jpmorgan chase // Current TV

DOJ launching criminal probe into that $2 Billion JP Morgan fubar.

Let's hope DOJ goes full probe on their asses and doesn't stop at the $2... more

attilatheblond
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15 days ago
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66 comments

Keiser Report: Jamie Dimon asks why people hate banks (07Apr12)

By Susie Madrak

What on earth could possibly go wrong with one of the world's largest banks betting heavily on high-risk derivatives? Originally, that was supposed to be banned under Dodd Frank with the Volcker Rule. But lobbyists made sure it was just a hollow joke.

I don't know about you, but I don't want to pay for another round of bailouts for these jerks:

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon has transformed the bank’s chief investment office in the past five years, increasing the size and risk of its speculative bets, according to five former executives with direct knowledge of the changes.

Achilles Macris, hired in 2006 as the CIO’s top executive in London, led an expansion into corporate and mortgage-debt investments with a mandate to generate profits for the New York-0based bank, three of the former employees said. Dimon, 56, closely supervised the shift from the CIO’s previous focus on protecting JPMorgan from risks inherent in its banking business, such as interest-rate and currency movements, they said.

Some of Macris’s bets are now so large that JPMorgan probably can’t unwind them without losing money or roiling financial markets, the former executives said, based on knowledge gleaned from people inside the bank and dealers at other firms. Bruno Iksil, a London-based trader in Macris’s group, gained attention last week after moving markets with his trades, drawing a comparison to Federal Reserve Chairman Ben S. Bernanke’s power in the government-bond market.

“What Bernanke is to the Treasury market, Iksil is to the derivatives market,” Bonnie Baha, head of the global developed credit group at DoubleLine Capital LP in Los Angeles, where she helps oversee $32 billion, said in a telephone interview.

Macris’s team amassed a portfolio of as much as $200 billion, booking a profit of $5 billion in 2010 alone -- equal to more than a quarter of JPMorgan’s net income that year, one former senior executive said.

The shifting role of the CIO group at JPMorgan, which reported record firmwide profit for 2011, underscores how blurry the line can be between “proprietary trading” and hedging, and it highlights the challenge U.S. regulators face in curbing speculative bets by federally backed lenders under the so-called Volcker rule. JPMorgan, whose $2.27 trillion of assets at year- end made it the biggest U.S. bank, says the CIO manages the firm’s risks, with trades like Iksil’s forming a part of that effort.

“It’s a complete tempest in a teapot,” Dimon said on a conference call with investors today after the bank announced first-quarter earnings. “Every bank has a major portfolio and in those portfolios you make investments that you think are wise.”

http://crooksandliars.com/susie-madrak/former-execs-jpmorgan-chase-gambling-

"The Nerve of the GOP always Crying about our 'Children's' future when they themselves have sold it down the River!!!" Bastards!!! =(By Susie Madrak What on earth could possibly go wrong with one of the world's... more

KB723
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1 month ago
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5 comments

Jamie Dimon Financial Crisis - Expect Financial Crisis Every 5 Years (& Like It!)

Jamie Dimon, CEO and Chairman of JP Morgan Chase, testifies that same banking crisis... more

thenakedemperor
added this
5 months ago
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2 comments

Dimon Should Change His Name to ‘Demon’

There are few things Tea Partiers and I both believe, but this is one: there should be... more

omnipotentpoobah
added this
9 months ago
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0 comments

Banks and Home Loans Frauds. « Ramani's blog

Read the fine print.... more

ramanan50
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1 year ago
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J.P. Morgan Creates $750 Million Dollar Digital Media Fund

J.P. Morgan Chase, unsurprisingly seeking to make up ground in opposition to... more

Wade_Dokken
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1 year ago
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JPMorgan Overcharged and Foreclosed on Soldiers, but they're Sorry (Sorry they got caught)

Members of the House Veterans' Affairs Committee tore into an apologetic JPMorgan Chase executive today after the bank admitted violating a law that guarantees protections to servicemembers serving in harm's way.

The giant financial institution failed to comply with the Servicemembers Civil Relief Act, which provides active duty soldiers, who purchased a home prior to the start of their active duty, a 6 percent cap on their mortgage interest rate and any other fees while they are on active duty and for a year after they are discharged.

Stephanie Mudick, head of Consumer Practices at JPMorgan Chase & Co., admitted Chase failed to comply with all aspects of the law and apologized to soldiers for violating the guarantees set forth by the Servicemembers Civil Relief Act.

"I'd like to express to the men and women serving our country and to the members of this Committee Chase's deepest regret over the mistakes we made in applying those protections," Mudick said. "I commit to you that we will get this right."

Rep. Bob Filner, D-Calif., ranking Democrat on the committee, wasn't satisfied with the bank's apology. "You just cannot apologize and give back people 70 bucks and to think this is over," he said. "This is not over for them. But you've broken the law, you've ruined people's lives and people ought to take responsibility for that."

For Marine Capt. Jonathan Rowles and his family, their pursuit of the American dream of homeownership turned into a fiv-year nightmare saga with Chase overcharging the family on interest payments, threatening to foreclose, and offering little help to fix the solution.

"This is like a bad movie except they're living it. While they're trying to defend us, they're catching friendly fire, so to speak from this country," Richard Harpootlian, the Rowles family's attorney, said. "The penalties need to be stiffer. The banks need to understand that they're not going to have their way with our American fighting men and women."

Rowles did everything right. He sent Chase a copy of his active duty orders and sent them again when Chase couldn't find the first set. Rowles and his wife, Julia, didn't miss a mortgage payment, but according to their attorney, Chase failed to credit them for the payments and then launched a determined collection agency campaigns. The calls came three times a day, some after midnight and at 4 a.m.

"While Jonathan is away either in training, flight school or any of his Marine Corps duties, I was left at home to deal with Chase and their problems," Mrs. Rowles said. "We have two children. One of them was born prematurely and had to have a lengthy stay in the hospital, but yet at the same time I'm dealing with Chase and getting their phone calls, getting their harassment around the clock.

All of this was happening while Capt. Rowles was serving out of the country, his wife Julia was home with a young child and pregnant with another one.

http://abcnews.go.com/Politics/jpmorgan-testifes-congress-apologizes-foreclosures-hiking-interest-rates-soldiers/story?id=12873749Members of the House Veterans' Affairs Committee tore into an apologetic JPMorgan... more

bundlebear
added this
1 year ago
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53 comments

Japan regulators make list of top 60 SIFIs - media

Japanese regulators have made a list of the top 60 'too big to fail'... more

harsh_007
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1 year ago
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0 comments

Whistleblower accuses HSBC and JP Morgan of silver futures scam - Telegraph

Banking giants HSBC and JP Morgan have been accused of "intentionally and... more

toyotabedzrock
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1 year ago
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1 comment

Georgetown Professor Tells Congress: “Citigroup, Bank Of America, JPMorgan & Wells Fargo Are All INSOLVENT”

Georgetown Professor Tells Congress: “Citigroup, Bank Of America, JPMorgan &... more

GLOBALPOLITICAL
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1 year ago
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GLOBAL POLITICAL AWAKENING: Max Keiser: Kill JP Morgan With a Silver Bullet

Max Keiser: Kill JP Morgan With a Silver Bullet

GLOBALPOLITICAL
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1 year ago
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0 comments

Campaign Cash: How Citizens United Will Change Elections Forever

Ed. Note: This blog is available for any organization or outlet to republish or... more

MediaConsortium
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1 year ago
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It’s Time for Sharia Law for Bankers

Apparently, the nation's largest banks can't figure out how to properly... more

omnipotentpoobah
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1 year ago
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0 comments

THE 2nd BOMB SHELL > JP MORGAN & CFTC Trail of Manipulation that Leads to Biggest Ponzy Fraud In World History

THE MEDIA BLACKOUT STILL ENSUES... after what appears to be a failed attempt at the... more

gerardange
added this
2 years ago
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4 comments

Weekly Audit: Congress to take up financial reform, but will it be strong enough?

by Zach Carter, Media Consortium blogger Next week, the debate over financial... more

MediaConsortium
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2 years ago
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0 comments

Obama Bank Rules Predicted to Be Ineffective

The Associated Press reports that President Obama's latest effort to reel in big... more

The_Global_Report
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2 years ago
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0 comments

Congressional Candidate Cited For Giving Up JPMorgan Whistleblower

George Demos is a Republican Congressional candidate from Eastern Long Island whose... more

atomiclegion
added this
2 years ago
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1 comment

Move Your Money: Project Urges People to Stop Banking with Wall Street

following is a transcript of an interview with Robert Johnson by Amy Goodman for Democracy Now! about Move Your Money, a project to help people transfer their money from bigger banks into smaller, community-oriented financial institutions that generally avoided the reckless investments and schemes that helped cause the financial crisis. Robert Johnson is former economist at the Senate Banking Committee and the Senate Budget Committee. He’s now the director of the Economic Policy Initiative at the Franklin and Eleanor Roosevelt Institute.

Amy Goodman: So, Move Your Money, how did it come about?

Robert Johnson: Came about at a dinner. Eugene Jarecki, my wife Alexis and Arianna and I were talking about how frustrated people were that there was no legislative reform and there was no -- well, you might call “remorse” from the big bankers. So we started to just, how we say, bat the fat about what could be done. And we talked about how in past episodes people had sold stock, and in this episode, you could get people to move their money.

Why would they move their money when they’re happy with their services? Because they can get comparable services locally. Everything is insured by the Federal Deposit Insurance Corporation, up to $250,000. And they could stop this toxic side effect of derivatives lobbying and “too big to fail” lobbying that’s going on by the top five or six banks that --

Goodman: So, name names. Who are you saying people should -- which banks should they pull their money out of? And what banks should they put them into? Tell us what community banks are, but name the ones they should pull out.

Johnson: Citigroup, JPMorgan Chase, Bank of America, Wells Fargo and, to the extent that it’s asset management, Morgan Stanley and Goldman Sachs. Those are the six that have 97 percent of the derivatives markets. Those are the “too big to fail” institutions, or at least the large subset of the “too big to fail” institutions. But mostly, they’re the ones who are working very hard right now to stop Congress in the Senate from adequately reforming our financial system, which basically means they want to keep playing and making profit and have the taxpayer pick up the bill in the event of another—they hit another banana peel.

Goodman: And explain what community banks are.

Johnson: Community banks are small, regional or very much local institutions. Most of their activities, their lending activities and so forth, relate to the local region or community around which they collect their deposits.

Goodman: And how do know if you’re moving your money into a bank that’s not owned by one of the entities you just talked about?

Johnson: Well, that requires a little bit of research, but we do have friends at Institutional Risk Analytics that’s on this website, moveyourmoney.info, and they have rated all the FDIC call report banks, and they’ve separated out the big banks from the small, or what you might call the behind-the-scenes ownership, and given you a menu. If you plug in your zip code, it gives you a menu of the banks that they rate A or B, which is safe. And like I say, above and beyond that, you have deposit insurance. But those are the local banks that are independently owned, not owned by the big four to six.

More at link above:following is a transcript of an interview with Robert Johnson by Amy Goodman for... more

WeAreChangeKy
added this
2 years ago
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1 comment

Time Picked the Wrong Guy

The person who really turned around the economy wasn’t Ben Bernanke. Charlie... more

atomiclegion
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2 years ago
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0 comments

JPMorgan Chase Profit Better Than Expected

JPMorgan Chase says it earned $2.1 billion, thanks to rising deposits and lower... more

ebindelglass
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3 years ago
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0 comments

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