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| JP Morgan's Jamie Dimon faces House committee - US politics live | JP Morgan's Jamie Dimon faces House committee - US politics live |
| (40 minutes later) | |
| 11.12am: Democratic party congresswoman Carolyn Maloney of New York asks the big question: | |
| Rep. Carolyn Maloney: every big trading disaster happens in London. Why? | |
| Good question Representative Maloney. One answer is that perfidious British bankers want to steal away your precious American gold. | |
| 11am: In case you were wondering, before Jamie Dimon takes the hot seat, the House committee is hearing from a variety of financial regulator rock stars, including SEC chair Mary Schapiro, the Comptroller of the Currency Thomas Curry and the Commodity Futures Trading Commission chair Gary Gensler, among others. It's basically a Woodstock '69 line-up for Wall Street regulation. | |
| 10.50am: Guys, Mitt Romney sometimes tells awkward jokes, and the New York Times is ON IT: | 10.50am: Guys, Mitt Romney sometimes tells awkward jokes, and the New York Times is ON IT: |
| At the breakfast, Mr Romney introduced two of his sons, Matt and Craig, in a slightly unusual fashion. "I love them," Mr Romney said. "I love them like they're my own. And they are! Craig!" | At the breakfast, Mr Romney introduced two of his sons, Matt and Craig, in a slightly unusual fashion. "I love them," Mr Romney said. "I love them like they're my own. And they are! Craig!" |
| With that, Craig Romney rescued the microphone from his father. | With that, Craig Romney rescued the microphone from his father. |
| Embarrassing Dad or Weirdo? You decide. | Embarrassing Dad or Weirdo? You decide. |
| GUYS, eBooks do not smell like printed books, and The Times is ON IT. nyti.ms/LXWejl | GUYS, eBooks do not smell like printed books, and The Times is ON IT. nyti.ms/LXWejl |
| By the way, this is where that formulation comes from. | By the way, this is where that formulation comes from. |
| 10.40am: While we're waiting on Dimon to appear – you know it's a slow news day when this is the lead item on the Drudge Report: | 10.40am: While we're waiting on Dimon to appear – you know it's a slow news day when this is the lead item on the Drudge Report: |
| A Massachusetts man has pleaded not guilty to attacking a bicyclist with sausage links and a wrench before making off with jewelry and the bike. | A Massachusetts man has pleaded not guilty to attacking a bicyclist with sausage links and a wrench before making off with jewelry and the bike. |
| 10.30am: It's round two of Jamie Dimon versus Congress, as the JP Morgan chief executive faces his second session of testimony on the subject of the bank's huge "London Whale" trading losses. | 10.30am: It's round two of Jamie Dimon versus Congress, as the JP Morgan chief executive faces his second session of testimony on the subject of the bank's huge "London Whale" trading losses. |
| Last week Dimon was given a largely generous ride by the Senate banking committee, and today he's even less likely to have much trouble before the Republican-dominated House committee on financial services. | Last week Dimon was given a largely generous ride by the Senate banking committee, and today he's even less likely to have much trouble before the Republican-dominated House committee on financial services. |
| The wild card is that House committees tend to be more flaky and erratic than Senate committees – with members prone to grandstanding since they get fewer chances in the spotlight, so who knows what questions Dimon may face out of left-field? | The wild card is that House committees tend to be more flaky and erratic than Senate committees – with members prone to grandstanding since they get fewer chances in the spotlight, so who knows what questions Dimon may face out of left-field? |
| But based on last week's performance, Dimon will handle this circus – pardon me, I mean members of the House of Representatives – with ease. | But based on last week's performance, Dimon will handle this circus – pardon me, I mean members of the House of Representatives – with ease. |
| In the meantime, here's a summary of other news from Ryan Devereaux: | In the meantime, here's a summary of other news from Ryan Devereaux: |
| • Marco Rubio, the Florida senator thought to be a top contender as Mitt Romney's running mate, has not been vetted for the position, ABC News reports. Jonathan Karl says "reliable sources" have told him Rubio "has not been asked to complete any questionnaires or been asked to turn over any financial documents typically required of potential vice presidential candidates." | • Marco Rubio, the Florida senator thought to be a top contender as Mitt Romney's running mate, has not been vetted for the position, ABC News reports. Jonathan Karl says "reliable sources" have told him Rubio "has not been asked to complete any questionnaires or been asked to turn over any financial documents typically required of potential vice presidential candidates." |
| • A new poll from Bloomberg finds a majority of voters support president Obama's recent decision to stop deporting certain undocumented young people. According to the survey, 64% of likely voters said they agreed with the president's decision. Broken down by party, 86% of Democrats and 66% of independents supported the decision, and 56% of Republicans opposed it. | • A new poll from Bloomberg finds a majority of voters support president Obama's recent decision to stop deporting certain undocumented young people. According to the survey, 64% of likely voters said they agreed with the president's decision. Broken down by party, 86% of Democrats and 66% of independents supported the decision, and 56% of Republicans opposed it. |
| • Mitt Romney is returning to New York City next week to drum up money for his campaign efforts. The former Massachusetts governor will attend a major event in New Jersey with governor Chris Christie, as well as a fundraiser at the $70m apartment of wealthy couple Martin and Barbara Zweig. | • Mitt Romney is returning to New York City next week to drum up money for his campaign efforts. The former Massachusetts governor will attend a major event in New Jersey with governor Chris Christie, as well as a fundraiser at the $70m apartment of wealthy couple Martin and Barbara Zweig. |
| • The president has a new debate practice partner: Senator John Kerry. As Obama prepares to face Romney in at least three crucial contests of rhetorical nimbleness this fall, Kerry has assumed the role of the former Massachusetts governor. Kerry has a reputation as a strong debater and, like the GOP candidate, he is also very wealthy, owns multiple homes and has been known to flip-flop on issues, essentially he is already inside Romney's mind. | • The president has a new debate practice partner: Senator John Kerry. As Obama prepares to face Romney in at least three crucial contests of rhetorical nimbleness this fall, Kerry has assumed the role of the former Massachusetts governor. Kerry has a reputation as a strong debater and, like the GOP candidate, he is also very wealthy, owns multiple homes and has been known to flip-flop on issues, essentially he is already inside Romney's mind. |
| • Obama's nominee for consideration as ambassador to Iraq, Brett McGurk, has withdrawn his nomination for the position. Members of the senate had resisted McGurk's nomination, and an anonymous source leaked intimate emails exchanged in 2008 between McGurk, who was then working for the state department in Iraq, and a reporter for the Wall Street Journal covering the conflict there. The pair later married. | • Obama's nominee for consideration as ambassador to Iraq, Brett McGurk, has withdrawn his nomination for the position. Members of the senate had resisted McGurk's nomination, and an anonymous source leaked intimate emails exchanged in 2008 between McGurk, who was then working for the state department in Iraq, and a reporter for the Wall Street Journal covering the conflict there. The pair later married. |