Bloomberg reports that Dimon said Tuesday at a hearing of the House Financial Services Committee in Washington: 'I am far more worried about Europe than I am about this trading position. I hope the legislators over there can overcome their complications, and keep the euro zone alive'.
'If JPMorgan overseas operates under different rules than our foreign competitors, we can no longer provide the best products and services to our U.S. clients or our foreign clients', Dimon said Tuesday at the hearing. 'The rules at the transaction level about margin reporting, all those requirements may enable Deutsche Bank to make the better deal', he added.
Finally, Bloomberg reports that banking analyst Meredith Whitney has questionned whether the trading positions that caused JPMorgan such grief weren't prop trades, rather than the hedges they have been made out to be.
'It’s very hard to argue that what Jamie Dimon is now on the Hill for is a hedge', Whitney said Tuesday in a radio interview on Bloomberg Surveillance with Tom Keene and Ken Prewitt as the bank chief testified at a hearing. 'A credit hedge in banking should be a loan-loss provision, plain and simple. Anything else is a proprietary bet', she said.