Skip to comments.S.E.C. Opens Investigation Into JPMorgan’s $2 Billion Loss
Posted on 05/11/2012 11:10:01 AM PDT by Kartographer
Regulators are investigating potential civil violations surrounding the $2 billion loss that JPMorgan Chase disclosed on Thursday, raising further questions about trading activities at the nations biggest bank.
The Securities and Exchange Commission recently opened a preliminary investigation into JPMorgans accounting practices and public disclosures about the trades, according to people briefed on the matter, who spoke on the condition of anonymity because the case is not public. Regulators learned about the activities in April, and formally opened an investigation in recent days, the people said.
(Excerpt) Read more at dealbook.nytimes.com ...
FAILED TO GIVE OBAMA HIS EXTORTION CAMPAIGN MONEY.... This will teach them and others not to screw with Obama.
So NOW the SEC realizes they need to protect their phoney-baloney jobs. Where were they before all of this came out?
It’s said that this is CDS related. If so, no surprise. I believe the largest investment banks (which are almost all banks now) are counterparty to CDS purchasers. Ergo, when sovereign and corporate defaults happen, banks are on the hook for the payouts. Not sure how they hedge them but no hedge is perfect.
Damn those fat fingers!
He probably thought he paid enough....
...and still no investigation of Solyndra?
We will see.
IF Jamie gets hammered then that will be true.
IF Jamie gets the John Corzine treatment, then we will know he is on board the obama express.
Oh No, can’t be.
Not in the USSA.
SEC business will be as usual. Punish the monkey. Let the organ grinder go.
1. CEO bonus too low.
2. Insufficient campaign contributions.
3. Taxpayer bailout (stimulus) needs to be doubled.
Not sure I understand the investigation... So they made a bad trade that lost $2 billion. Businesses lose money all the time. They are in zero danger of going bankrupt. They aren’t asking for the feds to do anything. I fail to see any reason to get all bunged up about this.
Gee, ya think Soros pulling his $$$$ out of JPM a year or so ago might be a clue?
Not that the UN has any say but isn’t the Crazy Horse memorial enough?
So when will Corzine be prosecuted? The SEC is nothing but a political tool.
Here’s a good take on this:
The “World’s Largest Prop Trading Desk” Just Went Bust
ZH called all of this months ago. JPM is this year’s Bear Stearns and just the first domino in this 2008 redux. Some are speculating that JPM stole the MF Global money to cover their shorts a while back, meaning... they’ve known for a while this was about to go down.
Ooooh, that’s gonna cut way down on their porn-viewing.