EMAIL DETAILS

Amen. Congrats, Ted. Perhaps when you're done with HFT and dark pools you
can rectify the following (from today):

Jamie Dimon Says Banks Are Under Assault As He Announces $4.9 Billion Profit
Posted: 01/14/2015 12:29 pm EST Updated: 01/14/2015 12:59 pm EST
[image: JAMIE DIMON]

We should all do so well while under assault.

JPMorgan Chase earned $4.9 billion in the fourth quarter of 2014, the
company announced
<http://files.shareholder.com/downloads/ONE/3838216320x0x803106/FE5E726B-907C-4616-8565-71341A355ED6/4Q14_Earnings_Press_Release.pdf>
on Wednesday, down from a year ago, but capping what CEO Jamie Dimon called
<http://www.forbes.com/sites/antoinegara/2015/01/14/jpmorgan-waves-off-breakup-calls-after-fourth-quarter-earnings-miss>
a record year for the biggest U.S. bank by assets.

Despite this success, Dimon warned <http://www.cnbc.com/id/102334645#.>
that "banks are under assault," from government regulators.

"In the old days," Dimon said
<http://www.bloomberg.com/news/2015-01-14/jpmorgan-ceo-dimon-says-banks-under-assault-by-u-s-regulators.html>,
"you dealt with one regulator when you had an issue, maybe two. “Now it’s
five or six. It makes it very difficult and very complicated.

"You all should ask the question about how American that is. And how fair
that is," he added. "And how complex that is for companies."

The biggest U.S. bank by assets has had its fair share of trouble with
regulators in recent years. In the fourth quarter, JPMorgan paid $1.1
billion
<http://www.bloomberg.com/news/2014-11-12/banks-to-pay-3-3-billion-in-fx-manipulation-probe.html>
to settle charges by U.S. and foreign regulators that its traders had
manipulated currency markets. In those settlements, J.P. Morgan did not
admit nor deny any wrongdoing.

"Obviously, companies make mistakes," Dimon said on Wednesday. "We try to
resolve it, we try to fix it, we admit it."

In the past two years, JPMorgan has paid out $14 billion
<http://files.shareholder.com/downloads/ONE/3838216320x0x803105/55F32613-E7AD-4F7A-8E92-DBB07FD65866/4Q14_Earnings_Supplement.pdf>
in settlements and fines related to the London Whale trading losses,
manipulating the key interest rate benchmark Libor, and issuing bad
mortgages that helped lead to the financial crisis.

The bank earned $39.7 billion in net income over those same two years.

Despite his complaints, Wall Street lobbyists, and Dimon himself, are
orchestrating a "continuing assault" on the 2010 Dodd-Frank
financial-reform law that "has achieved remarkable success," as the New
York Times
<http://www.nytimes.com/2015/01/14/business/economy/in-new-congress-wall-st-pushes-to-undermine-dodd-frank-reform.html>
put it on Tuesday.

Dimon personally lobbied
<http://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/11/the-item-that-is-blowing-up-the-budget-deal/>
for Congress to loosen derivatives rules put in place by Dodd-Frank
financial. Late in December, the Federal Reserve gave banks another year
<http://www.huffingtonpost.com/2014/12/18/volcker-rule-federal-reserve_n_6351190.html>
to comply with certain aspects of that law's Volcker Rule, which prohibits
proprietary trading. And now House Republicans are lining up a vote
<http://www.huffingtonpost.com/2015/01/12/republicans-dodd-frank-attack_n_6459722.html>
to extend that grace period until 2019, a full nine years after the bill
was put into law.

If record profits and regulatory rollbacks are Dimon's idea of an assault
on banks, it's hard to imagine what he thinks victory looks like.
More: JP Morgan Chase
<http://www.huffingtonpost.com/news/jp-morgan-chase/> Jamie Dimon
<http://www.huffingtonpost.com/news/jamie-dimon/> Dodd Frank
<http://www.huffingtonpost.com/news/dodd-frank/> Financial Regulation
<http://www.huffingtonpost.com/news/financial-regulation/> Financial Reform
<http://www.huffingtonpost.com/news/financial-reform/> Jamie Dimon Banks
Assault <http://www.huffingtonpost.com/news/jamie-dimon-banks-assault/> Jamie
Dimon Regulation
<http://www.huffingtonpost.com/news/jamie-dimon-regulation/> Jamie Dimon
Whine <http://www.huffingtonpost.com/news/jamie-dimon-whine/> JPMorgan
Chase <http://www.huffingtonpost.com/news/jpmorgan-chase/> Jpmorgan
<http://www.huffingtonpost.com/news/jpmorgan/> JP Morgan
<http://www.huffingtonpost.com/news/jp-morgan/>


On Wed, Jan 14, 2015 at 1:27 PM, Hunter Biden <hbiden@rosemontseneca.com>
wrote:

> They have no idea what they're in for!
>
> RHB
> 202.333.1880
>
> On Jan 14, 2015, at 1:26 PM, Joshua Alcorn <josh@beaubiden.com> wrote:
>
> Awesome Ted.
>
> /ja
> 302-598-1885 (cell)
>
> Sent from my iPhone, which is responsible for any typos.
>
> On Jan 14, 2015, at 11:54 AM, 261penn@gmail.com wrote:
>
> Great!!
>
> Confidentiality Notice: This electronic message and any attachment(s) are
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>
>
> On Wed, Jan 14, 2015 at 11:10 AM, Eric Schwerin <
> eschwerin@rosemontseneca.com> wrote:
>
>> Congrats, Ted! Well deserved!
>>
>>
>>
>>
>> Eric D. Schwerin
>>
>> Rosemont Seneca Partners, LLC
>>
>> 1010 Wisconsin Ave., NW
>>
>> Suite 705
>>
>> Washington, DC 20007
>>
>> (202) 333-1880
>>
>> eschwerin@rosemontseneca.com
>>
>> *P* *Consider the environment before printing this email.*
>>
>>
>>
>>
>> On Jan 14, 2015, at 11:04 AM, tedkaufman@comcast.net wrote:
>>
>>
>> http://www.reuters.com/article/2015/01/13/us-sec-markets-panel-idUSKBN0KM2EO20150113
>>
>>
>>
>


--

Alexander Snyder Mackler
(302) 598-867