Housing Has “Turned the Corner” – For Banks

By: Friday October 12, 2012 7:45 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 [...]

Low Regulator Assertiveness Part of Problem With Mitigating Financial Risks

By: Tuesday June 12, 2012 9:14 am

Jamie Dimon testifies before the Senate Banking Committee tomorrow, and this Bloomberg report should be a nice template for the Senators questioning him. It 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 [...]

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

By: Friday May 18, 2012 7:05 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. Sens. Merkley and [...]

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

By: Tuesday May 15, 2012 1:06 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 [...]

JPMorgan Chase Faces FBI Probe; Shareholder Meeting Goes Well, However

By: Tuesday May 15, 2012 11:44 am

The Justice Department and the FBI have now joined the fray in investigating JPMorgan Chase and its Fail Whale trade that has so far cost the firm $2 billion. The report added that “it isn’t clear what possible legal violation federal investigators may be focusing on,” and I can’t add any insight into that. The [...]

JPMorgan Ignored Risks in Pursuing Fail Whale Trade

By: Tuesday May 15, 2012 8:15 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 [...]

Glass-Steagall or Bank Size? Why Not Both, And More?

By: Monday May 14, 2012 12:19 pm

In the wake of JPMorgan Chase’s Fail Whale trade, proponents of stiffer regulation on Wall Street than what was ushered in with Dodd-Frank have offered a variety of solutions. In truth all of them could be beneficial in tandem to reduce risk and political influence from the financial system. For instance, Elizabeth Warren, who has [...]

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

By: Monday May 14, 2012 6:55 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 [...]

Elizabeth Warren: Dimon Should Resign From NY Fed Board

By: Sunday May 13, 2012 2:21 pm

In the wake of JPMorgan Chase’s $2 billion Fail Whale trade and the ensuing federal investigation into violations of disclosure laws, US Senate candidate Elizabeth Warren has called on JPM CEO Jamie Dimon to resign from his position on the board of the Federal Reserve Bank of New York. The announcement brings to light the [...]

Dimon Doesn’t Know If JPM Broke the Law in Fail Whale Trade

By: Saturday May 12, 2012 9:20 am

Visit msnbc.com for breaking news, world news, and news about the economy These quotes from Jamie Dimon’s upcoming appearance this weekend on Meet the Press are a bit out of character: David Gregory: Did the bank break any laws? Did it violate any accounting rules or SEC rules? Jamie Dimon: So we’ve had audit, legal, [...]

Why Is “Fail Whale” Trade a Problem for Romney, and Not the Administration That Watered Down the Volcker Rule?

By: Friday May 11, 2012 10:53 am

The fallout from JPMorgan Chase’s “Fail Whale” trade (I’m trying to coin this phrase, so help me out, will you?) continues. But there’s been a thread in one section of the liberal blogosphere that has confounded me. For some reason, writers are trying to position this as a problem for Mitt Romney. Here’s a representative [...]

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