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But in four prior public appearances about the trades, Dimondeclined to provide many details on what happened, saying that hefeared doing so would give trading adversaries clues to how to takeadvantage of JPMorgan's still-open positions. Mark Calabria, a former Republican aide on the Banking Committee,now with the libertarian Cato Institute, said Dimon will at leasthave to show he's got a handle on the portfolio. "He's got to relay that I've got control of the company, I've gotsome sense of what's going on and there are not a whole lot oflittle bombs in the company that I'm not aware of,'" Calabria said. Goldberg from Barclays expects the market will get just a morsel ofinformation about the trades. Dimon has said that investors andanalysts will have to wait for more details on the portfolio untilmid-July when the company announces second-quarter financialresults. "I view Wednesday as the appetizer, but you have to wait tomid-July for the main course," said Goldberg. Dimon also may shed more light on the bank's decision to radicallychange the way risk was measured in the chief investment officeresponsible for the loss. Whale of a Loss Dimon initially pegged the loss at $2 billion on May 10 when heannounced the derivatives losses generated from the bank's Londonoffice and trader Bruno Iksil, dubbed the "London Whale" in creditmarkets due to the size of the trading positions he took. At the time, Dimon said the loss could go to $3 billion, "or more."Some analysts have estimated the losses could reach $5 billion,based on market talk about the exact trades. Even at $5 billion, the loss would not be debilitating for thecompany, which last year spent $3.2 billion on litigation and stillmade a $19 billion profit. The loss has raised larger questions about whether bank executivesand regulators can spot growing risks before it's too late. It also has weakened Dimon's position as the unofficial spokesmanfor Wall Street banks as they push for more moderate versions ofreforms called for in the 2010 Dodd-Frank financial oversight law. Democrats are expected to press Dimon on whether the losses couldhave been prevented by the trading restrictions in the so-called Volcker rule and whether he now considers his criticism of this policy asmisguided. Democrat Sherrod Brown will quiz the CEO on whether his bank andothers like it are too big to manage, according to a spokeswoman. Richard Shelby, the top Republican on the panel, plans to ask Dimon"why he is so adamantly opposed to the primary measure that wouldprotect taxpayers against further bailouts - higher capitalrequirements," the senator's spokesman said. Shelby and other Republicans have criticized many Dodd-Frankreforms as too complicated to work and have portrayed highercapital standards as a more elegant answer to the question of howto make sure large banks can absorb losses. On June 7, the U.S. Federal Reserve released a set of proposals to implement new Basel III capitalstandards agreed to by the heads of the world's 20 leadingeconomies. Dimon has been critical of the agreement, arguing that parts of it,such as how mortgage servicing rights are treated, are unfair toAmerican lenders and ultimately will lead to fewer loans beingprovided to individuals and businesses. Ready to Rumble Profiles of the often-combative Dimon have noted he took up boxingafter leaving Citigroup. The e-commerce company in China offers quality products such as CCM Continuous Casting Machine Manufacturer , Melting Induction Furnace, and more. For more , please visit Melting Induction Furnace today!
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