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 [...]

Elizabeth Warren Expresses No Confidence in Current Bank Accountability Measures

By: Thursday May 17, 2012 4:30 am

This has been the week where we got a taste of how Elizabeth Warren would comport herself as a US Senator. Since JPMorgan Chase’s Fail Whale trade, which has reportedly already grown to a $3 billion loss, nobody in the political arena has been more vocal – or more knowledgeable – about the trade and [...]

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 [...]

Levin and Merkley Confirm: We Didn’t Intend Fail Whale Trades To Be Legal

By: Friday May 11, 2012 1:39 pm

Politicians using Jamie Dimon’s Fail Whale trade as a pretext to call for tighter banking regulations are performing exactly the correct public service in their job description. They’re supposed to respond to events as they happen, and create appropriate safeguards to minimize the risk from those events. And Senators Levin and Merkley make the point [...]

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 [...]

JPMorgan’s $2 Billion Loss Shows Impotence of the Volcker Rule

By: Friday May 11, 2012 6:18 am

I spent most of yesterday afternoon laughing my ass off about Jamie Dimon’s London Whale loss, but it’s actually not all that funny. JPMorgan Chase revealed a $2 billion loss on a bad bet they made on a credit default swap index trade. They described it as an egregious, self-inflicted mistake. I think Felix Salmon [...]

MF Global CFO Learned of Shortfall in Customer Funds During Firm’s Collapse

By: Wednesday March 28, 2012 9:35 am

At a House Financial Services Committee hearing today, former MF Global CFO Christine Serwinski will testify that customer funds were used to cover proprietary bets. In testimony prepared for a Wednesday hearing, the firm’s former chief financial officer, Christine Serwinski, says she learned that there was “a substantial deficit” in a financial buffer that was [...]

Corzine Ordered $200 Million Raid on MF Global Customer Accounts

By: Saturday March 24, 2012 8:17 am

In the most damning evidence thus far of malfeasance at MF Global, Bloomberg reports that former New Jersey Senator and Governor Jon Corzine, while CEO of the company, personally ordered $200 million in investor funds transferred to cover an overdrawn account at JPMorgan Chase. Bloomberg has the goods in the form of a memo from [...]

The Blowback Begins on Ex-Goldman Exec Greg Smith

By: Wednesday March 14, 2012 1:45 pm

It was only a matter of time before Goldman Sachs would start to smear their former employee, Greg Smith, who published his resignation letter in a celebrated op-ed in the New York Times. At first they merely denied the change in culture that Smith stressed, one from nurturing a relationship with their clients to field-stripping [...]

Bair Recommends Scrapping the Volcker Rule

By: Friday December 9, 2011 10:55 am

If you needed to appeal to one authority on banking regulation, you could do worse than to consult Sheila Bair, the former chairwoman of the FDIC. And now she’s advocating scrapping the Volcker rule and starting over. She comes at this by looking at the spectacle of MF Global – a brokerage house that would [...]

Corzine on MF Global Depositor Funds: “I simply do not know where the money is”

By: Thursday December 8, 2011 6:55 am

Former Senator Jon Corzine faces a House Agriculture Committee panel today, where he will testify that he doesn’t know “where the money is” from customer accounts that was used by his former company, MF Global, to trade on the company account. Joe Weisenthal points us in the direction of Corzine’s testimony, which he will give [...]

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