"JPMorgan chief criticizes regulations" April 06, 2012|By Dawn Kopecki
NEW YORK - Jamie Dimon, chairman and chief executive of JPMorgan Chase, used his annual letter to shareholders to rail against “contrived’’ and confusing financial rules that he said may stymie lending.
US and international officials “made the recovery worse than it otherwise would have been,’’ Dimon wrote in the letter released Wednesday. They almost botched the US debt-ceiling vote, constrained bank leverage “at precisely the wrong time,’’ and adopted bad and uncoordinated policy, he wrote.
Dimon, 56, defended a banking industry that has been besieged by new rules and public contempt after lax mortgage lending contributed to the worst economic slump since the Great Depression. He championed the use of derivatives and the right of banks to lobby lawmakers and hailed the US economy and corporations as engines of job growth....
What rules?
Dimon called a cap on debit card transaction fees, a provision of the Dodd-Frank Act, “price-fixing by the government that will have the unfortunate consequence of leaving millions of Americans unbanked.’’
Is that a promise?
Related: The Devil is in the Debit Card Details
Not Such a Good Citizen
Oh, they were OVERCHARGING YOU ANY WAY THEY COULD, huh?
Do yourself a favor, America: UNBANK and PAY in CASH!
*****************************
“Jamie has taken on this mantle of defending this entire industry,’’ said Michael Driscoll, who worked for Dimon as a trader at the Smith Barney brokerage and is now visiting professor at Adelphi University in Garden City, N.Y. “He’s combative by nature. And like a lot of these alpha dogs, when he’s backed into a corner, he’s going to bark back.’’
Translation: He's a greedy money junkie and asshole!!!!!!!!!!!!!!
Still, Dimon said he agreed with the intent of most of the financial reforms passed by Congress. He said he supported giving regulators the authority to unwind failing firms and say on some executive compensation issues....
Dimon said big businesses tend to not get enough credit for creating jobs in the United States.
“We often read that small business is the primary driver of new jobs - this is both incorrect and overly simplistic,’’ he wrote. Large corporations generally are more stable and resilient in a recession and companies with more than 500 employees account for 51 percent of all jobs, he wrote.
Most of the “bad actors’’ responsible for the financial crisis are gone, Dimon said in the letter.
What a dickhead.
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How much are they paying that guy?
"JPMorgan Chase CEO paid $23m" Associated Press, April 05, 2012
NEW YORK - JPMorgan Chase paid chief executive Jamie Dimon compensation valued at $23 million last year, up 11 percent from 2010.
The largest US bank by assets said in a regulatory filing Wednesday that Dimon’s compensation included a salary of $1.4 million, a bonus of $4.5 million, stock awards worth $12 million, and stock options worth $5 million.
Dimon also received about $143,000 for travel and home security. The
bank shelled out $21,375 to secure Dimon’s home. It was the first time
the bank included the expense in a filing and reflected concerns over
protesters that have targeted CEOs in recent months.
None have been found hanging from trees yet.
In his annual letter to shareholders, Dimon expressed his frustration over the “hostility’’ faced by the banking industry. However he said the bank respects people’s right to express themselves.
These guys really don't have a clue how fucking sickeningly arrogant they are, do they?
The board said Dimon’s salary and bonus reflect the bank’s record income of $19 billion in 2011.
Yeah, that's with a B, and averages out to about $5 BILLION a QUARTER!!!!!
None have been found hanging from trees yet.
In his annual letter to shareholders, Dimon expressed his frustration over the “hostility’’ faced by the banking industry. However he said the bank respects people’s right to express themselves.
These guys really don't have a clue how fucking sickeningly arrogant they are, do they?
The board said Dimon’s salary and bonus reflect the bank’s record income of $19 billion in 2011.
Yeah, that's with a B, and averages out to about $5 BILLION a QUARTER!!!!!
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Hey, at least you KNOW WHERE the ECONOMIC RECOVERY IS because despite what the liars of the AmeriKan media there isn't any down the ladder.
And what was that prick saying about regulations, blah, blah, blah?
"Risk worry renewed" May 12, 2012|Beth Healy, Globe Staff
The $2 billion trading loss JPMorgan Chase & Co. disclosed Thursday has renewed calls for greater oversight of Wall Street banks from critics who said it shows they are returning to risky activities despite the financial crisis and government bailouts.
Yes, they HAVE BEEN for about TWO YEARS NOW!
“They’re taking massive speculative positions and betting a significant share of the bank on them,’’ said William K. Black, a professor of economics and law at the University of Missouri Kansas City and a banking specialist. “There is no reason why we should have a federally insured entity doing that. There’s zero social gain, and enormous potential downside.’’
There is no public bailout at hand in this instance, and JPMorgan is still expected to report a large profit on its overall operations in the second quarter.
But the event has sparked new fears about the kind of trading big banks are pursuing and the level of risks those entail. Indeed, the losses JPMorgan revealed this week were based on the same type of complex instruments that were central to the last crisis - credit derivatives....
Translation: They DIDN'T "learn" a DAMN THING and are back to the SAME LOOTING BEHAVIOR as BEFORE!!
Critics say it was just a big bet, not a true hedge, involving credit default swaps, a kind of insurance, on corporate debt. The idea was that JPMorgan believed worries in Europe were easing, and therefore that the swaps weren’t overly risky. But the position grew so large that the bank itself was artificially moving up prices on the debt, according to published reports. A number of hedge funds bet against JPMorgan’s position, and reaped big gains when the bank lost....
Un-f***ing-real!!!
It’s not clear whether other banks may have their own risky positions....
They ALL ENGAGE in this SHIFTY BEHAVIOR, so the answer is YES!
Michael Mayo, a banking analyst at Credit Agricole, suggested on Bloomberg Radio that if JPMorgan, widely seen as a well-run bank, can lose $2 billion when “Europe sneezes,’’ there could be more problems ahead. If “this is the best of breed, what does that say about the rest of the class?’’ he said.
Peter Cohan, who teaches at Babson College and writes several business blogs, said, “It’s like playing with nuclear waste and hoping you have enough protection.’’
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The sacrificial looter:
"$2b loss claims a top executive at JPMorgan" May 14, 2012
NEW YORK - Also under scrutiny is Bruno Iksil, the trader in London who gained notoriety last month as “the whale,’’ because the positions he assembled were so large they distorted corners of the complex market for credit derivatives.
Former senior executives at JPMorgan said it was a shame that Ina R. Drew, 55, who has worked at the company for three decades and serves as chief investment officer, has ended up suffering much of the fallout.
This banker's mouthpiece of a media is really making me sick.
Yeah, what a shame some looter was outed.
They said that Thursday’s announcement of the $2 billion loss was the first real misstep Drew has had and said that the position was not meant to drum up bigger profits for the bank.
Meaning that is exactly what it was.
Rather, it was meant to ensure that JPMorgan could continue to hold lending positions in Europe.
PFFFFFFFFFTTT!!!
“This is killing her,’’ a former JP Morgan executive said, adding that “in banking there are very large knives.’’
Do they have rope?
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Yeah, I'm really feeling sorry for some criminal bankster, yup.
"Dimon likely to face ire, not ouster at JPMorgan meeting" by Pallavi Gogoi | Associated Press, May 15, 2012
NEW YORK - JPMorgan Chase chief executive Jamie Dimon owned up to stock analysts and went on TV to accept blame for a $2 billion trading mistake. Next he faces shareholders, who are considerably less wealthy since the blunder was disclosed.
While Dimon may be greeted by colorful protesters and tough questions at the JPMorgan annual meeting in Tampa on Tuesday, shareholders are unlikely to call for his head.
Pussies!
For them, facing the crisis without Dimon might be a bigger nightmare than the loss itself.
(Blog editor is aghast and speechless)
That has not been a universal opinion since Thursday, when Dimon disclosed to analysts that the bank had lost $2 billion by making a bad bet with so-called credit derivatives.
Investors lopped almost 10 percent off JPMorgan’s stock price the next day, and 3 percent more on Monday. Since Dimon made the announcement, almost $20 billion in market value has evaporated.
On Monday, White House press secretary Jay Carney, without singling out Dimon, said that Washington can’t prevent “bad decisions being made on Wall Street.’’
Well, you see who is calling the shots in this government.
He pointed out that it was the bank and its shareholders, not bailout-weary taxpayers, who were suffering this time.
As it always should have been, you bastards!
Dimon will be talking to shareholders from a position of weakness for the first time. He has built a reputation as a cost-cutting zealot and an expert at keeping risk under control.
I notice HIS PAY keeps going UP!!
He led JPMorgan into a stronger position than almost any other bank after the 2008 financial crisis, which brought him more praise than at any other time in his career.
CUI BONO?
Dimon’s reputation has been severely damaged now. But shareholders still appear to believe he should be given the chance to prove himself again.
“He’s earned enough market respect to have the opportunity to correct this,’’ said Benjamin Wallace of investment firm Grimes & Co., a longtime shareholder that sold its JPMorgan shares six months ago.
Dimon has said the bank lost the money in a strategy to hedge against financial risk, as banks often do, not because it was trading for its own profit. Some have cast doubt on that portrayal.
Citing former employees, The New York Times reported Monday night that in the years leading up to the $2 billion trading loss, risk managers and some senior investment bankers raised concerns that JPMorgan was making increasingly large investments involving complex trades that were hard to understand. But even as the size of the bets climbed steadily, these former employees told the Times, their concerns about the dangers were ignored or dismissed.
Yup, the CULTURE of WALL STREET STAYED the SAME even after the "crisis."
An increased appetite for such trades had the approval of the upper echelons of the bank, including Dimon, the sources told the Times. Initially, this led to sharply higher investing profits, but they said it also contributed to the bank’s lowering its guard.
This receives my approval:
JPMorgan’s disclosure of the $2 billion loss has led lawmakers and critics of the banking industry to call for stricter regulation of Wall Street.
I thought we ALREADY GOT THAT from Dodd-Frank!?!?
On Monday, President Obama said JPMorgan’s loss in high-risk trading shows the need for the Wall Street rules that Congress passed two years ago.
Why haven't they ALREADY BEEN WRITTEN?
WTF?!!!!!!!!!!!!!!
JPMorgan “is one of the best managed banks,’’ Obama said during an appearance on ABC’s “The View,’’ a daytime talk show. “You could have a bank that isn’t as strong, isn’t as profitable, making those same bets and we might have had to step in. Which is exactly why Wall Street reform is so important.’’
Did he say that with his head up Dimon's ass?
Un-f***ing-believable!
Many post-crisis rules governing risk-taking by banks are still being written....
It's been TWO F***ING YEARS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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Related: Wall Street Writing Washington Regulations
Bank Book: Balancing the Bottom Line
Happy days are here again, 'eh?
"Shareholders vent at JPMorgan CEO after $2b loss" by Pallavi Gogoi and Tamara Lush | Associated Press, May 15, 2012
TAMPA, Fla. (AP) — The CEO of JPMorgan Chase, Jamie Dimon, was confronted at the meeting by shareholders upset about the trading loss, which has rattled investor confidence in the bank and complicated JPMorgan’s efforts to fight tougher regulation of Wall Street.
Yeah, it's complicated their self-serving criminality in the most hypocritical way possible!
Rev. Seamus Finn, representing shareholders from the Catholic organization Missionary Oblates of Mary Immaculate, said that investors had heard Dimon apologize before for the foreclosure crisis and other problems.
‘‘We heard the same refrain: We have learned from our mistakes. This will never be allowed to happen again,’’ Finn said. ‘‘I can’t help wondering if you are listening.’’
Lisa Lindsley, director of capital strategies for an influential union of public employees that is also a major JPMorgan shareholder, said independent board leadership was in shareholders’ best interest.
‘‘An all-powerful CEO is his own boss,’’ she said. ‘‘Looking for an infallible CEO is a fool’s errand.’’
********************************
Investors have pummeled JPMorgan’s stock price since the loss was revealed. The stock lost 12 percent in two trading days and lost almost $20 billion in market value.
Awwww, poor JP!
It bounced back on Tuesday, rising 3 percent....
Now I can sleep tonight.
There was a heavy police presence at the meeting, in an office park east of downtown Tampa. Protesters were there as well, including some who threw eggs at a poster with Dimon’s picture on it.
‘‘We wanted to let Jamie Dimon know how we feel about what big banks have done to our economy,’’ said Marilyn Lyday, a member of the protest group Occupy Orlando.
Dimon got something of a vote of confidence from President Barack Obama, who appeared on ABC’s ‘‘The View’’ for an episode airing Tuesday. Obama used the appearance to press for tighter regulation of Wall Street.
‘‘JPMorgan is one of the best-managed banks there is,’’ the president said. ‘‘Jamie Dimon, the head of it, is one of the smartest bankers we got, and they still lost $2 billion and counting.’’
Quite a trick, sucking dick and talking at the same time.
Related: Who REALLY Runs Washington
Pretty damn obvious these days.
************************************
In Washington, Treasury Secretary Timothy Geithner said JPMorgan’s trading loss strengthens the case for tougher rules on financial institutions, as regulators continue writing rules from the 2010 law.
You know, we HAVE all the RULES on the BOOKS and YOU GUYS HAVEN'T ENFORCED THEM!!!!!!!!
Geithner said that the Federal Reserve, the Securities and Exchange Commission and the Obama administration are ‘‘going to take a very careful look’’ at the JPMorgan incident as they implement the rules.
‘‘I’m very confident that we’re going to be able to make sure those come out as tough and effective as they need to be,’’ Geithner said. ‘‘And I think this episode helps make the case, frankly.’’
(Can you see why blog editor doesn't like reading this shit anymore?)
At the annual meeting for the investment bank Morgan Stanley, which took place Tuesday in upstate New York, CEO James Gorman appeared to allude to the JPMorgan trading loss when he said: ‘‘Events of the last few days remind us that risk levels remain high in the global markets.’’
He noted twice that Morgan Stanley has jettisoned or is in the process of dumping all of its businesses that do proprietary trading, or trading for the bank’s own profit.
Gorman also said, unprompted, that the bank maintains the right to take back pay from executives who act improperly. Gorman was confronted by shouting protesters who said the loss at JPMorgan was proof that banks are out of touch with their customers....
Oh, I think Dimon's attitude proves it, but he's not the only one. Obama's comments show the same ignorance.
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"FBI starts review of $2b loss at JPMorgan; Investors demand pay givebacks" by Ben Protess and Jessica Silver-Greenberg | New York Times, May 16, 2012
Maybe the Fascist Bureau of Instigation should have been looking at this instead of framing patsies to advance the cause of tyranny.
People briefed on the matter cautioned that the inquiry was at an early stage and that it was routine for federal authorities to open a case after a big bank disclosed a huge blunder. No one at JPMorgan has been accused of wrongdoing.
Yeah, it was just a mistake, a blunder. Those bankers are always so well-meaning!
You can see why I AM SICK of reading this HORSE SHIT, right?
And ultimately, the more lasting damage could be to the once-stellar reputation of the bank and its chief executive, Jamie Dimon.
Not only is Obama on his knees, but so is the AmeriKan media.
News of an FBI investigation came after the bank concluded its annual meeting, held in Tampa on Tuesday morning. Shareholders generally showed support for the bank’s leadership at the meeting, but raised questions about the oversight of its embattled leader.
About nine out of 10 shareholders supported Dimon’s $23 million compensation package and elected management’s nominees to the board....
While the majority of shareholders had voted before the bank’s announcement last Thursday of the bet gone bad, several investors said that the latest trading blunder illuminated the dangers of allowing a chief executive to operate with limited oversight.
“There is an essential and potentially disastrous conflict of interest when the same person shares both jobs,’’ said Lisa Lindsley, the director of capital strategies at AFSCME Employees Pension Plan....
Adding to the fallout from the trade, New York City’s comptroller, John C. Liu, demanded that the bank “claw back every single dollar possible’’ from the compensation of executives tainted by the trade, including Ina R. Drew, who oversaw the office that orchestrated the trade and resigned on Monday....
She was among the most powerful women on Wall Street, and last year she earned roughly $14 million.
--more--"
And they LIED about the LOSSES?
"JPMorgan losses reportedly up $1b; Bank CEO says figure expected to fluctuate" by Jessica Silver-Greenberg and Nelson D. Schwartz | New York Times, May 17, 2012
The trading losses suffered by JPMorgan Chase have surged in recent days, surpassing the bank’s initial $2 billion estimate by at least $1 billion, according to people with knowledge of the losses.
When Jamie Dimon, JPMorgan’s chief executive, announced the losses
last Thursday, he indicated they could double within the next few
quarters. But that process has been compressed into four trading days as
hedge funds and other investors take advantage of JPMorgan’s distress,
fueling faster deterioration in the underlying credit market positions
held by the bank....
And when FACEBOOK FLOPS they will be out BILLIONS MORE!!
And when FACEBOOK FLOPS they will be out BILLIONS MORE!!
Oh, the Fed is looking at it. That makes me feel a whole pile better.
The bank’s health remains strong, even with the additional losses, and JPMorgan has been able to increase its stock dividend faster than its rivals because of stronger earnings and a more solid capital buffer.
Still, the huge trading losses rocked Wall Street and reignited the debate over how tightly giant financial institutions should be regulated. Bank analysts say that while the bank’s stability is not threatened, if the losses continue to mount, the outlook for the bank’s dividend will grow uncertain....
Analysts expect the bank to earn $4 billion in the second quarter, factoring in the original estimated loss of $2 billion. Even if the additional trading losses were to double, the bank could still earn a profit of $2 billion.
And many analysts and investors remain optimistic about the bank’s long-term prospects.
What’s more, the chief investment office earned more than $5 billion in the past three years, which leaves it ahead overall.
Yeah, why not apologize for them and present their case?
Isn't that what AmeriKa's media is for?
But the underlying problem is that while these sharp swings are expected at a big hedge fund, they should not be occurring at a bank whose deposits are government-backed and which has access to ultralow-cost capital from the Federal Reserve, specialists said.
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Related: US inquiry against JPMorgan widens
Little late, ain't it?
I thought Dodd-Frank was supposed to fix all that.
And the bank was doing BUSINESS with the ENEMIES?
"JPMorgan agrees to pay $88.3m; Treasury said loans, transfers violated sanctions" August 26, 2011|By Kevin Roose, New York Times
JPMorgan Chase has agreed to pay $88.3 million as part of a settlement with the Treasury Department over a series of transactions involving Cuba, Iran, and Sudan, the agency said yesterday.
The Treasury Department’s Office of Foreign Assets Control said in a news release that JPMorgan processed wire transfers totaling around $178.5 million for Cuban nationals in late 2005 and early 2006, violating US embargo laws. The bank’s officers discovered the transfers in 2005, after they were tipped off by another financial institution, but failed to report them and did not take adequate steps to prevent more transfers, according to the statement. The release did not say which institution made the initial discovery.
Anything for a f***ing buck!
The bank was also fined for a 2009 incident in which it made a $2.9 million loan to a bank that had ties to Iran’s government-owned shipping line, a violation of US sanctions against the Middle Eastern nation. Again, JPMorgan Chase learned of the apparent violation early on but did not disclose it to regulators until March 2010, three days before it was repaid for the loan.
A third violation occurred in 2010 and 2011, when the bank failed to give up documents about a wire transfer that referred to Khartoum, the capital of Sudan. According to the release, the agency gave JPMorgan a list of documents believed to be possessed by JPMorgan. In response, JPMorgan, which previously said it had no such documents, produced more than 20 of the items in question.
JPMorgan said that it never dealt directly with institutions in the embargoed countries and that it had merely acted as a middleman. The penalty, the government said, had been reduced because JPMorgan cooperated with the investigation.
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Also see: JPMorgan Chase will pay $20m commodities fine
Nothing like a chump change kiss on the cheek, 'eh?
Here is a jerk running for president:
"Romney silent on $2 billion loss at JPMorgan Chase
WASHINGTON - Mitt Romney says he wants to talk about the economy in this presidential campaign, including his call to repeal the Dodd-Frank financial regulation law. JPMorgan Chase’s $2 billion trading loss in risky transactions is not the sort of conversation he had in mind.
So far, presumptive Republican nominee Romney has said little about the transaction that is roiling Wall Street and Washington, prompting an inquiry by the Federal Reserve, a call for a congressional investigation, and a demand by Elizabeth Warren, a Democratic Senate candidate in Massachusetts, that JPMorgan chief executive Jamie Dimon resign from the board of the New York Federal Reserve.
“Any time you have a development that suggests businesses take unnecessary and unwise risks, you give ammunition to Democrats and cause problems for the Republican narrative,’’ said Stu Rothenberg, editor of the nonpartisan Rothenberg Political Report.
“Romney will have to deal with it,’’ he added.
Romney, cofounder of Bain Capital, a private-equity firm, has spotlighted his vow to repeal the Dodd-Frank law that aims to strengthen financial regulations, calling it one of several overly burdensome laws backed by President Obama that costs jobs.
See: The Bain of Mitt Romney
Romney has not directly commented on the JP Morgan losses since Dimon disclosed them Thursday; he ignored a reporter’s shouted question about the matter at a rally in Charlotte, N.C., on Friday.
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Related: Mitt Romney mum on how to regulate big banks
I could think of some stronger words.
