Housing Has “Turned the Corner” – For Banks

By: Friday October 12, 2012 8:10 am

JPMorgan Chase, feeling little ill effects from the federal attempts at investigation of their business practices, announced a major earnings jump of 34%. Part of this comes from the fact that the previous earnings report included most of the losses from the Fail Whale trades (which have increased to $6.25 billion, as per this earnings report), so this comes off a low bottom. But in the earnings call, CEO Jamie Dimon attributed the strength to increased consumer lending, and he added that the housing market has “turned the corner.”

 

That Stench You Smell Is the Rotten Financial System

By: Sunday July 15, 2012 10:40 am

Money laundering is the latest form of financial sector corruption to emerge from under the rocks. Even the banksters can’t defend this one, so maybe something can change.

Low Regulator Assertiveness Part of Problem With Mitigating Financial Risks

By: Tuesday June 12, 2012 11:00 am

Jamie Dimon testifies before the Senate Banking Committee tomorrow, and this Bloomberg report alleges that he was personally responsible for keeping regulators at bay from the chief investment office, the one responsible for all the Fail Whale losses, which could reach past $5 billion at this point.

Why It Is Vital to Close the ‘Hedging’ Exemption in the Volcker Rule: A Simple Explanation

By: Sunday May 27, 2012 5:00 pm

In the wake of the JPMorgan Fail-Whale trading scandal, there is now renewed pressure on regulators not to give in to industry lobbying seeking exemptions to the Volcker Rule banning proprietary trading for Banks who want a government guarantee on their liabilities. So it is important to lay out the reasoning behind not allowing an exemption for so-called ‘hedging’ trades.

Levin and Merkley Hope Fail Whale Trade Will Force Loopholes Out of Volcker Rule

By: Friday May 18, 2012 7:30 am

Volcker rule co-authors Jeff Merkley and Carl Levin think that the JPMorgan Chase “Fail Whale” trade offers an opportunity to get the regulatory apparatus back on point with their vision of the rule, one that they say should be stronger in barring the types of risky trading from occurring at commercial banks.

Sen. Merkley Speaks Out on the Volcker Rule and the Fail Whale Trade

By: Tuesday May 15, 2012 4:22 pm

In addition to asking Jeff Merkley about filibuster reform, I sought his reaction to the Fail Whale trades that have racked up massive losses at JPMorgan Chase. Merkley, along with Carl Levin, authored the Volcker rule, the ban on most types of proprietary trading, that made its way into the Dodd-Frank financial reform bill. There has been a lot of slippage on the rules, however, once they left Congress and made their way through the regulatory gauntlet.

JPMorgan Ignored Risk Warnings in Pursuing Fail Whale Trade

By: Tuesday May 15, 2012 10:00 am

One thing to understand about the Fail Whale debacle at JPMorgan Chase is that there were lots of warning signs. The trades were public knowledge for over a month; in fact, that’s part of the reason they failed so spectacularly, as hedge funds got wind of the trades and started taking the other side of the bet. Jamie Dimon simply ignored the red flags.

Do We Need Glass-Steagall or Smaller Bank Size? Why Not Both And More?

By: Monday May 14, 2012 1:30 pm

Whale trade, proponents of stiffer regulation on Wall Street than what was ushered in with Dodd-Frank have offered a variety of solutions, including reenacting Glass Steagal or making banks smaller. All of them could be beneficial in tandem to reduce risk and political influence from the financial system.

Three Executives at JPMorgan Chase Slated to Resign After Fail Whale Trades

By: Monday May 14, 2012 8:00 am

Three JPMorgan Chase executives will take the fall for the “Fail Whale” trades that have so far cost the firm $2 billion. But Bruno Iskil, the actual London Whale, so far still has a job, for some reason, as does Jamie Dimon, the CEO who has been on an apology tour for his lack of awareness of the trading losses.

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