tagged w/ jpmorgan
-
(Reuters) - Federal Reserve Chairman Ben Bernanke and bank regulator Sheila Bair will testify this week before a panel exploring the causes of the financial crisis.
The Financial Crisis Inquiry Commission, a 10-member Congressionally appointed panel, said on Monday it will hear on Wednesday and Thursday from a slate of regulators and high-profile figures in the crisis, including former Lehman Brothers Chief Executive Dick Fuld and ex-Wachovia CEO Robert Steel.
The two-day hearing will explore the concept of "too big to fail" -- the idea that some institutions are so large and interconnected that they have an implicit government backstop.
The Dodd-Frank Act passed earlier this summer aims to crack down on such a concept by forcing big financial firms to write living wills that regulators would use to dismantle them if they became insolvent.
The FCIC has held a series of public hearings since January, bringing before them major players in the financial crisis and famous figures such as investor Warren Buffett as it chronicles the roots and impact of the crisis in a report due December 15.
On Wednesday, the FCIC will be studying Wachovia, which was acquired by Wells Fargo during the financial meltdown, and Lehman Brothers, which was allowed to collapse, after which credit markets virtually froze.
On Thursday, the panel will be looking at the role of the Fed and the Federal Deposit Insurance Corp in the concept of "too big to fail."
Other witnesses scheduled to testify include New York Fed General Counsel Thomas Baxter, Fed General Counsel Scott Alvarez, and JPMorgan Chief Risk Officer Barry Zubrow.
(Reporting by Karey Wutkowski and Dave Clarke; Editing by Paul Simao)(Reuters) - Federal Reserve Chairman Ben Bernanke and bank regulator Sheila Bair will... more
-
-
Los inversores se encuentran a la espera de los datos macroeconómicos y las ganancias de las compañías en los Estados UnidosLos inversores se encuentran a la espera de los datos macroeconómicos y las... more
-
-
Give him credit, JPMorgan’s CEO of home lending, David Lowman, has found a unique reason for saying no to homeowners who want to renegotiate their mortgages…it's the moral thing to do.Give him credit, JPMorgan’s CEO of home lending, David Lowman, has found a... more
-
-
THE MEDIA BLACKOUT STILL ENSUES... after what appears to be a failed attempt at the life of British Precious Metal Broker, Andrew Maguire. A man whose once quiet life has been turned upside down as he attempted to do the right thing~being a whistle blower in the most enormous global fraud case in world history.
TO GO TO ORIGINAL FULL STORY >>> http://current.com/items/92364209.htm
>>>> UPDATE: THE NEXT BOMB SHELL !!!
CLICK HERE FOR THE LATEST LIVE INTERVIEW>>> http://ow.ly/1w6w2
Harvey & Lenny Organ & Adrian Douglas: Drop Another Bombshell In What Could End Up Being The Largest Fraud In History - I was contacted again by Adrian Douglas, Board of Director for Gata with another stunning new bombshell involving the man he testified with at the CFTC meeting Harvey Organ. Harvey, who was invited by the CFTC to testify and his son Lenny describe an eyewitness account with another piece of the puzzle in what could turn out to be the largest fraud in history. This time a large international bank with almost 15 million customers in 50 countries around the world becomes part of this unfolding saga. It is so hard to believe and unimaginable so let’s continue our trip down the rabbit hole with another King World News exclusive interview.
--------------------------------------------------------------------------
The question still remains.... Why, has the Main Stream Press and the Major Media Giants who still have chosen to continue to pull the coverage and remain frozen, motionless and mute... All Major Media have stopped reporting the news on this Breaking Major News Story ?
Gerard Ange'~ Reporting
G.A.P. International News Service
---------------------------------------------
INFORMATION TIME LINE:
Starting with:
(1) GATA’s evidence of silver and gold manipulation at CFTC hearing ~ Mineweb
(2) CFTC Gets Facts of Bullion Manipulation ~ Numismaster
(3) JP Morgan Chase Caught Manipulating Gold & Silver Markets ~ Firedog Lake
(4) Whistleblower Andrew Maguire Speaks Out On JP Morgan Market Manipulation ~ Jesse’s Cafe
(5) Former Goldman Analyst Confirms LMBA Gold Market Is “Paper Gold” Ponzi ~ Zero Hedge
(6) Andrew Maguire's attempt on his life when he is Struck by Hit and Run Car In London ~ Jesse’s Cafe
(7) King World Interview with Andrew Maguire the Silver Market ‘Whistleblower’ ~ Jesse’s Cafe
(8) To read Andrew Maguire’s documented e-mail exchange with the CFTC please
click on the link below.
>>> http://www.kingworldnews.com/kingworldnews/G+_Articles/Entries/2010/3/30_A_LONDO...
(9) BELOW IS ANDEW MAGUIRE'S IMPORTANT FIRST INTERVIEW ~ "King World News" Interview Whistle Blower Andrew Maguire ( First Live Radio Interview )
FOLLOW THIS LINK >>>> http://ow.ly/1uUer
(10) Massive Attacks Target Both "King World News Headquarters" and "RunToGold's Internet servers". These attacks of both web sites followed the posting the JP Morgan Chase & CFTC fraud accusations and related supporting Interviews on-line. The attacks were intended to shut down both websites!
(11) Submitted by cpowell on Fri, 2010-04-02 03:49. Section: Daily Dispatches
Harvey & Lenny Organ & Adrian Douglas: "King World News" Interview and report finding the vaults empty... >>>
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/4/7_Andrew_Maguire_%26_Adrian_Douglas.htm
---------------------------------
to be continued...
.THE MEDIA BLACKOUT STILL ENSUES... after what appears to be a failed attempt at the... more
-
-
by Zach Carter, Media Consortium blogger
Next week, the debate over financial reform will begin in earnest when Congress returns from its Easter break. Both political parties are gearing up for a major fight, and the stakes couldn’t be higher. An out-of-control banking sector has cost the economy over 7 million jobs since 2007, and without major reforms, Wall Street could repeat this disaster in just a few years’ time. But thanks to Wall Street’s lobbying might, all of the necessary reforms are currently in jeopardy.
Key Reforms
Writing for The Nation, Christopher Hayes offers a useful primer on financial regulation, highlighting three reforms that are crucial to any bill.
* With no effective regulation of consumer protection issues for years, the existing banking regulators were more focused on preserving bank profitability than on going to bat for ordinary citizens. If banks could make big profits with unfair gimmicks (or even fraud), regulators usually looked the other way. The solution is a strong, independent Consumer Financial Protection Agency (CFPA) charged with nothing but protecting consumers from banker abuses, an agency with the broad authority to both write rules and enforce them.
* We need to rein in the $300 trillion market for derivatives, the complex financial contracts brought down AIG. Unlike ordinary stocks and bonds, derivatives are not traded on exchanges, so nobody really knows what is going on in this tremendous market. When something goes wrong, like with the collapse of Lehman Brothers, nobody can tell who the problem will effect. Without information, markets panic, and the entire financial system can collapse within a matter of days. Fortunately, this problem has a simple solution: require all derivatives to be traded on exchanges.
* Too-big-to-fail is too big to exist. The U.S. has never had banks as large as those that exist today, and their size gives them enormous political clout. It’s part of the reason why regulators didn’t make banks obey consumer protection laws, and why banks have been so effective in derailing reform. It’s been almost two years since the Big Crash, yet we are still wrangling over reform because giant banks deploy giant lobbying teams, and have almost unlimited resources to devote to their lobbying efforts. If we can’t scale back the banks’ power by breaking them up into smaller institutions, it’s unlikely that other reforms will be effective.
As Margaret Dorfman emphasizes for American Forum, a strong CFPA would help protect small businesses, since a huge proportion of them are financed with credit cards and home equity loans (Dorfman is CEO of the U.S. Women’s Chamber of Commerce, an advocacy group for women that should not be confused with the U.S. Chamber of Commerce—a nasty lobbying front for a few hundred high-flying executives). As Dorfman notes, small businesses are where most new jobs come from– if a regulator can ensure that these businesses are not pushed around by abusive banks, they can help repair our jobs.
Unfortunately, all three reforms are in real jeopardy as the bill moves to the Senate floor for a vote, as Simon Johnson notes in his Baseline Scenario blog carried at AlterNet. Senate Banking Committee Chairman Chris Dodd (D-CT) hasn’t included any language on breaking up the banks, he has significantly watered down the CFPA proposal President Obama put forward, and derivatives reform was almost entirely gutted in the House.
What’s at stake
So what’s at stake? For some perspective, consider last week’s jobs report. As Steve Benen notes for The Washington Monthly, the U.S. economy added 160,000 jobs in March, the first significant monthly gain since the start of the recession, and the best jobs report in three years. But while it’s good to see the economy actually adding jobs, at the March rate, it would take more than three-and-a-half years to win back the 7 million jobs lost since 2007.
This jobs disaster was not caused by faceless and unpreventable forces—it was the direct result of a reckless and unregulated banking system. Without major reforms, banks will always have this economic leverage when that recklessness overpowers them: bail us out, or watch your economy collapse.
This is an issue of basic democratic fairness, as Noam Chomsky explains for In These Times. Wall Street has purchased the right to bend public policy to anything that benefits banks—the rest of society is not their concern. The bailouts of 2008 and 2009 make that clear. After wrecking the economy to enrich themselves, bank executives then looted the public coffers with the threat of still further economic havoc.
And the political clout of America’s largest banks insulates them from criticism when they profit from abuses—particularly when those activities don’t spark wider economic crises. As Andy Kroll highlights for Mother Jones, J.P. Morgan Chase is currently making a killing by financing mountaintop removal mining (MTR). MTR is an ecological nightmare—literally a bombing campaign in which entire mountains in Appalachia are destroyed to make way for cheap coal. That’s meant billions in profits for J.P. Morgan, and an environmental catastrophe for the United States.
Obama and Congress have a choice. They can play financial reform for campaign contributions, pushing a watered-down bill that will function as a set of reforms-in-name-only. Alternatively, they can do their jobs, confront a dangerous financial oligarchy head-on, and help build an economy that works for everyone.
This post features links to the best independent, progressive reporting about the economy by members of The Media Consortium. It is free to reprint. Visit the Audit for a complete list of articles on economic issues, or follow us on Twitter. And for the best progressive reporting on critical economy, environment, health care and immigration issues, check out The Mulch, The Pulse and The Diaspora. This is a project of The Media Consortium, a network of leading independent media outlets.by Zach Carter, Media Consortium blogger
Next week, the debate over financial... more
-
-
George Demos is a Republican Congressional candidate from Eastern Long Island whose Web site bears the slogan "Fighting for Freedom," and touts his service as an enforcement lawyer in the New York office of the Securities and Exchange Commission. A bio says that he "handled some of the SEC's most significant investigations," including that of Ponzi scheme artist Bernard Madoff, and "worked tirelessly on the cases that never made the headlines."
But one case that never made headlines was his own: Demos' campaign Web site and public statements omit any reference to a report last March of the SEC's Inspector General (IG), which found he had improperly disclosed protected, nonpublic information about a whistleblower to the counsel for that whistleblower's employer, a major Wall Street bank, JPMorgan Chase. The IG's charges of misconduct grew out of an SEC probe that began in 2003 of JPMorgan and other big financial institutions suspected of illegal market practices.
http://www.politicsdaily.com/2010/01/28/long-island-congressional-candidate-cited-for-giving-up-jpmorganGeorge Demos is a Republican Congressional candidate from Eastern Long Island whose... more
-
-
The New York Post reported this morning that lawmakers are discussing JPMorgan Chase CEO Jamie Dimon as a potential replacement for current Treasury Secretary Timothy Geithner.
Leaving aside concerns that appointing a Wall Street CEO to the Treasury's top position would draw heavy criticism over Wall Street's coziness with Washington, it's not clear that Dimon would be a natural fit in the Obama administration. According to the Wall Street Journal, Dimon departs from White House policy on a handful of key issues.
For one, President Obama has pushed establishment of a consumer-protection agency that would keep watch over credit card and mortgage companies, but Dimon opposes the agency on grounds that it will drive up costs. JPMorgan says recent legislation regulating credit cards could cost the bank up to $750 million a year, a burden that may be passed along to consumers.
And while the White House's position on how to handle too-big-to-fail banks is still evolving, Dimon has staunchly defended big banks' right to exist -- and to fail. In a Washington Post op-ed this month, Dimon wrote:
"...ending the era of "too big to fail" does not mean that we must somehow cap the size of financial-services firms. Scale can create value for shareholders; for consumers, who are beneficiaries of better products, delivered more quickly and at less cost; for the businesses that are our customers; and for the economy as a whole. Artificially limiting the size of an institution, regardless of the business implications, does not make sense. The goal should be a regulatory system that allows financial institutions to meet the needs of individual and institutional customers while ensuring that even the biggest bank can be allowed to fail in a way that does not put taxpayers or the broader economy at risk."
Anonymous sources told the NY Post that Dimon "would love to serve his country," but is demurring. He has no plans, he says, to leave JPMorgan for the next "six or seven years."
For now, Geithner is still contending with critics in Congress. He was attacked last week during an appearance before Congress's Joint Economic Committee. "Mr. Secretary, the public has lost all confidence in your ability to do your job," Rep. Kevin Brady (R-Texas) told him.The New York Post reported this morning that lawmakers are discussing JPMorgan Chase... more
-
-
The nation's second-largest bank said a new law that limits unfair rate hikes and hidden fees will cost it as much as $750 million a year.
JPMorgan Chase revealed the estimate Monday in a regulatory filing:
In addition, as a result of the recently-enacted credit card legislation, management estimates, which are preliminary and subject to change, are that Card Services' annual net income may be adversely affected by approximately $500 million to $750 million. As a result of all these factors, management currently expects Card Services to have a net loss for the full year 2010.
The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 bans or limits deceptive and unfair practices, including retroactive rate increases, late fee traps like weekend deadlines and "universal default," or raising rates because of a borrower's delinquency with another lender.
The law gives the industry until February 2010 to comply with most of the rules, but since many banks started to jack up interest rates in advance of enactment, Congress is now considering moving up the date to December. The Federal Reserve cautioned Congress against it.The nation's second-largest bank said a new law that limits unfair rate hikes and... more
-
-
The Greatest Heist in History begins the next chapter. Let's see how we got screwed ... again.The Greatest Heist in History begins the next chapter. Let's see how we got... more
-
-
JPMorgan Chase & Co., the second- largest U.S. bank by deposits, hired a newly built supertanker to store heating oil off Malta, shipbrokers reported, in the company’s first such booking in at least five years.
The bank hired the Front Queen for nine months, according to daily reports from Oslo-based SeaLeague A/S and Athens-based Optima Shipbrokers Ltd. David Wells, a spokesman for JPMorgan in London, declined to comment.
JPMorgan, which has never hired an oil tanker based on data compiled by Bloomberg going back five years, follows companies including Citigroup Inc.’s Phibro LLC unit and BP Plc in hiring ships to store crude or oil products at sea. The firms are seeking to take advantage of higher prices later in the year.
“It’s opportunity-driven,” Sverre Bjorn Svenning, an analyst at Fearnley Consultants AS in Oslo, said by phone. “I doubt it’s going to be a permanent or new sort of trade.”
Heating oil for immediate delivery costs $553 a metric ton in northwest Europe and supplies for August are at $580, according to data compiled by Bloomberg.JPMorgan Chase & Co., the second- largest U.S. bank by deposits, hired a newly... more
-
-
JPMorgan Chase says it earned $2.1 billion, thanks to rising deposits and lower borrowing rates. The profit was 13 percent lower than last year, but better than expected.JPMorgan Chase says it earned $2.1 billion, thanks to rising deposits and lower... more
-
