[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



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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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