quarter and CIO unit.

-- Written by Shanthi Bharatwaj in New York
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $14.04 -0.67%
C $44.22 -0.99%
JPM $61.23 -0.55%
WFC $48.95 0.02%
AAPL $93.21 -0.44%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs