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Financial Stocks Roundup: Dimon to Testify Before Congress


The JPMorgan CEO will testify before Congress in a panel on Wall Street reforms that will end on June 6.

MINYANVILLE ORIGINAL Yesterday, it came out that JPMorgan (JPM) lost $1 billion more than the company initially reported on its dodgy bets. Including derivatives, the firm will lose a total of about $5 billion.

The Wall Street Journal interviewed people that were present when JPMorgan CEO Jamie Dimon first saw the positions in the Chief Investment Office, and it was reported that he "couldn't breathe." Dimon personally approved of the disastrous trades. The loss rekindled a political debate about regulation of banks. Dimon will testify before Congress in a panel on Wall Street reforms that will end on June 6.

Today, Facebook (FB) debuted on the Nasdaq, which botched the most high-profile IPO of the year for about half an hour this morning. The company's underwriters, led by Morgan Stanley (MS), are splitting a smaller-than-usual fee of $176 million for managing the offering. Goldman Sachs (GS) will also be cashing out to the tune of $1.09 billion. Goldman and funds managed by Goldman sold 28.7 million of the 65.9 million shares of Facebook that they own.

Banco Santander (STD) was among the 16 banks downgraded by Moody's today.

Financial stocks are trailing the market today. The Financial Select Sector SPDR ETF (XLF) declined by 1.16% while the S&P 500 (SPY) fell 0.73%.

Twitter: @vincent_trivett
No positions in stocks mentioned.
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