Live-Blogging The JPMorgan Conference Call

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8:59 Music hold. (Mozart? Whatever it is it sounds regal.)
9:03 CFO Mike Cavanagh in the house. "Great strength" in investment bank. Reading of the slides.
9:07 Wamu integration going "nicely."
9:20 In the investment bank "we're seeing great results in the markets biz." Retail financial services side: "under pressure. Nothing new here."
9:25 We're "hearing" a lot of stuff about possible regulatory changes. We're confident we'll be able to handle whatever the gov throws our way.


9:25 The House of D will increase its dividend when everyone inside is confident the economy is done falling off a cliff.
9:27 JPM's "eyes are on the prize" re: delivering new and better credit card products. Watch out for the Big Swinging Dimon card in late 2010.
Q&A
Glenn Schorr: What will have the biggest impact? Credit protection agency? Derivative crack downs? Capital requirements?
Dimon: We've got more than enough capital. We hope derivative reforms are done in a rational way. Don't get me started on the consumer protection agency.
Glenn Schorr: Impact of falling dollar on the balance sheet?
Cavanaugh: Not a material thing.
Betsy Graseck: When are you going to pay back your government warrants.
Cavanaugh: It's in their hands.
Mike Mayo: Things are going great. Why make management changes now.
Dimon: Because we're thinking long-term? Not quarter by quarter? K, chief?
Meredith Whitney: Will you comment on the California housing market?
Dimon: You know it as well as we do. Florida is bad, California is better.
Guy whose name I missed: I don't know if you've noticed, but there's been some talk in the press about bonus backlash and whatnot. How will that affect your discretion re: what you pay your people?
Dimon: It won't. We already pay people right and fairly and we're going to continue to do that.

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