JP Morgan Chase

There is a prevailing, politically expedient myth that the Fed’s bond purchase programs are somehow akin to job fairs; as if there’s an economic umbilical cord stretching from a mortgage-backed security lying on the Fed’s books to a decent job becoming available in the heart of America. Yet, since...
12/06/2013
Blog
The London Whale has surfaced again. The lingering question is whether the investigations will prove that whales, like fish, rot from the head. In the early months of 2012, JP Morgan Chase’s Chief Investment Office in London racked up $6.2 billion or so in losses as a complex strategy for...
08/12/2013
Blog
A JP Morgan Chase shareholder insurrection threatens to split the roles of Chairman and CEO, stripping Jamie Dimon of the chairmanship. People with reputations for wisdom and good judgment like Rupert Murdoch and Hank Paulson have rushed to defend the dapper and aggressive Dimon claiming that he is...
05/14/2013
Blog
Three developments in finance cropped up in the last days that must be read as a single story. First, Blankfein, Dimon and the rest of the Wall Street bigwigs visited the White House to meet with the President and his team. That team consisted of Denis McDonough (Chief of Staff); Valerie Jarrett (...
04/12/2013
Blog
The Senate Permanent Subcommittee on Investigations hearing and 300-page report (plus 200 pages of exhibits) on the London Whale is now being digested by the public and spun by JP Morgan Chase. The bank lost $6.2 billion and survived easily because of its immense size. Will it turn out to be a “...
03/20/2013
Blog
Last night, the Senate Permanent Subcommittee on Investigations released a searing 300-page report on JP Morgan Chase’s London Whale episode. The bank lost at least $6.2 billion through trading credit derivatives in a business unit tasked with reducing firm-wide risk, the Chief Investment...
03/15/2013
Blog
The Department of Justice has brought a civil suit against Standard & Poor’s, the credit rating agency, that centers on the decisions that S&P made concerning models it used to evaluate default risk for mortgage-backed securities prior to the financial crisis. Default risk was central...
02/07/2013
Blog
The FBI is reported to be looking into phone calls and theactions of four employees in its investigation into events surrounding the infamous “London Whale” trades that lost JP Morgan Chase upwards of $6 billion earlier this year. It has also been reported that the SEC is on the case....
10/16/2012
Blog
New York Attorney General Eric Schneiderman, with the support of the mortgage task force formed by the Obama administration last January and the Justice Department, has commenced the long overdue prosecution of the Big Banks for their role in triggering the financial crisis of 2008. (That is not a...
10/02/2012
Blog
So far, as a result of the LIBOR scandal -- in which Barclays manipulated the all-important London Inter-bank Offered Rate, which governs hundreds of trillions of dollars of loans, securities and derivatives -- the bank has been fined over $450 million by regulators and its CEO and COO have...
07/10/2012
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