[Senate Hearing 113-96, Volume 2]
[From the U.S. Government Publishing Office]
S. Hrg. 113-96
JPMORGAN CHASE WHALE TRADES:
A CASE HISTORY OF DERIVATIVES
RISKS AND ABUSES
=======================================================================
HEARING
before the
PERMANENT SUBCOMMITTEE ON INVESTIGATIONS
of the
COMMITTEE ON
HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS
UNITED STATES SENATE
ONE HUNDRED THIRTEENTH CONGRESS
FIRST SESSION
----------
VOLUME 2 OF 2
----------
MARCH 15, 2013
----------
Available via the World Wide Web: http://www.fdsys.gov/
Printed for the use of the
Committee on Homeland Security and Governmental Affairs
JPMORGAN CHASE WHALE TRADES: A CASE HISTORY
OF DERIVATIVES RISKS AND ABUSES--VOLUME 2 OF 2
S. Hrg. 113-96
JPMORGAN CHASE WHALE TRADES:
A CASE HISTORY OF DERIVATIVES
RISKS AND ABUSES
=======================================================================
HEARING
before the
PERMANENT SUBCOMMITTEE ON INVESTIGATIONS
of the
COMMITTEE ON
HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS
UNITED STATES SENATE
ONE HUNDRED THIRTEENTH CONGRESS
FIRST SESSION
__________
VOLUME 2 OF 2
__________
MARCH 15, 2013
__________
Available via the World Wide Web: http://www.fdsys.gov/
Printed for the use of the
Committee on Homeland Security and Governmental Affairs
U.S. GOVERNMENT PRINTING OFFICE
85-162 WASHINGTON : 2013
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COMMITTEE ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS
THOMAS R. CARPER, Delaware Chairman
CARL LEVIN, Michigan TOM COBURN, Oklahoma
MARK L. PRYOR, Arkansas JOHN McCAIN, Arizona
MARY L. LANDRIEU, Louisiana RON JOHNSON, Wisconsin
CLAIRE McCASKILL, Missouri ROB PORTMAN, Ohio
JON TESTER, Montana RAND PAUL, Kentucky
MARK BEGICH, Alaska MICHAEL B. ENZI, Wyoming
TAMMY BALDWIN, Wisconsin KELLY AYOTTE, New Hampshire
HEIDI HEITKAMP, North Dakota
Ricard J. Kessler, Staff Director
Keith B. Ashdown, Minority Staff Director
Trina D. Shiffman, Chief Clerk
Laura W. Kilbride, Hearing Clerk
PERMANENT SUBCOMMITTEE ON INVESTIGATIONS
CARL LEVIN, Michigan Chairman
MARK L. PRYOR, Arkansas JOHN McCAIN, Arizona
MARY L. LANDRIEU, Louisiana RON JOHNSON, Wisconsin
CLAIRE McCASKILL, Missouri ROB PORTMAN, Ohio
JON TESTER, Montana RAND PAUL, Kentucky
TAMMY BALDWIN, Wisconsin KELLY AYOTTE, New Hampshire
HEIDI HEITKAMP, North Dakota
Elise J. Bean, Staff Director and Chief Counsel
Zachary I. Schram, Senior Counsel
Allison F. Murphy, Counsel
Henry J. Kerner, Minority Staff Director and Chief Counsel
Stephanie Hall, Minority Counsel
Mary D. Robertson, Chief Clerk
C O N T E N T S
------
Opening statements:
Page
Senator Levin................................................ 1
Senator McCain............................................... 7
Senator Johnson.............................................. 9
Prepared statements:
Senator Levin................................................ 91
Senator McCain............................................... 98
WITNESSES
Friday, March 15, 2013
Ina R. Drew, Former Head, Chief Investment Office, JPMorgan Chase
& Co., New York, New York...................................... 10
Ashley Bacon, Acting Chief Risk Officer, JPMorgan Chase & Co.,
New York New York.............................................. 12
Peter Weiland, Former Head of Market Risk, Chief Investment
Office, JPMorgan Chase & Co., New York, New York............... 13
Michael J. Cavanagh, Head of JPMorgan Chase & Co. Management Task
Force Reviewing CIO Losses, and Co-Chief Executive Officer,
Corporate & Investment Bank, JPMorgan Chase & Co., New York,
New York....................................................... 28
Douglas L. Braunstein, Current Vice Chairman, Former Chief
Financial Officer (2010-12), JPMorgan Chase & Co., New York,
New York....................................................... 30
Hon. Thomas J. Curry, Comptroller of the Currency, U.S.
Department of the Treasury..................................... 61
Scott Waterhouse, Examiner-in-Charge, OCC National Bank
Examiners--JPMorgan Chase, Office of Comptroller of the
Currency....................................................... 62
Michael Sullivan, Deputy Comptroller for Risk Analysis, Risk
Analysis Department, Office of the Comptroller of the Currency. 63
Alphabetical List of Witnesses
Bacon, Ashley:
Testimony.................................................... 12
Prepared Statement........................................... 108
Braunstein, Douglas L.:
Testimony.................................................... 30
Cavanagh, Michael J.:
Testimony.................................................... 28
Prepared Statement........................................... 117
Curry, Hon. Thomas J.:
Testimony.................................................... 61
Prepared Statement........................................... 129
Drew, Ina R.:
Testimony.................................................... 10
Prepared Statement........................................... 101
Sullivan, Michael:
Testimony.................................................... 63
Prepared Statement........................................... 129
Waterhouse, Scott:
Testimony.................................................... 62
Prepared Statement........................................... 129
Weiland, Peter:
Testimony.................................................... 13
Prepared Statement........................................... 111
APPENDIX
Report by the Permanent Subcommittee on Investigations Majority
and Minority Staff entitled ``JPMorgan Chase Whale Trades: A
Case History of Derivatives Risks and Abuses,'' March 15, 2013. 150
EXHIBIT LIST
1. a. Growth of Synthetic Credit Portfolio, chart prepared by
the Permanent Subcommittee on Investigations................... 511
b. Synthetic Credit Portfolio Daily Profits and Losses,
chart prepared by the Permanent Subcommittee on Investigations. 512
c. Synthetic Credit Portfolio Aggregate Profits and Losses,
chart prepared by the Permanent Subcommittee on Investigations. 513
d. Synthetic Credit Portfolio Risk Limit Breaches, chart
prepared by the Permanent Subcommittee on Investigations....... 514
e. Value-at-Risk for the CIO (10Q VaR), chart prepared by
the Permanent Subcommitteeon Investigations.................... 515
f. Inaccurate Public Statements on April 13, 2012, chart
prepared by the Permanent Subcommittee on Investigations....... 516
g. Synthetic Credit Portfolio Internal Profits and Loss
Reports, January-May 2012, chart prepared by the Permanent
Subcommittee on Investigations................................. 517
h. 2011 CIO Compensation vs. Investment Bank Comparables,
chart prepared by the Permanent Subcommittee on Investigations. 518
i. Timeline: Key Events in JPMorgan Chase Whale Trades,
chart prepared by the Permanent Subcommittee on Investigations. 519
2. JPMorgan Chase presentation slides, Chief Investment
Office--Organization, April 2012. [JPM-CIO-PSI 0001875-876,
879-880, 885].................................................. 522
Documents Related to Increasing Risk:
3. Testimony of Jamie Dimon, Chairman & CEO of JPMorgan Chase &
Co., before the Senate Committee on Banking, Housing and Urban
Affairs, June 13, 2012 (This strategy, however, ended up
creating a portfolio that was larger and ultimately resulted in
even more complex and hard-to-manage risks. This portfolio
morphed into something that, rather than protect the Firm,
created new and potentially larger risks.)..................... 527
4. JPMorgan Chase/OCC internal email, dated July 2012, re: CIO:
Response to Regulator Requests on NBIA, Risk Tolerance and
Follow-up VaR model questions, attaching Chief Investment
Office New Business Initiative Approval Executive Summary.
[OCC-SPI-00081611 and Excerpt of OCC-SPI-00081631]............. 531
5. JPMorgan Chase & Co. Audit Department Report, CIO Global
Credit Trading (Chief Investment Office (CIO) credit trading
activities commenced in 2006 and are proprietary position
strategies executed on credit and asset backed indices.). [JPM-
CIO-PSI-H 0006022-023]......................................... 553
6. JPMorgan Chase Summary of Positions (01/03/2011--$4 billion;
12/30/2011--$51 billion; 03/30/2012--$157 billion). [JPM-CIO-
PSI 0037609]................................................... 555
7. JPMorgan Chase internal emails, dated January 2012, re:
International Credit Consolidated P&L 09 Jan-2012 (Let's review
the unwind plan to maximize p l. We may have a tad more room on
rwa. Pls schedule asap.). [JPM-CIO-PSI 0000075-078]............ 556
8. JPMorgan Chase internal emails, dated January 2012, re:
Meeting materials for 11am meeting attaching J.P.Morgan Core
Credit Book Highlights, January 2012. (As of COB 16th January
2012 the CIO calculated Core Credit Book RWA was USD20.9bln;
This compares to average USD40.3bln RWA for December 2011
provided by QR). [JPM-CIO-PSI 0000098-101]..................... 560
9. JPMorgan Chase internal email, dated January 2012, re:
Credit book Decision Table--Scenario clarification (The fourth
scenario is our Target scenario and the one we are hoping to
implement again by midyear.). [JPM-CIO-PSI 0000105-106]........ 564
10. JPMorgan Chase internal email, dated January 2012, re:
credit book last version, attaching J.P.Morgan Core Credit Book
Highlights, January 2012. (The trade that makes sense.). [JPM-
CIO-PSI 0000159-173]........................................... 566
11. JPMorgan Chase internal emails, dated January 2012, re:
update on core credit book (the only one I see is to stay as we
are and let the book simply die. That we should take some hits
because the markets might create noise in the P&L is a certain
reality. Yet, the control of the drawdown now is generating
issues that make the book only bigger than notional.). [JPM-
CIO-PSI 0001223]............................................... 581
12. JPMorgan Chase internal email, dated January 2012, re:
update on core credit book (. . . notionals become scary and
upside is limited unless we have really unexpected scenarios.
In the meantime, we face larger and larger drawdown pressure
versus the risk due to notional increases. Please let me know
the course of action I should take here.). [JPM-CIO-PSI
0001766]....................................................... 582
13. JPMorgan Chase internal email, dated January 2012, re:
hello, quick update in core credit . . . (. . . we can show
that we are not at mids but on realistic level. * * * I went I
to ISMG and advised that we set the book for long risk carry
the time for us to see whether we really need to fight in
mars.). [JPM-CIO-PSI 0001229].................................. 583
14. JPMorgan Chase internal emails, dated January 2012, re: Core
book p&l drawdown and main exposures (The current strategy
doesn't seem to work-out. . . . the book doesn't behave as
intended.). [JPM-CIO-PSI 0000221-223].......................... 584
15. JPMorgan Chase internal email, dated March 2012, re:
priorities (If we need to [a]ctually reduce the book, we will
not be able to defend our positions. . . . We need to win on
the methodology and then the diversification.). [JPM-CIO-PSI
0001219]....................................................... 587
16. a. JPMorgan Chase internal email, dated March 2012 re: CIO
Core Credit P&L Predict [20 Mar]: -$39,686k (dly) -$275,424k
(ytd). (. . . the lag in P&L is material ($600-800M).). [JPM-
CIO-PSI 0016487-489]........................................... 588
b. JPMorgan Chase internal email, dated March 2012 re:
International Credit Consolidated P&L 20-Mar-2012 (. . . the
lag in P&L is material ($600-800M).). [JPM-CIO-PSI 0019474-486] 591
17. JPMorgan Chase Transcript of Call, March 2012, between
Martin-Artajo and Iksil, (. . . that's why I tried sending this
P&L I sent also the comments it came from Julien but I wrote
it, where I said OK you know we take this loss, we are
maintaining long risk where we have to be, the rally is on IG
but guess what you know it's lagging so much that actually we
have to show loss, and I explained that this is a lag that
keeps going, that amounts to a potential of 800 bucks. . . .).
[JPM-CIO-PSI-H 0006392-400].................................... 594
18. JPMorgan Chase internal email, dated March 2012 re: CIO Core
Credit P&L Predict [22 Mar]: +$82k (dly) -$276,990k (ytd).
(Today we sold protection. . . .). [JPM-CIO-PSI 0016499-501]... 603
19. JPMorgan Chase internal emails, dated March 2012 re: I would
like to understand the increase in positions in credit (Ina is
freaking--really! Call me). [JPM-CIO-PSI 0000410-412].......... 606
20. JPMorgan Chase transcript of instant message dated March 23,
2012 (Bruno Iksil: this year for the first time, achilles
started thinking i could be of use other than to make money . .
. just to protect the whole group but here is the loss and it
become too large and this is it. . . .). [JPM-CIO-PSI 0001240-
246]........................................................... 609
21. JPMorgan Chase transcript of instant message dated March 23,
2012 (Bruno Iksil: . . .I am going to be hauled over the coals
* * * you don't lose 500M without consequences . . .). [JPM-
CIO-PSI-H 0006438, 450-464].................................... 616
22. JPMorgan Chase internal email, dated March 2012 re: Tranche
Plan (Now that we have the new RWA increase, Ina would like to
discuss the forward plan for reduction. She does not want any
trades executed until we all discuss it.). [JPM-CIO-PSI
0001267]....................................................... 632
23. JPMorgan Chase internal emails, dated March 2012, re:
synthetic credit--crisis action plan (Clearly, we are in a
crisis mode on this.). [JPM-CIO-PSI 0001220-222]............... 633
24. a. `London Whale' Rattles Debt Market, April 6, 2012, The
Wall Street Journal............................................ 636
b. JPMorgan Trader's Positions Said to Distort Credit
Indexes, April 6, 2012, Bloomberg.............................. 638
25. JPMorgan Chase internal emaisl, dated April 2012, re: Credit
(A bit more than we thought). [JPM-CIO-PSI-H 0002276].......... 641
26. JPMorgan Chase internal email, dated April 2012, re: Net
positions vs average trading volumes (The below table shows
that CDX.IG.9 net position for CIO is $82.2bio, which is
approximately 10-15 days of 100% of trading volume based on the
1m avg volume published by JPMorgan Research. ITX.9 net
position for CIO is $35bio, which is approximately 8-12 days of
100% trading volume based on the 1m avg volume.). [JPM-CIO-PSI
0001026-027]................................................... 642
27. OCC internal emails, dated May 2012, re: CIO call with Mike
Brosnan (They took up a strategy to reduce their make believe
voodoo magic ``Composite Hedge.'' . . .). [OCC-SPI-00021602-
604]........................................................... 644
Documents Related to Hiding Losses:
28. Grout Spreadsheet, March 12-16, 2012. [JPM-CIO-PSI-H
00002812]...................................................... 647
29. JPMorgan Chase internal emails, dated March 2012, re: update
on Core PNL (The divergence has increased to 300 now). [JPM-CIO
0003475]....................................................... 648
30. JPMorgan Chase internal emails, dated March 2012, re:
Synthetic Book--URGENT (Option B: we settle with the IB . . .
and have an impact on P/L that could be as large as -350MM.).
[JPM-CIO-PSI 0000416].......................................... 649
31. JPMorgan Chase internal emails, dated April 2012, re: update
(. . . if we exclude very adverse marks to our book the
potential loss due to market moves or any economic scenario . .
. would not exceed . . . -200 MM USD. . . .). [JPM-CIO-PSI
0001429]....................................................... 650
32. a. JPMorgan Chase transcript of call between Julien Grout
and Bruno Iksil, dated March 16, 2012 (I can't keep this going,
we do a one-off at the end of the month to remain calm. * * * I
don't know where he wants to stop, but it's getting idiotic.).
[JPM-CIO-PSI-H 0003820-822].................................... 651
b. JPMorgan Chase transcript of instant message dated March
16, 2012 (it is 300 now 1000 for month end? ouch well that is
the pace). [JPM-CIO-PSI-H 0003815-819]......................... 654
c. Transcript of Audio Recording Produced to the Permanent
Subcommittee on Investigations, call between Javier Martin-
Artajo, Ina Drew, and Gina Serpico. Undated (likely April 2012)
(Ms. Drew: It's absolutely fine to stay conservative, but it
would be helpful, if appropriate, to get, to start getting a
little bit of that mark back.). [JPM-CIO-PSI-A 0000076.wav..... 659
d. JPMorgan Chase transcript of call between Javier Martin-
Artajo and Alistair Webster, dated May 8, 2012 (So then when,
if we roll forward to March, if the front office marks had
migrated . . . to the aggressive side, most of them, not all of
them, to the aggressive side, but they've also migrated from
either mid to somewhere close to being at the, you know, the
bounds of the bid or offer.). [JPM-CIO 0003631-636]............ 662
33. JPMorgan Chase internal email, dated April 2012, re: CIO
Core Credit P&L Predict (10 Apr]: -$5,711k (dly) -$626,834k
(ytd) (Daily P&L: -$5,710,991 * * * Daily P&L: -$394,735,120).
[JPM-CIO 0003570-576].......................................... 668
34. a. JPMorgan Chase internal emails, dated April 2012, re:
Credit Index and Tranche Book (. . . CIO FO marked their book
at the most advantageous levels. . . .). [JPM-CIO-PSI-H
0006636-639]................................................... 675
b. JPMorgan Chase internal emails, dated April 2012, re:
URGENT ::: Huge Difference for iTraxx & CDX (The desk marked
the book at the boundary of the bid/offer spread. . . .). [JPM-
CIO 0003582-3587].............................................. 679
35. JPMorgan Chase internal emails, dated April 2012, re:
Collateral Disputes (This isn't a good sign on our valuation
process. . . . I am going to dig further.). [JPM-CIO-PSI-H
0000108-109]................................................... 685
36. JPMorgan Chase internal memorandum, dated May 2012, re:
Firm's review of the valuation of its CIO EMEA credit portfolio
in light of the current market conditions and dislocation that
occurred in April 2012. [JPM-CIO-PSI-H 0006730-747]............ 687
Documents Related to Disregarding Limits:
Overview and Organization:
37. J.P. Morgan slide presentation, Market Risk Limits, March
2012. (Business Unit must take immediate steps toward reducing
its exposure to be within the limit, unless a One-off Approval
is granted by all Grantors and Grantees of limits) [OCC-SPI-
00117682]...................................................... 705
38. Document prepared by Bruno Iksil, including excerpts of
JPMorgan Chase internal emails December 2011-March 2012. [JPM-
CIO-PSI 0021879-917]........................................... 709
39. JPMorgan Chase internal emails, dated May 2012, re:
Information needed (. . . please find the CIO excessions
attached.). [JPM-CIO-PSI-H 0000627-636]........................ 748
VaR Models and Limits:
40. JPMorgan Chase internal emails, dated January 2012, re: JPMC
Firmwide VaR--Daily Update--COB 01/09/2012 (Pat's model is in
line with the 70 VAR and has a much better explanation for
these changes. Hopefully we get this approved as we speak.).
[JPM-CIO-PSI 0000093-097]...................................... 758
41. JPMorgan Chase internal emails, dated January 2012, re:
Breach of firm var (Below please find details of the VaR limit
breach. The VaR increase is driven by Core Credit (tranche) in
EMEA. The VaR has increased steadily since the end of December
as positions in CDX.HY on-the-run indices have been added to
the portfolio to balance the book, which has been taken longer
risk. . . .). [JPM-CIO-PSI 0000141-145]........................ 763
42. JPMorgan Chase internal email, dated January 2012, re:CIO
VaR (FYI. Dual plan . . . as discussed keep the pressure on our
friends in Model Validation and QR.). [JPM-CIO-PSI 0000151].... 768
43. JPMorgan Chase internal emails, dated January 2012, re: CIO
VaR heads up and update (Importantly, for the same COB 26
January, the *new/full revaluation methodology* shows VaR
decreased ($1.3MM) from 70.8mm to 69.5mm. I estimate that this
would make CIO global VAR closer to $76MM vs. the currently
reported number >$115. We anticipate final approval on Monday
and that the *new methodology should become the official firm
submission from Monday, for 27 Jan COB.* Limit issues should
therefore cease beginning from Monday.). [JPM-CIO-PSI 0000177-
179]........................................................... 769
44. JPMorgan Chase internal emails, dated January 2012, re:
draft of the MRG review of the HVAR methodology for the CIO
core credit books (Operational Risk--The VaR computation is
currently done off spreadsheets using a manual process. Thus it
is error prone, and not easily scalable. * * * ACTION PLAN: CIO
should re-examine the data quality and explore alternative data
sources. For days with large discrepancies between dealer marks
and IB marks, the integrity of the data used for HVAR
calculation should be verified. * * * Please go ahead with the
implementation of the new HVaR methodology for the CIO credit
books.). [JPM-CIO-PSI 0000187-191]............................. 772
45. JPMorgan Chase internal emails, dated April 2012, re: CIO
VaR (FYI--we discovered an issue related to the VAR market data
used in the calculation which we need to discuss. This means
our reported standalone var for the five business days in the
period 10-16th April was understated by apprx $10mm.). [JPM-
CIO-PSI 0001205]............................................... 777
RWA, CRM and Optimization:
46. JPMorgan Chase internal emails, dated December 2011, re:
RWA--Tranche Book (The estimates of reductions will be: Model
reduction QR CRM (ackno[w]ledged already) 5 [billion] (Pat
estimate); Model reduction QR VAR 0.5 [billion] (Pat estimate);
Model Reduction QR Stress 1.5 [billion] (Pat estimate)). [JPM-
CIO-PSI 0000032-034]........................................... 778
47. JPMorgan Chase internal emails, dated March 2012, re: CIO
CRM results (We got some CRM numbers and they look like garbage
as far as I can tell, 2-3x what we saw before.). [JPM-CIO-PSI
0000338-339]................................................... 781
48. JPMorgan Chase internal emails, dated March 2012, re: New
CRM numbers . . . (With their new model, QR is reporting that
we have a stand alone CRM of roughly 6bn. This is radically
higher than the worst loss we see at the same confidence level;
the loss we see is far below 2bn.). [JPM-CIO-PSI 0036342-344].. 783
49. JPMorgan Chase internal emails, dated March 2012, re: CIO
CRM results (Based on our models, though, we believe that the
$3bn increase in RWA is entirely explained by a $33bn notional
increase in short protection (long risk) in your portfolio
between Jan and Feb. * * * The change in notional is not
correct and the CRM is therefore too high.). [JPM-CIO-PSI
0000371-372 ].................................................. 786
50. JPMorgan Chase internal emails, dated March 2012, re:
Optimizing regulatory capital (To optimize the firm-wide
capital charge, I believe we should optimize the split between
the tranche and index books. * * * I don't think we should
treat this as regulatory arbitrage. Instead we should treat the
regulatory capital calculation as an exercise of automatically
finding the best results of an immensely arbitrary and
complicated formula.). [JPM-CIO-PSI 0011025-026]............... 788
51. a. Excerpt from transcript of audio recording produced to
the Permanent Subcommittee on Investigations, call between Anil
Bangia and Patrick Hagan, dated March 21, 2012. [JPM-CIO-PSI-A
0000089]....................................................... 790
b. Excerpt from transcript of audio recording produced to
the Permanent Subcommittee on Investigations, call between Anil
Bangia and Patrick Hagan, dated March 21, 2012. [JPM-CIO-PSI-A
0000090]....................................................... 791
c. Excerpt from transcript of audio recording produced to
the Permanent Subcommittee on Investigations, call between
Peter Weiland and Patrick Hagan, dated March 22, 2012. [JPM-
CIO-PSI-A 0000091]............................................. 793
52. JPMorgan Chase internal emails, dated April 2012 (We haven't
made the case of how this book runs off and whether risk can be
managed effectively. . . .). [JPM-CIO-PSI 0000497-498]......... 794
Credit Spread Risk Metrics and Limits:
53. JPMorgan Chase internal email, dated January 2012, re: there
is more loss coming in core credit book (I reckon we have
another 50M coming from CDX IG9 exposure. The guys have a huge
skew trade on and they will defend it as much as we do.). [JPM-
CIO-PSI 0001225]............................................... 796
54. JPMorgan Chase internal emails, dated February 2012, re:
Csbpv limit--please read (We have a global credit csbpv limit.
It was set up at the initiation of the credit book.
Unfortunately we have been breaching for most of the year. * *
* I have no memory of this limit. In any case it need to be
recast with other limits.). [JPM-CIO-PSI-H 0002936]............ 797
55. JPMorgan Chase internal email, dated February 2012, re: CIO
Global Credit spread BPV limit breach-COB 02/09/2012 (Since
mid-January CIO has been in breach of its global csbpv limits,
driven primarily by position changes in the tranche book.).
[JPM-CIO-PSI 0001823-825, 832]................................. 798
56. JPMorgan Chase internal emails, dated April 2012, re: CIO
DAY 1 (CIO's 10% CSW by my group's model estimate is long 245mm
of risk; their own models (run by Weiland) quote $145mm. I
don't understand the difference in the models and don't know
how good a measure of risk 10% CSW is for their book. But I
spoke to Ashley and we agree that 10% CSW has been trending up
for CIO, by either their model or ours.). [JPM-CIO-PSI 0000449-
451]........................................................... 802
57. JPMorgan Chase internal email, dated May 2012, re: CSBPV
History (Early in 2012 net CSBPV increased dramatically as IG
positions were added and offset between HY and IG grew). [JPM-
CIO-PSI-H 0000810-811]......................................... 805
Documents Related to OCC Oversight:
58. OCC internal email, dated January 2012, re: CIO Quarterly
Meeting (The MTM Book is decreasing in size in 2012.). [OCC-
SPI-00004695].................................................. 807
59. OCC internal emails, dated April 2012, re: CIO deck ([H]ave
you still been getting the CIO deck? I don't recall seeing it
lately.). [OCC-00004720]....................................... 808
60. JPMorgan Chase/OCC email, dated April 2012, re: materials
for Fed/OCC/FDIC call at noon today, attaching Synthetic Credit
Book Review for Briefing by CIO to OCC. [OCC-SPI-00009712-724]. 809
61. JPMorgan Chase/OCC emails, dated April 2012, re: CIO January
2012 valuation memo and metrics (Apologies for not distributing
the February valuation work. I just sent the February and March
reports.). [OCC-00004735-736].................................. 822
62. JPMorgan Chase/OCC emails, dated April 2012, re: Quick
questions pp 4 and 5 of yesterday's presentation (I believe
there is modest long credit risk sensitivity to the portfolio
now.). [OCC-SPI-00023815]...................................... 824
63. OCC internal email, dated April 2012, re: JPM CIO / IG9
"whale" trade (JPM's CIO has been using a synthetic credit
(credit derivative) portfolio since 2007. It was initially set
up to provide income to mitigate other significant credit
losses that would surface under a broad credit stress
scenario.). [OCC-00012521-523]................................. 825
64. JPMorgan Chase/OCC emails, dated April 2012, re: CIO EMR?
(Does the CIO still produce an EMR? It wasn't included in the
January Treasury EMR, which is where I used to see it. I'm
looking for the balance sheet information that was in it.).
[OCC-00004723]................................................. 828
65. JPMorgan Chase/OCC emails, dated April 2012, re: Info on
VaR, CSBPV, and stress status and limits (We are working on a
new set of limits for synthetic credit and the current CS01
will be replaced by something more sensible and granular.).
[OCC-SPI-00022340-341]......................................... 829
66. OCC internal emails, dated April 2012, re: Weekly Market
Summary period ending 4/13 (The Whale Trade issue is considered
closed--email went out to Senior Management yesterday). [OCC-
SPI-00023057-060].............................................. 831
67. OCC internal email, dated April 2012, re: Weekly Market
Summary period ending 4/20 (For the second consecutive week,
CIO is breaching its $1.0bn stress limit. . . .). [OCC-SPI-
00023753-755].................................................. 835
68. OCC internal emails, dated May 2012, re: CIO Synthetic
Position (Doug Braunstein and John Hogan called to provide an
update on the CIO position. * * * Current losses are
approximately $1.6 billion.). [OCC-SPI-00021853]............... 838
69. OCC internal email, dated May 2012, re: CIO information for
Wednesday (However I asked James to first, put in a request for
more granular daily P&L on the synthetic credit. . . . Bank
will likely object to this. . . .). [OCC-SPI-00013737]......... 839
70. OCC internal emails, dated May 2012, re: My opinion on
yesterday's meeting (I wasn't satisfied with the comments made
about valuation process and thresholds yesterday, and so we
have some followup here. * * * In addition to reserve, there
were likely problems with the thresholds themselves. * * *
Valuation was one of the things Hogan said they are looking
at). [OCC-00005302-304]........................................ 840
71. OCC internal emails, dated May 2012, re: J.P. Morgan Chase
(We received a lot of pushback from the bank, Ina Drew in
particular, regarding our comments. In fact, Ina called
Crumlish when he was in London and "sternly" discussed our
conclusions with him for 45 minutes. Basically she said that
investment decisions are made with the full understanding of
executive management including Jamie Dimon.). [OCC-00001746]... 843
72. Morgan Chase/OCC emails, dated May 2012, re: CIO P&L
reporting (We'd like to get the synthetic credit P&L for the
past five weeks broken out on at least a weekly basis.). [OCC-
00004759]...................................................... 844
73. OCC internal emails, dated May 2012, (Does not add up.
Collateral dispute of $700 mil versus a double digit reserves
amount?). [OCC-SPI-00009335]................................... 845
74. OCC internal emails, dated May 2012, re: Not Getting CIO
daily P&L after only one day (I got one CIO daily P&L
distribution and then didn't yesterday.). [OCC-00004540]....... 846
75. OCC handwritten notes, dated May 2012, re: SBC Staff
Briefing (JPMC transactions at issue involved an effort to
hedge the bank's credit risk. Hedging credit risk is not
uncommon, and if done properly, reflects sound management
risk.). [PSI-OCC-10-000001].................................... 847
76. OCC internal emails, dated May 2012, re: CIO call with Mike
Brosnan (I told Mike B that the Joe Sabatini emails with
selected position information were sent by the bank after
initial OCC and FRB enquiries. We concluded that this
information was pretty much useless, as it did not tell us what
was happening risk wise.). [OCC-SPI-00021628-631].............. 848
77. OCC internal emails, dated May 2012, re: cio var change
(Here are a few comments from the days preceding the synthetic
credit VaR model change that became effective 1/27/12. Note the
reduction of CIO VaR by 44% to $57mm.). [OCC-SPI-00021932]..... 852
78. OCC internal emails, dated June 2012, re: 2nd Wilmer Hale
Call (I then followed with a question relating to what I
described as mismarked books to which Hogan forcefully stated
JPM books were not mismarked; leaving both Elwyn and me left
puzzled over how a collateral dispute could be resolved by
agreeing to the counterparties marks, without admitting your
own marks were incorrect.). [OCC-SPI-00071386]................. 853
Documents Related to Misinformation to Investors, Regulators, and
the Public:
79. a. JPMorgan Chase internal email, dated January 2012, re:
JPMC Firmwide VaR--Daily Update--COB 01/19/2012 (The impact of
the new VaR model based on Jan. 18 will be a reduction of CIO
VaR by 44% to $57mm.). [JPM-CIO-PSI 0002457]................... 856
b. JPMorgan Chase internal email, dated January 2012, re:
JPMC 95% 10Q VaR--Limit Excession Notification (COB 1/19/12) (.
. . reduction of CIO VaR by 44% to $57mm.). [JPM-CIO-PSI
0001890]....................................................... 857
c. JPMorgan Chase internal email, dated January 2012, re:
APPROVAL NEEDED: JPMC 95% 10Q VaR One-Off Limit Approval (. . .
reduction of CIO VaR by 44% to $57mm.). [JPM-CIO-PSI 0004660-
661]........................................................... 858
d. JPMorgan Chase internal emails, dated January 2012, re:
APPROVAL NEEDED: JPMC 95% 10Q VaR One-Off Limit Approval (Jamie
Dimon: I approve.) [JPM-CIO-PSI 0001337-338]................... 860
e. JPMorgan Chase internal email, dated January 2012, re: :
JPMC Firmwide VaR--Daily Update--COB 01/26/2012 (. . .
reduction of CIO VaR by 44% to $57mm.). [JPM-CIO-PSI 0003346].. 862
f. JPMorgan Chase internal email, dated January 2012, re: :
JPMC Firmwide VaR--Daily Update--COB 01/26/2012 (. . .
reduction of CIO VaR by 44% to $57mm.). [JPM-CIO-PSI 0003715].. 863
g. JPMorgan Chase internal emails, dated January 2012, re: :
JPMC Firmwide VaR--Daily Update--COB 01/26/2012 (A CIO model
change is planed to go in this week-end. New VaR methodology
approved (and now the same methodology as IB) reduces
standalone Credit VaR by approx $30 mio.). [JPM-CIO-PSI-H
0001675]....................................................... 864
h. JPMorgan Chase internal emails, dated January 2012, re:
JPMC Firmwide VaR--Daily Update--COB 01/27/2012 (The Firm's 95%
10Q VaR as of cob 01/27/2012 is $108mm of the $125MM limit, a
decrease of $53mm from the prior day's revised VaR, driven by
CIO (implementation of newly approved VaR model for synthetic
credit).). [JPM-CIO-PSI 0001339]............................... 865
80. JPMorgan Chase internal email, dated February 2012, re: CIO
Business Review Materials. [JPM-CIO-PSI 0001940-942, 949-951,
958-961, 963].................................................. 866
81. J.P.Morgan Directors Risk Policy Committee--CIO 2012
Opportunities and Challenges, March 2012. [JPM-CIO-PSI 0015015-
018, 023]...................................................... 877
82. JPMorgan Chase Audit Department Report, dated March 2012,
Audit Rating: Needs Improvement. [JPM-CIO-PSI 0009289-296]..... 882
83. JPMorgan Chase internal emails, dated April 2012, re:
Jamie's fine with this (Here are some revised points based on
your comments.). [JPM-CIO-PSI 0000543-544]..................... 890
84. a. JPMorgan Chase internal email, dated April 2012, re: CIO
(Post December as the macro scenario was upgraded and our
investment activities turned pro risk, the book was moved into
a long position.). [JPM-CIO-PSI 0000539]....................... 892
b. JPMorgan Chase internal email, dated May 2012, (WHAT
HAPPENED?). [JPM-CIO-PSI 0001212-214].......................... 893
85. JPMorgan Chase internal email, dated April 2012, re:
Synthetic Credit Summary (In Q4, we decided to neutralize the
risk profile of this book.). [JPM-CIO-PSI 0001588-589]......... 896
86. JPMorgan Chase internal emails, dated April 2012, re:
Deliverables for meeting tomorrow (Doug had the question of why
we just didn't reduce the HY position to reduce our risk rather
than going long the IG 9 (we discussed carry (ie associated
p&l). . . .). [JPM-CIO-PSI 0001646-647]........................ 898
87. JPMorgan Chase internal emails, dated April 2011, re: Credit
risk limits (This is the governance used in the IB to control
what is currently going on in CIO. We (obviously) need to
implement this in CIO as soon as possible.). [JPM-CIO-PSI
0001086]....................................................... 900
88. JPMorgan Chase internal emails, dated April 2012, re: Single
names CDS basis relative to IG 9 CDS--URGENT update (. . . the
market is quiet today. To[o] early to tell but so far about
flat P/L. The tension has stopped now. The bank's
communications yesterday are starting to work.). [JPM-CIO-PSI-H
0002340, 342].................................................. 901
89. JPMorgan Chase internal email, dated April 2012, re: updated
(We are working on Jamie's request for Correlation of the
credit book against the portfolio. . . .). [JPM-CIO-PSI
0001077-078]................................................... 903
90. JPMorgan Chase internal email, dated April 2012, re:
synthetic credit information for April 13 earnings call,
including SCP P&L scenarios. [JPM-CIO-PSI 0001701-709]......... 905
91. JPMorgan Chase internal email, dated April 2012, re:
Synthetic Credit Materials (The way that we at CIO have book-
run the Core Book to balance the negative carry cost of High
yield Book overtime has been using Investment Grade strategies
that gave us some carry or buying optionality (or both). . .
.). [JPM-CIO-PSI 0001100-106].................................. 914
92. JPMorgan Chase internal email, dated April 2012, re: If
asked about London / CIO and Volcker (We do not believe that
our activity in any way goes against the law as passed by
Congress, nor the spirit or proposed rule as written.). [JPM-
CIO-PSI-H 0002418]............................................. 921
93. JPMorgan Chase internal emails, dated April 2012, re: CIO
(Doug and I asked that the first day. Answer was it most
"efficient" way to do it. I would say they just wanted to
improve the carry on the book by selling protection and taking
in some premium.). [JPM-CIO-PSI 0001753-757]................... 922
94. Excerpt from April 13, 2012, JPM--Q12012 JPMorgan Chase &
Co. Earnings Conference Call [JPM-CIO-PSI 0001151-160]......... 927
95. JPMorgan Chase internal email, dated May 2012, re: 10-Q
call--Buyside and sellside comments (2) (Have a lot of contacts
in Washington who said this is going to be a big deal for
Volcker; need to manage this in DC because the hit there is
going to be a lot bigger than the hit on earnings). [JPM-CIO-
PSI 0017754-758]............................................... 937
96. JPMorgan Chase & Co. (JPM) Business Update Call, 10-May-
2012........................................................... 942
97. Correspondence from Douglas L. Braunstein, Vice Chairman,
JPMorgan Chase & Co. to the Permanent Subcommittee on
Investigations, dated February 4, 2013 (. . . my statements on
April 13 regarding those hedging characteristics were
references to the portfolio's design and historical performance
as a hedge. I was not commenting on the hedging effectiveness
of the portfolio as of April 13.). [PSI-JPMC-35-000001]........ 962
98. Report of JPMorgan Chase & Co. Management Task Force
Regarding 2012 CIO Losses, January 16, 2013.................... 963
99. Response provided by The Honorable Thomas Curry, Office of
the Comptroller of the Currency, to question raised at the
March 15, 2013 hearing......................................... 1095
100. a. Responses to supplemental questions for the record from
Douglas Braunstein and Michael Cavanagh, JPMorgan Chase & Co.,
with attachment................................................ 1099
100. b. SEALED EXHIBIT: Attachments to supplemental questions
for the record from JPMorgan Chase & Co........................ *
101. Responses to supplemental questions for the record from The
Honorable Thomas Curry, Scott Waterhouse and Michael Sullivan,
Office of the Comptroller of the Currency, with attachments.... 1113
VOLUME 2
102. Documents cited in footnotes to JPMorgan Chase Whale
Trades: A Case History of Derivatives Risks & Abuses, the
Report released in conjunction with the Subcommittee hearing on
March 15, 2013. A Document Locator List provides bates numbers
and document descriptions of the documents cited in the Report.
Not included are documents related to Subcommittee interviews,
which are not available to the public, and widely available
public documents............................................... 1304
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