That creates an impression which is not true.
Should the OCC have been informed about that?
Did you believe that they got information on these positions on a regular basis as part of your normalized reporting?
all I said is trades were made daily. That is a tactical implementation of a longer-term decision.
But you knew that these trades were being made day-to-day.
Well, we have already covered some of the matters involving hidden financial risks, mismarking, breaches of risk limits,...
Why hide it?
Now, why should it be allowed on a one-time basis?
And then you mean that you would see where the review led to, but your first reaction would be this is a troublesome ide...
Regulators did not 'get the information' on those positions on a regular basis, did they?
That was a misstatement, misrepresentation, and flat out falsity, as far as I am concerned.
Would you call that a high-risk approach?
the OCC allow optimization one time and then from there on, hey, quit it?
We recommend requiring banks to identify all internal investment portfolios that include derivatives over a specified no...
the Synthetic Credit Portfolio was not reducing the bank's risks but was increasing them?
We thank our witnesses here, and we have seen today a very disturbing picture which raises questions not just about JPMo...
This was described, this portfolio, as being a 'perilous size.'
That is OK. No, that is good.
