Senate Democrats plan to probe JPMorgan's Epstein relationship. Ron Wyden would chair the Finance Committee. Subpoena power arrives in January.
JPM shares fell about 4% on the news. Bank stocks fell with them. Somewhere, a retail trader bought the dip. He thinks the bank's problem is "priced in." It is not a pricing problem. It is a basement problem.
The target is Mary Erdoes, CEO of JPMorgan's Asset & Wealth Management division. Jamie Dimon said in a 2023 deposition that she had the authority to cut Epstein off. Authority is a lovely thing to have. Like a gym membership.
Erdoes has testified that she recommended ending the relationship after becoming concerned about his use of cash. The bank kept him anyway. For years.
JPMorgan has a statement ready. It says it regrets "any association" with Epstein. Regret is cheap. The bank offers it free, like the pens at the branch.
Here is my technical analysis. The chart shows a line going down on a Thursday. The line has no opinion about any of this. Neither should you. Stop asking whether this is a buying opportunity.
The probe is still prospective, not active. Democrats don't take control until January 2027. That leaves two months for someone at the bank to find the shredder's warranty.
Wyden has already published an 18-page staff memo on the subject. Eighteen pages. Nobody on your trading Discord has read eighteen pages of anything, including the terms of the margin account that is about to eat your Christmas.
Wall Street built a very sophisticated compliance department. It turns out the department was mostly a mood.
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