RepublicansCoach Outlet also weighed in Friday,Louis Vuitton Outlet with Sen. Bob Corker of Tennessee calling for custom nfl jerseys a congressional hearing into the JPMorgan losses to question whether “taxpayers are fully protected from Coach Outlet Online losses at major financial institutions.”
Dimon made no public comments Friday, spending much of his time, along with other senior executives,Louis vuitton shoes talking to officials in Washington about the trades. But in disclosing the losses Thursday evening, the bank chief cheap jerseys custom insisted that the bank caught the mistakes that led to the losses and took action to fix the problem.
“These were grievous mistakes,Coach Outlet Sales they were self-inflicted, we were accountable and we happened to violate our own standards and principles by how we want to operate the company,”Louis Vuitton For Sale he said. “It violates the Dimon principle.”
Still, he acknowledged that the $2 billion loss customized jerseys online “plays right into the hands of a whole bunch of pundits out there.”
A banking-industry source, Coach bags outlet who spoke on the condition of anonymity to speak frankly, said the JPMorgan error would limit the ability of Dimon – Wall Street’s best spokesman – to be an advocate for Louis Vuitton Online Store the industry in the future.
The bad trades that caused JPMorgan’s loss recalled the type of complex, highly speculative strategies that helped to nearly crater the banking industry in 2008 – before taxpayers stepped in to bail it out.
In this case, the trader in London tried to “hedge,” nfl jerseys custom or protect against, corporate bonds and loans owned by JPMorgan.
But instead of simply Coach shoes outlet selling those bonds and loans, the trader engaged in a series of extraordinarily complex transactions, buying and selling other Cheap louis vuitton specialized investments, to protect the bank if the bonds and loans lost value. The web of investments proved too Custom Jerseys complex, creating risks the bank did not anticipate.
Dimon said the bank’s loss could go beyond $2 billion, but suggested that it would not have any lasting damage on the firm’s finances. In this quarter,Cheap coach bags including the loss, JPMorgan might still make a profit of $4 billion, Dimon said.
The natureLouis Vuitton Handbags of the bets, though not the extent of the losses, became known earlier this year. At the time, Dimon called the custom nfl jerseys concerns that had started bubbling up in the media a “tempest in the teapot .”
Now, JPMorgan is Cheap Coach Outletnot only facing the outrage of lawmakers but also intense regulatory scrutiny. The Securities and Exchange Commission, customized jerseys sale the Federal Reserve and British regulators are all looking into the problematic trades.
“I think it’s safe to assume Coach Outlet that all of the regulators are focused on this,” SEC Chairman Mary L. Schapiro said Friday.
Beyond JPMorganLouis Vuitton Outlet , banking lobbyists say they will face a tougher task in efforts to soften financial regulation. “I think it’s practically a sure thing that the pressure from Congress . . .on regulators is going to intensify,custom nfl jerseys ” said one banking-industry lobbyist. Coach Outlet Online “The industry is going to have to deal with that.”
Financial analysts sayLouis vuitton shoes that with regulators likely to produce tougher rules, JPMorgan’s mistake may ultimately weigh on the profits of Wall Street.
“The big banks cheap jerseys custom will be unable to turn to Congress for help and the hard-liners now have more ammunition to press for a tougher rule that could hurt the profitability of market making [units],” said Guggenheim Securities Coach Outlet Sales Jaret Seiberg in a research note.
The most contentiousLouis Vuitton For Sale of the regulations is the Volcker Rule. The rule prohibits banks from speculating with their own moneycustomized jerseys online – rather than on behalf of their clients – but firms argue that the dividing line can be hard to define.
“If you want to be trading, you have to have a lawyer and a psychiatrist sitting next to you determining what was Coach bags outlet your intent every time you did something” to follow the Volcker Rule, Dimon told CNBC this year.
At a Senate hearing Wednesday, former Fed chairman Paul Volcker, the intellectual Louis Vuitton Online Store father of the rule, offered a full-throated defense.
“Proprietary [speculative] trading nfl jerseys custom is not a necessary ingredient of bank profits. It’s a very volatile ingredient of bank profits,” he said. “You know, I think it’s appropriate that all the money that Coach shoes outlet was made on trading in this century by banks up until 2007 disappeared in 2008, which gives you a sense that this is Cheap louis vuittonnot a risk-free business.”
Sheila Bair, the former Custom Jerseys chairman of the Federal Deposit Insurance Corp. who pushed for aggressive financial reforms, said in an interview that the JPMorgan case revealed a fundamental Cheap coach bags question.
“It reinforces the question of whether these banks are too big to manage,” she said. “Are these financial institutions too big and too complexLouis Vuitton Handbags for anybody to manage?”
Staff writers Bradycustom nfl jerseys Dennis, David Hilzenrath, Brad Plumer and Suzy Khimm contributed to this report
For Romney, Cheap Coach Outlet speech at Christian college offers test
There are not many Mitt Romney fan clubs at Liberty University.
The Lynchburg, Virginia, school, founded by the late television evangelist Jerry Falwell, is a bastion for conservative Christian thought.customized jerseys sale Its theology students are taught that Mormonism – Romney’s religion – is a cult.
So for Romney, giving the commencement speech at Liberty on Saturday is a chance to make a heart-to-heart appeal Coach Outlet to evangelical Christians Louis Vuitton Outlet who are skeptical of his Mormon faith and conservative credentials.
But more likely, the presumptive Republican presidential nominee will use his commencement address at Liberty on Saturday tocustom nfl jerseys try to show evangelicals that he and they have much in common.
The announcement Coach Outlet Online last month that Romney would speak at Liberty caused an uproar. University officials took down a commencement Louis vuitton shoes Facebook page after it was flooded cheap jerseys custom with hundreds of posts objecting to Romney’s appearanceCoach Outlet Sales
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Michael Kors Outlet ”I would not want to end my studies at a Christian university by being sent into the world at commencement by a Mormon,Chanel Outlet ” Liberty student Sarah Misch told CNN last month.
Beyond its potentialTory Burch Outlet as a walk-into-the-lion’s-den moment, Saturday’s speech gives Romney a unique opportunity to reach out to Michael Kors Outlet Online conservative Christians, whom he often has struggled to impress during the campaign.
The speech comes three days after Romney’s opponent in the November 6 election, Democratic President Barack Obama, Chanel Sale declared his support for same-sex marriage. That gives Romney, who opposes gay marriage, a potentially strong talkingTory Burch Shoes point in trying to bond Michael Kors Outlet Tote with his conservative audience at Liberty.
So how will Romney play it?
Romney’s campaign said in a briefing on Friday that during his speech, Romney would call marriage ”an enduring institution that Tory Burch outlet Online should be defended,” but that the speech would otherwise not be political.
The speech, a day before Mother’s Day, will emphasizeCheap Chanel the importance of family, along with hisCheap Michael Kors familiar campaign theme of the need for a better strategy on jobs and the economy.
”The best cultural assets are values as basic asChanel Bags personal responsibility, the dignity of hard work, and, above all, the commitments of family,” according to an excerpt of the speech released by Romney’s Tory Burch Flats Shoes campaign on Friday.
”Take those away, or take them for granted, and so many things can go wrong in a life. Keep them strong, and so many things will Michael Kors Online go right.”
AVOID RELIGION?
In short, Romney – who Chanel outlet online mostly treated Obama’s announcement on gay marriage as a distraction – will continue doing so.
Political strategists say it is probably a good idea toCheap tory burch outlet keep religion out of his speech.
”He’s not going there to give a theological speech to the students,” said Alice Stewart, an aide to Republican Rick Santorum, Michael Kors Cheap who challenged Romney Michael Kors Outlet for the party’s presidential nomination.
Republican Chanel Bags outlet strategist Ron Christie said that just by accepting the invitation to address Liberty graduates, Romney was trying to Tory burch handbags outlet reach out to conservative evangelicals wary of his moderate record as governor of Massachusetts from 2003 to 2007.
”I think Southern Michael Kors Store evangelicals will appreciate Governor Romney’s outreach to them,” Christie said. ”It would have been easier Shop Chanel outlet for Romney to cite scheduling issues to delay such a visit. I predict a more favorable than expected reception.”
Christie’s prediction echoed statements by Liberty Chancellor Jerry Falwell Jr., son of the university’s SouthernMichael Kors handbags on sale Baptist founder, who died in 2007.
The younger Falwell has cited Romney’s appearance as Chanel Outlet an example of Liberty’s tolerance for Tory Burch Outlet views that do not necessarily fall in line with the university’s doctrine.
To students protesting Romney’s commencement invitation, Michael Kors Outlet Online Falwell recently wrote a letter saying, ”When my father traveled the nation speaking at many secular universities, he wasChanel Sale often met with boos and hisses by those who held different theological beliefs.
”I am so proud that Liberty Tory Burch Shoes students have gained a reputation for treating those whose beliefs are different than their own in a Christ-like manner,” he wrote, citing appearances at Liberty by the late liberal Democratic U.S.Michael Kors Outlet Tote Senator Edward Kennedy, among others.
DEFEATING OBAMA
Even so, the idea Cheap Chanel of Romney giving graduates their send-off from Liberty has not gone over well with some students at the university, Tory Burch outlet Online where Mormonism is considered to be a skewed form of Christianity.
”I can’t support Romney and I am happy I decided not to (attend commencement) this year,” one Liberty student wrote Cheap Michael Kors on the graduation Facebook page before it was taken down. ”Liberty University should have gotten a Christian to speak, not someone who practices a cult. Shame on you Liberty University.”
Others were more favorable.
A poster to the page identified Chanel Bagsas Kathy Creech said, ”I, for one, am pleased that the future president of the United States will be Tory Burch Flats Shoes speaking there!”
Some Republican strategists said that however successful his speech at Liberty, Romney would generate enthusiasm Michael Kors Online among conservative Christians only if they become convinced he can do one thing: defeat Obama.
Such voters typically lean Republican and, if they areChanel outlet online engaged in the election, could give Romney a significant boost in politically divided states such as Virginia and North Carolina that Cheap tory burch outlet will be especially important on November 6.
”Social and religious conservatives are behind Romney, albeit reluctantly,” Republican strategist Juleanna Glover said. ”If they Michael Kors Cheap think Romney can beat Obama, they will become far more enthused.”
’American Idol’-’Voice’Chanel Bags outlet : Jessica Sanchez better than Jermaine Paul?
“The Voice” ended its run this week, crowning Tory burch handbags outlet Jermaine Paul the winner of Season 2. Over at ”American Idol,” Hollie Cavanagh got the boot, leaving finalists Jessica Sanchez, PhillipMichael Kors Store Phillips and Joshua Ledet to do their hometown visits and vie for the big prize.
Although “The Voice” is over, our ”Idol” vs. ”Voice” Shop Chanel outlet rankings continue, taking the singers from both shows and putting them head to head each week. I’m still choosing my top five performersMichael Kors handbags on sale from among the two shows, along with Times music writers Todd Martens and Chris Barton, and you can cast your votes too, at the bottom of this post.
Below are myMichael Kors Outlet picks for the week. To see what my co-judges have to say and to view the performances, click below.
INTERACTIVE: Who’s the best? ”Idol” vs. ”Chanel Outlet The Voice
1. Jessica Sanchez, Tory Burch Outlet ”American Idol”
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Jimmy Louis Vuitton Outlet Iovine predicted that Sanchez’s performance of ”And I Am Telling You I’m Not Going” from ”Dreamgirls”custom nfl jerseys could seal the ”Idol” win for her, and if Phillip Phillips Chanel Outlet and Joshua Ledet hadn’t also had strong performances this week, it likely would have done so. Sanchez funneled into the song Louis vuitton shoes all the fury and frustration she felt after her near-elimination earlier this season and solidly, passionately landed every note, every word, cheap jerseys custom every nuance. It felt cathartic. And when she sang ”And you, and you, and you, and you … You’re gonna Chanel Sale love me,” she left viewers no choice but to surrender.
2. Phillip Phillips, Louis Vuitton For Sale ”American Idol”
This take on Damien Rice’s ”Volcano” was perfect, pure Phillip Phillips: intimate, contained, intense, with so much hot customized jerseys online emotion roiling beneath the surface of his pebbly voice. He showed a range, melodic command and vocal ease he had not before and brought the song a lava-like sizzle that was also Cheap Chanel … cool. No herky-jerky moves, no jimmying legs,Louis Vuitton Online Store you could barely see Phillips’ profile in chiaroscuro. Steven Tyler was spot-on when he said it was the kind of song he could imagine listening to on headphones over and over and over again. I’m ready to replay it — yet again — right now.
3. Jermaine Paul, ”The Voice”
Paul tucked the ”Voice” win under his wing nfl jerseys custom and lifted off as a solo artist with R. Kelly’s ”I Believe I Can Fly.” He sang with soul and style, passion and power, emotion and elegance. Chanel Bags Now he’ll be able to crow about a win (though he seems so humble, it’s hard to see him doing that), feather his nest with $100,000 and sing like a bird on his own record. May he soar high and go far.
4. Joshua Ledet, ”American Idol”
Ledet went all in on James Brown’s Cheap louis vuitton textured ”It’s a Man’s Man’s Man’s World.” At points, he seemed to be attacking the song through gritted teeth. And how could you not love that stage full of female musicians? Though it didn’t pack quite the emotional punch and the added irony of JulietCustom Jerseys Simms’ triumphantly furious recent take on it on ”The Voice,” it had standing-o-worthy soul to spare (that ”ahhh-hoooLouis Vuitton Handbags moment especially). If Ledet keeps this up, who knows? It may be a Man’s Man’s Man’s ”Idol” again this custom nfl jerseys year.
5. Juliet Simms, ”The Voice”
Though she was Chanel outlet online apparently ill, Simms carried off Lynyrd Skynyrd’s ”Freebird” like the rock star she’s poised to become. Chanel Bags outlet She’s a bird we don’t want to change — and it will be interesting to see how she launches from her second-place perch. The incrediblecustomized jerseys sale Erte-esque costume — that fiery red dress with the filmy cape that at one point shot up in the air like aShop Chanel outlet flame — didn’t hurt either. Lighters aloft to that!
”American Idol”Louis Vuitton Outlet vs. ”The Voice”
Each week our experts and readers rank the best of the best between the two blockbuster singing competitions. Last week, readers put custom nfl jerseys ”American Idol’s” Jessica Sanchez just slightly ahead of ”The Voice’s” Juliet Simms on top. Who will be the favorite this week? Vote below and checkChanel Outlet out this week’s performances and see what our judges had to say at latimes.com/idol-voice .
Oldest known Maya calendarLouis vuitton shoes found in Guatemala
The artworkcheap jerseys custom at the Xultun site is unusually well preserved, archaeologists say, and one calendar projects 4,000 years beyond now.
In the remote northeastern corner of Guatemala, archaeologistsChanel Sale have found what appears to be theLouis Vuitton For Sale 9th century workplace of a city scribe, an unusual dwelling adorned with magnificent pictures of the king and other royals and the oldest known Maya calendar.
This year has been particularly controversial acustomized jerseys online mong some cultists because of the belief that the Maya calendar predicts a major cataclysm – perhaps the end of the world – on Dec. 21,Cheap Chanel 2012. Archaeologists know that is not true, but the new find, written on the plaster equivalent of a modern scientist’sLouis Vuitton Online Store whiteboard, strongly reinforces the idea that the Maya calendar projects thousands of years into the future
The astronomical nfl jerseys custom calculations are similar to those found in the well-known Dresden Codex, a bark-paper Maya book from the 11th or 12th century, and they may yield insights on how that well-known work was prepared.
But scientists say the real value ofChanel Bags the find is the rare appearance of paintings and numerical calculations. The building, dating from about AD 813 in what is known as the Classic Maya period, contains Cheap louis vuitton the oldest known Maya astronomical tables and the only preserved artwork not found in a palace.
The discoveries, made in a region of lowland Custom Jerseys rain forest, are unusual because artwork and writings from the area are easily destroyed by heat and rain.
”The state of Chanel outlet online preservation was remarkable,” said archaeologist William A. Saturno of Boston University, who led the expedition.
”We’ve never seen anything like it,” added archaeologist Louis Vuitton Handbags David Stuart of the University of Texas at Austin, who is deciphering the hieroglyphs.
The artwork and custom nfl jerseys writings are reported in Friday’s edition of the journal Science and in the May 29 issue of National Geographic magazine.
The discovery was made at a site called Xultun, which was discovered in 1915 but not thoroughly studied until recently because of its isolation. Chanel Bags outlet One of Saturno’s students, Maxwell Chamberlain, was on a lunch break in 2010 when he spied what appeared to be very faint paint on a stone in customized jerseys sale a looter’s trench.
When Saturno dug farther into the room opened by the trench, he said he was shocked to find a mural of a king sitting on a throne Shop Chanel outlet holding a white scepter and wearing a red-feathered crown with a headdress streaming away from him. A courtier or servant peeks out from behind him.
The archaeologistsLouis Vuitton Outlet immediately preserved the site and came back the next year to excavate it. The 40-square-foot room had been filled with rubble before other structures were built on top of it. That was an unusual practice for thecustom nfl jerseys Maya, who typically collapsed roofs and walls before rebuilding, and had done so to other rooms around the site. But it led to the preservation.
The portrait of the king Chanel Outlet was found in a rounded niche on the north wall of the structure.cheap jerseys custom Bone curtain rods would have allowed a drape to beLouis vuitton shoes drawn across it to hide it.
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