Last week, the House Agriculture Committee voted to cut regulation of derivative transactions, and to insure that derivative transactions could take place inside FDIC insured banks. Six Democrats voted for the bill according to Gaius Publius at AmericaBlog, including Ann Kuster NH-2, one of those true progressives supported by the likes of EMILY’s List. It certainly is discouraging to see the party that claims to represent the interests of everyday Americans holding hands with the banksters.
|By: masaccio Sunday March 24, 2013 4:01 pm|
|By: masaccio Friday March 15, 2013 3:18 pm|
It’s not all fun and games to listen to these interminable Senate Hearings, but some are more fun than others. Can Carl Levin replace Preet Bharara?
|By: David Dayen Thursday November 1, 2012 5:58 am|
JPMorgan Chase has sued the former manager of Bruno Iskil, the “London Whale” who executed the “Fail Whale trades” that cost the company as much as $7 billion. Javier Martin-Artajo was the direct supervisor to Iskil in the Chief Investment Office in London.
|By: David Dayen Thursday October 11, 2012 9:19 am|
JPMorgan Chase clearly wants to sell out its former traders and confine the blame to them. I never look a gift prosecution of corrupt bankers in the mouth, but the law stipulates that the top executives, including Jamie Dimon, are responsible for any fraudulent valuations delivered to shareholders. Period. Sarbanes-Oxley makes this incredibly simple. But JPMorgan has tossed the government a few bad (and small) minnows, and the government has so far taken the bait.
|By: David Dayen Friday September 7, 2012 9:50 am|
Carl Levin is at it again. His Senate Subcommittee on Permanent Investigations, perhaps the best investigatory panel in Congress, particularly on financial matters, has honed in on JPMorgan Chase and the Fail Whale trades.
|By: David Dayen Tuesday July 17, 2012 8:30 am|
I thought that, given all the pervasive bank crimes over the last several years, we wouldn’t have a time when the roof appeared to cave in on the financial industry. But I’m getting that feeling today. All of the criminality and venality and greed seems to be coming to a head.
|By: David Dayen Friday July 13, 2012 4:51 pm|
In an earnings statement for the second quarter of 2012, JPMorgan Chase announced that they lost $4.4 billion in Q2 on the “Fail Whale” trades out of their Chief Investment Office in London. Overall they still managed to book a $5 billion profit for the quarter.
This comes up on the low end of estimates of losses from the trades, but there are more quarters to come where they can book additional reductions.
|By: David Dayen Wednesday July 11, 2012 10:37 am|
Here’s a classic example of how corporations manage expectations. A couple weeks ago, on the same day as the Supreme Court ruling on the Affordable Care Act, the New York Times reported that JPMorgan Chase’s losses from the Fail Whale trades could reach as high as $9 billion. Their sources were “people who have been briefed on the situation.” I wrote at the time that “I could see how the PR strategy would be to leak a high number and back into the lower (but still awful) one, and taking that as a ‘win’ in the markets.”
|By: David Dayen Monday July 9, 2012 1:30 pm|
One of the 16 banks sure to be implicated in the Libor rate-rigging scandal is JPMorgan Chase. Their submissions to Libor consistently fell on the low end of the scale, presumably fitting for what was thought to be a first tier bank, but we don’t know yet what those responsible at the bank for submitting the Libor did in response to requests from traders. But we do know with a fair degree of certainty that JPM won’t be particularly forthcoming about it. Is there a larger pattern?
|By: David Dayen Thursday June 28, 2012 11:15 am|
Let’s not let this little tidbit go unremembered today. Remember when Jamie Dimon came out and said that his firm’s little escapade in London cost them $2 billion? Try $9 billion.