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  • The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare (Fake Story)

    11/08/2014 9:50:08 AM PST · by Bigun · 14 replies
    Rolling Stone ^ | November 6, 2014 | Matt Taibbi
    Meet the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking By Matt Taibbi | November 6, 2014 "It was like watching an old lady get mugged on the street," she says. "I thought, 'I can't sit by any longer.'" Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing. Back in 2006, as a...
  • The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare [Satire]

    11/08/2014 6:09:57 AM PST · by outinyellowdogcountry · 56 replies
    Rolling Stone ^ | November 6, 2014 | Matt Taibbi
    She tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn't take it anymore. "It was like watching an old lady get mugged on the street," she says. "I thought, 'I can't sit by any longer.'" Fleischmann is a tall, thin, quick-witted securities lawyer in her late thirties, with long blond hair, pale-blue eyes and an infectious sense of humor that has survived some very tough times. She's had to struggle to find work despite some striking skills and qualifications, a common symptom of a not-so-common condition...
  • Dimon Disses Bitcoin, and Bitcoiners Diss Back

    01/24/2014 7:42:26 AM PST · by Errant · 21 replies
    The Wall Street Journal ^ | 24 January 2014 | Paul Vigna
    Jamie Dimon isn’t very impressed by bitcoin. Bitcoiners, in turn, don’t appear terribly impressed by Jamie Dimon. The virtual currency, which a year ago at this time was known only by a small band of enthusiastic libertarians, techies, and alleged drug traffickers, has gotten so much larger in the intervening time that it gets talked about at the big Capitalismpalooza called the World Economic Forum at Davos. That in itself is interesting. But J.P. Morgan'sJPM -1.35% Jamie Dimon and U.S. Treasury Secretary Jacob Lew were both asked their opinions and both talked it down, and both harped on its use...
  • JPMorgan CEO Dimon says government cases were 'unfair'

    01/23/2014 5:15:21 AM PST · by Red in Blue PA · 6 replies
    (Reuters) - JPMorgan Chase & Co (JPM) Chief Executive Officer Jamie Dimon said on Thursday that government legal cases, including those over mortgage securities the company settled for more than $13 billion, were "unfair". Dimon, speaking on CNBC in a pre-recorded interview from Davos, Switzerland, said most of the government claims against the company were for dealings that took place at companies before JPMorgan bought them in the financial crisis. "I think a lot of it was unfair, but I am not going to go into the details," Dimon said in the television interview.
  • Obama Secret Service Agent: “It’s Worse Than People Know… and I’m Not Trying to Scare You Either”

    11/06/2013 6:41:42 AM PST · by IbJensen · 63 replies
    DC Clothesline ^ | Mac Slavo
    (Pictured: Secret Service Agent Dan Bongino with President Obama) You may have your suspicions about what’s going on behind closed doors at the White House. But according to one of President Obama’s former body guards it’s much worse than we can even imagine. Dan Bongino has protected numerous Presidents over his career, including President Obama. He has been within ear-shot of many a discussion in the Oval Office, but up until this administration has stayed out of the lime light. Apparently, however, the activities of this administration are so abhorrent that he could no longer keep quiet. Bongino is so...
  • US government 'Robbed' JPMorgan, Payback for CEO's Criticism of Obama

    10/21/2013 9:57:43 AM PDT · by SeekAndFind · 17 replies
    NewsMax ^ | 10/21/2013
    Sunday's New York Post page one headline about JPMorgan's fine screamed "Uncle Scam" with the sub headline "U.S. Robs Bank of $13B." Wall Street went into a tizzy this weekend with the news that one of the nation's biggest banks agreed to fork over to the federal government $13 billion in fines related to its mortgage securities business. The Post quoted bank analyst Dick Bove of Rafferty Capital as saying the deal "is a basic and fundamental attack on capitalism." "It is possible that the government is taking away the property of the JPMorgan shareholders without the shareholders having committed...
  • Bada Bing! Uncle Barry's Billion Dollar Extortion Scheme ObamaTerror is Coming to You Too

    10/22/2013 4:35:57 AM PDT · by Kaslin · 13 replies
    Townhall.com ^ | October 22, 2013 | John Ransom
    I’d like to see a show of hands from people who believe that Barack Obama and his administration don’t use their regulatory power to punish enemies and reward their friends. Thought so. I don’t think that Obama’s administration is much different than other administrations in this regard, except varying in the intensity of their pursuit and the volume of regulations they have at their disposal. This abuse by all politicians, is, in a nut shell, the reason why our Republic, based upon limited government, is supposed to, you know, limit the powers of the government. Because Obama—and others-- have taken...
  • JPMorgan’s Follies, for All to See

    03/17/2013 2:27:38 PM PDT · by neverdem · 19 replies
    NY Times ^ | March 16, 2013 | GRETCHEN MORGENSON
    BE afraid. That’s the takeaway for both investors and taxpayers in the 307-page Senate report detailing last year’s $6.2 billion trading fiasco at JPMorgan Chase. The financial system, thanks to dissembling traders and bumbling regulators, is at greater risk than you know. After bailing out the nation’s banking system in 2008, taxpayers and investors have been assured that such a crisis will not happen again. The Dodd-Frank legislation was supposed to make our system safe from the kinds of reckless banking activities... --SNIP-- But the true value in this Senate investigation is its spotlight on the ability of bank executives...
  • Consumer Comfort Declines, Fed Bank Stress Test Dings JPMorgan, Bank Size Debate Heats Up

    03/15/2013 8:51:16 AM PDT · by whitedog57
    Confounded Interest ^ | 03/15/2013 | Anthony B. Sanders
    While the US Senate takes on Too-Big-To-Fail banks, other economic news hit the wires. First, the University of Michigan Survey of Consumer Confidence Sentiment fell to 71.8 and has not been above 80 last seen in 2007. Industrial production rose 0.7% in February and capacity utilization rose to 79.6%. Not quite 80%, but getting really close. But notice that the peaks of capacity utilization are falling. But the big news today was the Senate hearing on JPMorganChase and its CEO Jamie Dimon. JPMorgan Report Ignites Debate on Bank Size By Dawn Kopecki, Clea Benson and Hugh Son JPMorgan Chase &...
  • JAMIE DIMON: The Table Is Set For Booming 4% Growth, And 200K New Jobs Per Month

    12/12/2012 6:07:11 AM PST · by blam · 48 replies
    TBI ^ | 12-12-12 | Joe Weisenthal
    JAMIE DIMON: The Table Is Set For Booming 4% Growth, And 200K New Jobs Per Month Joe WeisenthalDecember 12,2012Jamie Dimon is on LIVE at the Dealbook conference talking fiscal cliff, the economy, and public policy. We're taking notes during his Q&A. Anything not in direct quotes. -- Says odds are politicians will do something between December 21 and December 28. -- On the impact of going over the cliff it might not be horrible... but it might be. -- 'We are one decision away from restoring our moral and fiscal authority in the world.... let's just do it."-- With...
  • Dimon’s Déjà Vu Debacle

    05/21/2012 6:53:00 PM PDT · by Beave Meister · 5 replies
    The New York Times ^ | 5/20/2012 | Paul Krugman
    Sometimes it’s hard to explain why we need strong financial regulation — especially in an era saturated with pro-business, pro-market propaganda. So we should always be grateful when someone makes the case for regulation more compelling and easier to understand. And this week, that means offering a special shout-out to two men: Jamie Dimon and Mitt Romney. I’ll come back shortly to the troubles at JPMorgan Chase, the bank Mr. Dimon runs. First, however, let me talk about Mr. Romney, whose remarks about those troubles were so off-point that they constitute a teachable moment. Here’s what the presumptive Republican presidential...
  • JPMorgan shares slump 6.5pc after chief Jamie Dimon reveals $2bn trading loss

    05/10/2012 5:30:50 PM PDT · by bruinbirdman · 29 replies
    The Telegraph ^ | 5/10/2012 | Richard Blackden
    JPMorgan Chase chief executive Jamie Dimon has shocked Wall Street by disclosing the bank racked up $2bn (£1.2bn) of trading losses in the past six weeks and warned they could get worse. “It puts egg on our face and we deserve any criticism we get,” Mr Dimon told analysts in a hastily arranged call after stock markets closed in New York on Thursday night. America’s second-biggest bank said that the losses stemmed from a series of complex trades that were designed to hedge the bank's overall risk. Some of the losses have been offet by gains of about $1bn from...
  • From Prison, Madoff Says Banks ‘Had to Know’ of Fraud

    02/16/2011 6:24:51 AM PST · by safetysign · 40 replies
    New York Times ^ | 02/16/2011 | DIANA B. HENRIQUES
    Bernard L. Madoff said he never thought the collapse of his Ponzi scheme would cause the sort of destruction that has befallen his family. In his first interview for publication since his arrest in December 2008, Mr. Madoff — looking noticeably thinner and rumpled in khaki prison garb — maintained that family members knew nothing about his crimes. But during a private two-hour interview in a visitor room here on Tuesday, and in earlier e-mail exchanges, he asserted that unidentified banks and hedge funds were somehow “complicit” in his elaborate fraud, an about-face from earlier claims that he was the...
  • The $2 Billion Loss By JP Morgan Is Just A Preview Of The Coming Collapse Of The Derivatives Market

    05/12/2012 10:44:24 AM PDT · by SeekAndFind · 41 replies
    The Economic Collapse Blog ^ | 05/12/2012 | Michael Snyder
    When news broke of a 2 billion dollar trading loss by JP Morgan, much of the financial world was absolutely stunned. But the truth is that this is just the beginning. This is just a very small preview of what is going to happen when we see the collapse of the worldwide derivatives market. When most Americans think of Wall Street, they think of a bunch of stuffy bankers trading stocks and bonds. But over the past couple of decades it has evolved into much more than that. Today, Wall Street is the biggest casino in the entire world....
  • Regulation, JPMorgan Chase and the Parable of "The Titanic and Eastland"

    05/13/2012 9:24:40 AM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 05/13/2012 | Anthony B. Sanders
    The media is awash with stories about JPMorganChase’s $2 billion trading loss last week. Well, JPMorganChase earned $5.4 billion in Q1 2012, so they can handle a $2 billion trading loss. Why the hysteria? Of course, there is concern over enormous losses biting taxpayers if a bank fails. But my concern is the hysterical reactions for political gain. This hysteria results in a “rush to regulation” rather than a measured response. It is typical of our “Philadelphia” approach to regulation. Pick an immflamatory sentence and talk to people like they are 4 years old. The sentence is “JPMorganChase loses $2...
  • Jamie Dimon: I am (now only) 'barely' a Democrat.. (slams 'anti-Business')

    05/13/2012 6:25:03 AM PDT · by Milagros · 46 replies
    On NBC's Meet The Press,' just now (May 13, 2012: Jamie Dimon said it's not fair to blame 'all banks,' you know of a particular bank that does something wrong go after that specifically. I accept all criticism. I am now "barely a democrat." Asked: 'What do you mean "barely a Democrat," Are you not a Democrat anymore? I mean I am still a Democrat... but BARELY... The current admin. - (environment) very 'anti-Business.' I don't blame the president but the Democrats were much more destructive than the Republicans.
  • Former SEIU Official Reveals Secret Plan To Destroy JP Morgan, Crash

    03/22/2011 9:21:01 AM PDT · by driftdiver · 42 replies
    Business Insider ^ | March 22, 2011 | Henry Blodget
    FULL Title - Former SEIU Official Reveals Secret Plan To Destroy JP Morgan, Crash The Stock Market, And Redistribute Wealth In America A former official of one of the country's most-powerful unions, SEIU, is detailing a secret plan to "destabilize" the country. Specifically, the plan seeks to destroy JP Morgan, nuke the stock market, and weaken Wall Street's grip on power, thus creating the conditions necessary for a redistribution of wealth and a change in government. The former SEIU official, Stephen Lerner, spoke in a closed session at a Pace University forum last weekend.
  • US Debit Fee Caps May Hurt Poorest Customers: Dimon

    01/17/2011 5:37:18 PM PST · by CutePuppy · 25 replies
    Reuters via CNBC ^ | January 14, 2011 | Maria Aspan
    Federal limits on debit card processing fees will force banks to charge customers more for services, making accounts too expensive for as many as 5 percent of customers, JPMorgan Chase & Co's chief executive said on Friday. The rules, proposed as part of the Dodd-Frank financial reform law, would cap the fees that merchants pay banks for processing debit card transactions at 12 cents each. That is almost 75 percent less than the average 44 cents per transaction that banks get now. U.S. banks could lose about $13 billion of their annual industry debit processing revenues because of the rules,...
  • Obama stiffs Dimon, Blankfein on signing

    07/21/2010 6:52:53 PM PDT · by CutePuppy · 23 replies
    NY Post ^ | July 21, 2010 | Mark DeCambre
    Wall Street's most vocal critics of the new financial regulations aren't invited to the party. Neither Goldman Sachs CEO Lloyd Blankfein nor JPMorgan Chase chief Jamie Dimon were asked to attend President Obama's signing ceremony set for today in Washington. FinReg, as the financial sector overhaul is known, is likely to alter the state and style of business of Wall Street and, potentially, sap billions of dollars of revenues from some of the most powerful financial institutions in the country. The high-profile ceremony is expected to be attended by a few hundred guests including Harvard professor Elizabeth Warren, viewed by...
  • Students revolting over JP Morgan's Jamie Dimon as graduation speaker

    04/23/2010 12:06:41 PM PDT · by metmom · 22 replies · 466+ views
    The Guardian ^ | April 12, 2010 | Andrew Clark
    He may be a hero on Wall Street but the JP Morgan boss Jamie Dimon is seriously uncool in the eyes of students. There's revolt in the air at Syracuse University in upstate New York where Dimon is due to give a graduation address next month. Disgruntled students complain that the university's invitation to Dimon amounts to an attempt to use their commencement ceremony (graduation to us Brits) as a tool to rebuild the public image of the disgraced banking industry. And they point out that while JP Morgan coins in record profits, the credit crunch has left many students...
  • JPM's Ballet among the Carcasses

    04/09/2010 8:26:02 PM PDT · by seton89 · 5 replies · 214+ views
    Seeking Alpha ^ | 10/30/09 | Truth and Transparency
    "Ballet among the Carcasses" There are many who see the large banks (Goldman Sachs, JP Morgan Chase) and quasi-government agencies (FDIC, OTS, Federal Reserve Bank of New York) as an operating cartel within our country.  There has always been a wary eye towards the relationship between these institutions and their secrecy but the events of 2008 shed light on not only the nepotistic course that creates a network of insiders (creating obvious conflicts of interest), the light revealed favoritism and what some would say was outright collusion between the organizations to ensure that selected bankers remained in business. That introductory...
  • Under Obama, Crony Capitalism Again Rules the Day

    02/15/2010 4:40:12 AM PST · by Kaslin · 7 replies · 501+ views
    Townhall.com ^ | February 15, 2010 | Michael Barone
    In his bestseller "Inside U.S.A.," the hugely readable journalist John Gunther described America as it was in the last year of World War II. He interviewed hundreds of politicians, businessmen and journalists, but only four men rated a separate chapter -- three politicians and Henry J. Kaiser, the California construction magnate who built dams and ships and manufactured concrete and steel and aluminum. Kaiser was, Gunther wrote, "tough, creative, packed with ideas and energy, above all a man who likes to make things." But he was also, he noted, a "link of enterprise by government, since government was on his...
  • WaMu Wants Documents From The Fed About Its Talks With JPMorgan and Jamie Dimon

    12/16/2009 8:02:43 PM PST · by FromLori · 9 replies · 574+ views
    The Business Insider ^ | 12/16/09 | Erin Geiger Smith
    The WaMu bankruptcy just got a little more interesting. Washington Mutual, the bankruptcy holding company, is asking a court to compel the FDIC, JPMorgan, Goldman Sachs, and several ratings agencies to turn over emails and other documents relating to JPMorgan's acquisition of the bank. Reuters (via The New York Times) has a report here. Zach Lowe of The Am Law Daily has a report, including a breakdown of the legal teams, here. Reuters: The company wants to investigate discussions between JPMorgan Chase, regulators, competitors and rating agencies it said led to the seizure of Washington Mutual, or WMI, according to...
  • JP Morgan: Additional Mortgage Losses Coming (JPM)

    12/08/2009 1:23:37 PM PST · by FromLori · 6 replies · 486+ views
    The Business Insider ^ | 12/8/09 | Vince Veneziani
    JPMorgan (JPM) says the mortgage-related bloodletting is not over: Marketwatch: J.P. Morgan Chase said Tuesday that it sees more mortgage-related losses in coming quarters. Losses on home equity loans could reach $1.4 billion over the next several quarters, the bank said in a presentation posted on its Web site. Prime mortgage losses may reach $600 million and subprime mortgage losses could hit $500 million in coming quarters, J.P. Morgan added in the presentation. The bank also said it's seeing "initial" signs of stability in consumer delinquency trends, but it warned that it's not certain if the trend will continue. J.P....
  • Jamie Dimon to Replace Geithner?

    11/23/2009 1:04:17 PM PST · by FromLori · 24 replies · 1,120+ views
    Economic Policy Journal ^ | 11/23/09 | Robert Wenzel
    I have said before, I think it will be pretty difficult to replace Geithner, but now we have President Obama's "favorite banker" being named as a possible replacement. NyPo reports As support for Treasury Secretary Timothy Geithner wanes on Capitol Hill amid frustration with the Obama administration's handling of the economy, JPMorgan Chase CEO Jamie Dimon is emerging as a potential replacement. Sources tell The Post that a number of policy makers have begun mentioning Dimon as a successor to Geithner, whose standing in Washington has suffered because of the country's high unemployment rate, the weakness of the dollar, the...
  • Burned by Obama: Wall St. execs feel betrayed

    09/29/2009 3:13:06 AM PDT · by Scanian · 81 replies · 2,826+ views
    NY Post ^ | September 29, 2009 | CHARLES GASPARINO
    In the depths of the financial crisis last year, people like Morgan Stanley's John Mack, BlackRock's Larry Fink, Greg Fleming (then of Merrill Lynch), JP Morgan's Jamie Dimon and Goldman Sachs' Lloyd Blankfein were telling everyone that candidate Barack Obama was a "moderate," and moderation was what this country needed. What a difference a year makes. They won't admit it in public -- but in private conversations, the top guys on Wall Street are feeling burned. The guy who seemed like such a steady voice -- vowing to curb runaway spending and restoring order to the banking system and the...
  • NLPC calls on JP Morgan Chase to drop ACORN ["Obama's 'favorite banker'"] [BofA linked too]

    09/20/2009 12:57:48 PM PDT · by rabscuttle385 · 36 replies · 1,964+ views
    The Washington Examiner ^ | 2009-09-19 | Kevin Mooney
    JP Morgan Chase has been challenged to sever its financial support for ACORN. As more video tapes are released of ACORN workers discussing illicit financial schemes, the bank has been called out for funding activities in violation of its own polices. Peter Flaherty, president of the National Legal and Policy Center (NLPC), in a letter addressed to JP Morgan Chase CEO Jamie Dimon, warns that continued support could jeopardize the institution’s credibility. “Continued identification with ACORN harms the company’s brand name and reputation, and carries special risks for this company, a recipient of taxpayer TARP funds,” he wrote. “The New...
  • JPM's Dimon Was Paulson's Go-To Guy On Street: Book

    08/02/2009 11:29:36 PM PDT · by CutePuppy · 4 replies · 370+ views
    NY Post ^ | August 02, 2009 | Mark DeCambre
    Days after Lehman Brothers' stunning collapse last Sept. 15, then-Treasury Secretary Hank Paulson placed an urgent call to JPMorgan Chase CEO Jamie Dimon and asked the banking veteran to buy rival Morgan Stanley to save it from suffering a similar fate, according to an upcoming book. Dimon, who had come to be seen as the banker of last resort after acquiring Bear Stearns in a government-sponsored takeover the previous March, had misgivings on such a move, though, and passed on the opportunity. The reason, according to the book, was that it would be too difficult to integrate the two similarly...
  • Grand Theft Auto: How Stevie the Rat bankrupted GM

    06/02/2009 3:10:32 PM PDT · by Wife of D · 16 replies · 1,035+ views
    gregpalast.com ^ | 6/1/09 | Greg Palast
    Grand Theft Auto: How Stevie the Rat bankrupted GM by Greg Palast Monday, June 1, 2009 ant-farm_2Screw the autoworkers. They may be crying about General Motors' bankruptcy today. But dumping 40,000 of the last 60,000 union jobs into a mass grave won't spoil Jamie Dimon's day. Dimon is the CEO of JP Morgan Chase bank. While GM workers are losing their retirement health benefits, their jobs, their life savings; while shareholders are getting zilch and many creditors getting hosed, a few privileged GM lenders – led by Morgan and Citibank – expect to get back 100% of their loans to...
  • Prediction: Obama will pick Dimon to be Treasury secretary

    10/14/2008 8:11:38 PM PDT · by fightinJAG · 16 replies · 1,278+ views
    Market Watch ^ | oct 14, 2008 | David Weidner
    Barring an October surprise, the fall election has all but been decided. The next question on Wall Street is whom President Obama will install as Henry Paulson's successor as head of the Treasury Department. Though no decision has been made, the rumor is that the Obama camp has already reached out to its first choice. The eye-popper is that the potential pick -- Jamie Dimon -- has signaled an interest in the job. [snip] Dimon and the Democrats It wouldn't be a stretch to suggest Obama would simply be repaying a big campaign supporter. In the political world, Dimon hasn't...
  • JPMorgan Chase chief attacks Washington for prolonging banking crisis

    10/14/2008 9:31:52 PM PDT · by bruinbirdman · 40 replies · 1,013+ views
    The Times ^ | 10/15/2008 | Suzy Jagger in Boston
    The head of one of America's bigger banks blamed sluggish decision-making in Washington for prolonging the banking crisis Jamie Dimon, the chief executive of JPMorgan Chase, bitterly criticised Washington lawmakers yesterday, deriding their sluggish decision-making and describing the political system as suffering from “institutional sclerosis [...] unable to make a decision to make this country healthy”. His attack came hours after his bank had been forced to sell a stake in itself to the US Government, following the announcement of President Bush's plans to partially nationalise America's biggest financial institutions. It also comes after Wall Street watched with disbelief as...
  • Davis May Fail to Meet School Funding Target

    04/16/2002 2:39:03 PM PDT · by gubamyster · 42+ views
    LA TIMES ^ | 04/16/02 | DAN MORAIN and JULIE TAMAKI
    Education: Governor hints that coming budget might not attain campus spending levels required under Proposition 98. By DAN MORAIN and JULIE TAMAKI, TIMES STAFF WRITERS SACRAMENTO -- Gov. Gray Davis warned for the first time Monday that he may not be able to meet the "guaranteed" funding level for schools required by the voter-approved Proposition 98. Trying to dampen expectations as he confronts a major budget deficit in an election year, Davis suggested to a union of nonteaching school employees that education spending could grow at a slower rate next year than he previously proposed. "I'm going to do my...