JPMorgan Chase Still Trying to Blame Individuals For Fail Whale-Related Fraud

By: Wednesday October 31, 2012 11:29 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. The lawsuit, which was filed in a London court, did not disclose [...]

JPMorgan Chase Trying to Throw Its Traders Under the Bus for Fail Whale-Related Securities Fraud

By: Thursday October 11, 2012 7:04 am

JPMorgan Chase CEO Jamie Dimon, a longtime Democrat for those who don’t know, endorsed a higher top marginal tax rate and an increase in the capital gains rate in a speech at the Council on Foreign Relations yesterday. He also blamed the sluggish recovery on over-regulation and uncertainty and endorsed Bowles-Simpson as an economic salve. [...]

Levin Goes After JPMorgan Chase with Subcommittee Investigation

By: Friday September 7, 2012 7:06 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. JPMorgan Chase & Co.’s wrong-way bets on derivatives are the focus of an escalating investigation by a U.S. Senate panel led [...]

Snapshots of an Era of Bank Greed and No Accountability

By: Tuesday July 17, 2012 6:55 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. Take JPMorgan Chase, not [...]

JPMorgan Chase Announces $5.8 Billion Fail Whale Loss to Date

By: Friday July 13, 2012 7:35 am

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 [...]

Adventures in Corporate PR: JPMorgan Chase About To Pull Off Fail Whale Bait and Switch

By: Wednesday July 11, 2012 8:55 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 [...]

JPMorgan Chase’s Precarious Position Amid Interlocking Scandals and Investigations

By: Monday July 9, 2012 8:55 am

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 [...]

Report: JPMorgan Chase Fail Whale Trade Losses Up to $9 Billion

By: Thursday June 28, 2012 10:15 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? Multiply by four and a half: Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people [...]

JPMorgan’s Bigger Exposure Comes From a Euro Breakup

By: Monday June 25, 2012 11:11 am

According to the Financial Times, as of last week, JPMorgan Chase sold up to 70% of its position in the CDX.NA.IG.9 index, where the Fail Whale trades originated. I assume they are working on the remaining 30%, though CEO Jamie Dimon has said that the trades would “not be an issue by the end of [...]

House Doing Better Job at Dimon Hearing

By: Tuesday June 19, 2012 10:03 am

The House of Representatives, in some cases on a bipartisan basis, is generally getting at the issue of JPMorgan Chase’s multi-billion dollar losses in today’s Financial Services Committee hearing with CEO Jamie Dimon. Clearly, Dimon is miffed by even having to be present for this questioning, an emotion he mostly didn’t have to show before [...]

Jamie Dimon’s Cufflinks and Why a Tighter Volcker Rule Is All We Can Hope For

By: Thursday June 14, 2012 10:55 am

So here’s me and William Cohan on yesterday’s The Alyona Show talking about that Jamie Dimon testimony yesterday. I have to admit a little shock at the focus of the coverage on the captured Congress and the relative soft pitches lobbed in Dimon’s direction. I’m wondering what people expected. This wasn’t the Senate Permanent Subcommittee [...]

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