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Keyword: jpmorganchase

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  • After Asking Employees to Reveal Personal Beliefs, Chase Faces Boycott

    07/26/2014 11:24:02 AM PDT · by SoFloFreeper · 14 replies
    Daily Signal ^ | 7/18/14 | Kelsey Harkness
    Over 4,000 Americans have signed a petition to boycott Chase bank over a company survey that probed employees about their sexual orientation and personal beliefs. The National Organization for Marriage’s campaign, “Void Chase,” urges customers across the globe to take their banking business elsewhere until JPMorgan Chase apologizes and promises “never again to invade the privacy of your employees in this way.” The effort is the result of what critics call an invasive survey that asked whether Chase employees identify themselves as lesbian, gay, bisexual or transgender, or as an “LGBT ally.”
  • 28-Year Old Former JPMorgan Banker Jumps To His Death, Latest In Series Of Recent Suicides

    03/18/2014 8:18:11 AM PDT · by Nachum · 27 replies
    Zero Hedge ^ | 3/18/14 | Tyler Durden
    Bellando, a former investment bank analyst at JPMorgan, is the son of John Bellando, chief operating officer and chief financial officer at Condé Nast. His brother, John, a top chief investment officer with JPMorgan, works on risk exposure valuations. Several John Bellando emails were cited during testimony at the Senate Finance Committee’s inquiry into the bank’s losses during the infamous London Whale trade fiasco. Kenneth Bellando — who grew up in Rockville Center, LI, and was a Georgetown graduate — worked as a summer analyst at JPMorgan while in school. Upon graduation in 2007, he was hired as an investment...
  • Madoff said JPMorgan executives knew of his fraud: lawsuit

    02/20/2014 5:30:20 PM PST · by Red in Blue PA · 20 replies
    NEW YORK (Reuters) - Two senior officials at JPMorgan Chase & Co and predecessor companies repeatedly confronted Bernard Madoff over irregularities in his business, a new lawsuit said, suggesting that bank leaders had "direct knowledge" of his Ponzi scheme. The lawsuit filed in federal court in Manhattan on Wednesday on behalf of shareholders against Chief Executive Jamie Dimon and 12 other current and former executives and directors was based in part by statements made by Madoff himself during a series of interviews. "JPMorgan was uniquely positioned for 20 years to see Madoff's crimes and put a stop to them," the...
  • JP Morgan Vice President's Death in London Shines Light on Banks close Ties with CIA

    02/12/2014 4:17:39 PM PST · by mgist · 4 replies
    Wall Street on Parade ^ | 2/12/14 | martens
    The nonstop crime news swirling around JPMorgan Chase for a solid 18 months has started to feel a little spooky – they do lots of crime but never any time; and with each closed case, a trail of unanswered questions remains in the public’s mind. Just last month, JPMorgan Chase acknowledged that it facilitated the largest Ponzi scheme in history, looking the other way as Bernie Madoff brazenly turned his business bank account at JPMorgan Chase into an unprecedented money laundering operation that would have set off bells, whistles and sirens at any other bank. The U.S. Justice Department allowed...
  • 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.
  • Cuomo, Schneiderman duke it out over $600 million fund (pol pork-fest)

    01/19/2014 4:41:12 AM PST · by Liz · 20 replies
    NY POST ^ | 1/18/14 | Carl Campanile
    EDITED......Albany pols are in a boiling dispute over who gets to spend a $600M housing foreclosure settlement from JP Morgan Chase. Sap-happy lefties want to help underwater homeowners victimized by the subprime debacle.....vote-crazed Gov Cuomo's infected with "higher office brain disease" -- plans $2 billion in tax cuts – though his plan doesn’t count on the $600M settlement money. Bertha Lewis, president of the Black Insitute and former head of ACORN, said, “What I want to know is WTF? Why take our funds? This settlement money was intended to help struggling homeowners in New York, too many of whom are...
  • Los Angeles to consider cutting ties to JP Morgan

    01/15/2014 8:41:19 PM PST · by Olog-hai · 11 replies
    Associated Press ^ | Jan 15, 2013 8:14 PM EST | Michael R. Blood
    A Los Angeles councilman proposed Wednesday that the nation’s second-largest city consider ending tens of millions of dollars of financial ties with troubled JP Morgan Chase & Co. A motion introduced by Democrat Gil Cedillo seeks a review of city business with the nation’s largest bank, as well as an analysis of legal options to end those contracts. It said a city retirement system holds over $100 million in JP Morgan stock and investments, and the city has a line of credit with the bank. The motion also suggests disqualifying the bank from doing further business with City Hall. …
  • Obama Didn't Invent the "Christie," He Just Uses it A Lot

    01/15/2014 3:18:30 PM PST · by Kaslin · 17 replies
    Townhall.com ^ | January 15, 2014 | John Ransom
    Another politico is claiming that he got “Christied.” This time it’s Jersey City mayor, Steven Fulop, who said that after he declined to endorse the Republican governor of New Jersey, Chris Christie, meetings with the governor were cancelled and money for hurricane relief dried up. I guess in this Alice-in-TV-Land world we live in, this counts as news. This comes on the heels of a federal investigation into Christie’s use of federal hurricane relief funds, which Obama is sure were used for nefarious purposes; presumably that means purposes that didn’t include electing Democrats. While Barack Obama didn’t invent the “Christie”...
  • Too Big To Fail Banks Are Taking Over As Number Of U.S. Banks Falls To All-Time Record Low

    12/07/2013 10:37:20 AM PST · by SeekAndFind · 21 replies
    TEC ^ | 12/06/2013 | Michael Snyder
    <p>The too big to fail banks have a larger share of the U.S. banking industry than they have ever had before. So if having banks that were too big to fail was a "problem" back in 2008, what is it today? As you will read about below, the total number of banks in the United States has fallen to a brand new all-time record low and that means that the health of the too big to fail banks is now more critical to our economy than ever. In 1985, there were more than 18,000 banks in the United States. Today, there are only 6,891 left, and that number continues to drop every single year. That means that more than 10,000 U.S. banks have gone out of existence since 1985. Meanwhile, the too big to fail banks just keep on getting even bigger. In fact, the six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger over the past five years. If even one of those banks collapses, it would be absolutely crippling to the U.S. economy. If several of them were to collapse at the same time, it could potentially plunge us into an economic depression unlike anything that this nation has ever seen before.</p>
  • 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...
  • Why Are The Banksters Telling Us To Sell Our Gold When They Are Hoarding Gold Like Crazy?

    04/12/2013 12:30:37 PM PDT · by SeekAndFind · 24 replies
    TEC ^ | 04/12/2013 | Michael Snyder
    Why Are The Banksters Telling Us To Sell Our Gold When They Are Hoarding Gold Like Crazy? By Michael, on April 10th, 2013 The big banks are breathlessly proclaiming that now is the time to sell your gold. They are warning that we have now entered a "bear market" for gold and that the price of gold will continue to decline for the rest of the year. So should we believe them? Well, their warnings might be more credible if the central banks of the world were not hoarding gold like crazy. During 2012, central bank gold buying was...
  • 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 &...
  • Technical Glitch Knocks Out EBT Cards In Georgia And Nine Other States

    11/18/2012 8:23:08 AM PST · by Gorilla44 · 49 replies
    AP/CBSAtlanta ^ | November 16, 2012
    <p>MIAMI (AP)— Millions of food stamp recipients in 10 states were unable to use their debit cards for about six hours Friday after an outage at JPMorgan Chase.</p> <p>Bank spokesman Mike Fusco apologized for the inconvenience and said the technical glitch was resolved around 1 p.m. Friday, but he declined to discuss details of what exactly went wrong.</p>
  • Barclays Chairman Agius Resigns

    07/02/2012 5:48:13 AM PDT · by Kartographer · 7 replies
    WSJ Online ^ | 7/2/12 | JESSICA HODGSON
    Libor rates are calculated for different currencies each day under the auspices of the British Bankers' Association, using quotes that are submitted by banks on a panel, based on the banks' estimated borrowing costs. More than $800 trillion in securities and loans are linked to Libor, including $350 trillion in swaps and $10 trillion in loans, including auto and home loans, according to the CFTC. No other banks or individuals have been charged with wrongdoing. Banks that have disclosed they are being investigated include Citigroup Inc., C +3.72% Deutsche Bank AG, DBK.XE +2.02% HSBC Holdings HBC +1.00% PLC, J.P. Morgan...
  • Dimon’s Déjŕ 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...
  • Lawrence Lindsey: Why Washington Hates Jamie Dimon

    05/18/2012 4:29:53 AM PDT · by WashingtonSource · 4 replies
    Wall Street Journal ^ | May 18, 2012 | Lawrence Lindsey
    . . . . So why is Congress holding hearings? The answer is the bank's CEO: Jamie Dimon. He is a lifelong Democrat and big contributor to Democratic candidates. This is not a way to get Republicans to like you. Since 2008 Mr. Dimon has also become increasingly critical and vocal about Mr. Obama's mishandling of the economy, and financial regulation in particular. Not a way to get Democrats to like you. . . .
  • Obama’s Gamble on GM Worse than JPM’s Trading Flub

    05/15/2012 11:40:02 AM PDT · by jazusamo · 2 replies
    National Legal & Policy Center ^ | May 15, 2012 | Mark Modica
    When JPM Chase reported that it had lost $2 billion recently on risky derivative trades, the predictable call came from the Obama Administration to increase regulation on banks. The hypocrisy of the politically motivated proclamations becomes evident when you compare the JPM trades to Treasury's continued gamble on its taxpayer funded stake in General Motors, which has suffered an approximate $5 billion loss in value over the past year. US taxpayers unwillingly own 500 million shares or 32% of General Motors' stock, courtesy of Team Obama. The Administration has had the ability to sell the stake for over a year...
  • 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...
  • JPMorgan exec expected to resign, AP source says

    05/13/2012 11:04:48 PM PDT · by smokingfrog · 12 replies
    Oregon Live ^ | 13 May 2012 | AP Story
    NEW YORK (AP) — JPMorgan Chase is expected to accept the resignation of one of the highest-ranking women on Wall Street after the bank lost $2 billion in a trading blunder, a person familiar with the matter said Sunday. The bank will accept the resignation of Ina Drew, its chief investment officer, the person told The Associated Press, speaking on condition of anonymity because the person was not authorized to discuss the decision publicly. Drew, 55, one of the highest-paid officials at JPMorgan Chase, had offered to resign several times since CEO Jamie Dimon disclosed the trading loss on Thursday,...
  • Massive derivatives loss at JPMorgan fuels calls to tighten Wall Street regulation

    05/12/2012 5:39:26 PM PDT · by Olog-hai · 23 replies
    Newark Star-Ledger ^ | Saturday, May 12, 2012, 8:05 PM | Ed Beeson
    The only Wall Street titan to emerge from the financial crisis without a black eye headed into the weekend with a concussion. JPMorgan Chase, fresh off the surprise news that it lost more than $2 billion in recent weeks to a complex trade in credit derivatives, saw its stock value plummet Friday more than 9 percent. The massive loss also reportedly led regulators to open up inquiries about the trading strategy and caused a downgrade of its credit by the rating agency Fitch, which in turn sent its stock lower in after-hours trading. To top it off, the reported loss...
  • JPMorgan Chase acknowledges $2B loss in trading portfolio

    05/10/2012 8:58:15 PM PDT · by Olog-hai · 33 replies
    New York Daily News ^ | Thursday, May 10, 2012, 11:34 PM | (Via Associated Press)
    JPMorgan Chase, the largest bank in the United States, said Thursday that it lost $2 billion in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money. The company’s stock plunged almost 7% in after-hours trading after the loss was announced. Other bank stocks, including Citigroup and Bank of America, suffered heavy losses as well. “The portfolio has proved to be riskier, more volatile and less effective as an economic hedge than we thought,” CEO Jamie Dimon told reporters. “There were many errors, sloppiness and bad judgment.” The trading loss...
  • Corzine Corzined - Congressional Panel Finds Former MF Global CEO Ordered JPM Fund Transfer

    03/23/2012 1:31:40 PM PDT · by SatinDoll · 37 replies · 4+ views
    The Zero Hedge/ ^ | 03/23/2012 | Tyler Durden
    Then only thing that could top today's epic market insanity and hilarity, would be that Corzine is himself about to be Corzined. And just released from Bloomberg: •MF GLOBAL'S CORZINE ORDERED FUNDS MOVED TO JPMORGAN, MEMO SAYS •CORZINE'S `DIRECT INSTRUCTIONS' CITED BY CONGRESSIONAL PANEL •MF GLOBAL TRANSFER WAS USED TO COVER OVERDRAFT, PANEL SAYS •MF GLOBAL FINDINGS CITED IN MEMO OBTAINED BY BLOOMBERG NEWS And so we can now add perjury to felony embezzlement. Which means we now have to wait to find just which MF'er (and JPM'er) will be given a promise of untold millions if they only get...
  • Leading US Bank Closes Vatican Bank’s Account

    03/19/2012 7:20:56 PM PDT · by marshmallow · 32 replies
    JP Morgan Chase, one of America’s leading banks, has closed down an account held by the Vatican bank at its Italian branch office in Milan. Neither the American bank nor the Vatican bank (formally known as the Institute for Religious Works, or IOR) offered any public comment on the move. But officials at JP Morgan Chase acknowledged that the IOR account was closed because of concerns about the possible use of the Vatican bank for money-laundering.
  • The Protestors ALREADY Occupy Wall Street

    10/11/2011 10:35:09 AM PDT · by jazusamo · 4 replies
    National Legal & Policy Center ^ | October 11, 2011 | Peter Flaherty
    Are the anti-Wall Street protestors demonstrating against themselves? The richest and most prominent Wall Street executives almost overwhelmingly supported and bankrolled Barack Obama's presidential campaign in 2008. And on Wall Street, little distinction is made between liberal Democrats and avowedly socialist activist groups. The big banks financed ACORN. Although ACORN has disbanded in the wake of scandal, the JPMorgan Chase Foundation, formerly headed by White House Chief of Staff William Daley, continues to fund similar groups committed to undermining capitalism and debasing democracy. Goldman Sachs and other big financial institutions lobbied for Dodd-Frank, which institutionalizes the "too big to...
  • U.S. to sue big banks for billions over mortgage crisis

    09/02/2011 2:28:25 AM PDT · by markomalley · 33 replies
    The Telegraph ^ | 02 Sep 2011
    Bank of America, JPMorgan Chase, Deutsche Bank and Goldman Sachs are among those expected to be named in the lawsuit. The agency that oversees U.S. mortgage markets is preparing to file suit against more than a dozen big banks, accusing them of misrepresenting the quality of mortgages they packaged and sold during the housing bubble, The New York Times reported on Thursday. The Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac, is expected to file suit against Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among other banks, the Times reported, citing three...
  • U.S. Set To Sue Big Banks Over Bad Mortgages

    09/01/2011 9:23:39 PM PDT · by Steelfish · 23 replies
    MSNBC ^ | September 01, 2011 | NELSON D. SCHWARTZ
    U.S. Set To Sue Big Banks Over Bad Mortgages Agency says B of A, JPMorgan Chase, Goldman Sachs, others misrepresented securities By NELSON D. SCHWARTZ The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation. The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank...
  • Too Big To Fail?: 10 Banks Own 77 Percent Of All U.S. Banking Assets

    07/18/2011 2:47:30 PM PDT · by lbryce · 11 replies
    The Economic Collapse ^ | July 18, 2011 | Staff
    Back during the financial crisis of 2008, the American people were told that the largest banks in the United States were "too big to fail" and that was why it was necessary for the federal government to step in and bail them out. The idea was that if several of our biggest banks collapsed at the same time the financial system would not be strong enough to keep things going and economic activity all across America would simply come to a standstill. Congress was told that if the "too big to fail" banks did not receive bailouts that there would...
  • Jailed for cashing Chase check at Chase bank

    07/07/2011 12:17:33 PM PDT · by The Magical Mischief Tour · 75 replies · 1+ views
    King 5 ^ | 07/07/2011 | King 5
    AUBURN, Wash. - Buying his own home was a big accomplishment for construction worker, Ikenna Njoku, of Auburn. He’s only 28 years old. “I was really excited. For the first time, I actually got to buy a lawn mower, mow my lawn and everything,” said Njoku. Njoku qualified for the first time home buyer rebate on his tax return. "It was really important, I had a vehicle I was looking on paying off," said. Njoku. And it wasn’t just any vehicle. “It was a 2001 Infinity I-30, silver…just like my favorite car, “he said. Njoku signed up to have the...
  • Big Banks Easing Terms on Loans Deemed as Risks (Mortgage "Forgiveness")

    07/03/2011 11:39:15 AM PDT · by mojito · 16 replies
    NY Slimes ^ | 7/2/2011 | David Streitfeld
    As millions of Americans struggle in foreclosure with little hope of relief, big banks are going to borrowers who are not even in default and cutting their debt or easing the mortgage terms, sometimes with no questions asked. Two of the nation’s biggest lenders, JPMorgan Chase and Bank of America, are quietly modifying loans for tens of thousands of borrowers who have not asked for help but whom the banks deem to be at special risk. Rula Giosmas is one of the beneficiaries. Last year she received a letter from Chase saying it was cutting in half the amount she...
  • Banks to Pay $22 Mil for Military Foreclosure Errors

    05/28/2011 9:34:27 AM PDT · by WOBBLY BOB · 5 replies
    Bank of America and Morgan Stanley have agreed to pay more than $22 million combined to settle federal civil charges on improperly foreclosing on military personnel, The Associated Press reports. The latest home or commercial real estate news Sample Between 2006 and 2009, the mortgage lenders foreclosed on 178 military members in 22 states without getting court approval. The military members affected will each receive $125,562, on average. The banks will also continue to investigate whether improper foreclosures occurred in 2009 through 2010.
  • Glenn Beck Now !! Unions Preparing to Collapse Economy in May (25 minute tape)

    03/22/2011 6:18:22 AM PDT · by Scythian · 253 replies
    This could be the most important story of this decade.
  • Glenn Beck reveals the Left’s Economic Terrorism Playbook: THE CHASE CAMPAIGN

    03/22/2011 8:44:34 AM PDT · by patriotgal1787 · 70 replies
    The Radio Patriot ^ | Mar. 22, 2011 | Andrea Shea King
    . . . . .NOTE:  This post will be constantly updated with more details throughout the Glenn Beck radio program.  Glenn has announced that copies of this have been delivered to JP Morgan Chase, the FBI, and the Justice Department.[youtube=http://www.youtube.com/watch?v=RvlvejSxBVQ&feature=player_embedded] "Steven Lerner, reported to have visited the White House on at least four separate occasions, formerly of SEIU and the architect of the SEIU's groundbreaking Justice for Janitors campaign.  He led the union's banking and finance campaign and has partnered with unions and groups in Europe, South American and elsewhere in campaigns to hold financial institutions accountable. As director of...
  • Banks threaten debit card spending limit

    02/20/2011 7:30:15 AM PST · by FromLori · 118 replies
    WFAA ^ | 2/19/2011 | Elaine Thompson
    What if you go to use your debit card but find you have a $100 spending limit — even if you have more money in your account? Right now, the idea is a bargaining chip being used by some of the nation's biggest banks, including JP Morgan Chase, Bank of America and Citigroup. The change would have a big impact on shoppers. The average family spends $122 on groceries every week, so a simple trip to the supermarket might in the future require a stop at the ATM. It all goes back to new rules that Congress is considering aimed...
  • Bernie Madoff bank J.P. Morgan Chase accused in $6.4B lawsuit of ignoring his ponzi scheme

    02/05/2011 11:37:55 AM PST · by SeekAndFind · 11 replies
    New York Daily News ^ | 02/04/2011 | Scott Shifrell
    The overseer trying to recover funds for Bernie Madoff's victims slapped J.P. Morgan Chase with a $6.4 billion suit Thursday, claiming the bank turned a blind eye to the mega-fraudster's swindling. Trustee Irving Picard says officials at J.P. Morgan, Madoff's longtime banker, should have spotted red flags alerting them to the Ponzi scheme. "Just as in the children's fable, they knew the 'Emperor had no clothes,' but looked the other way, allowing the fraud to continue," Picard's lawyer, Deborah Renner, said Thursday. The bank "admitted in the months before Madoff's arrest that ... returns were too good - especially in...
  • Two Banks Gain Access Within China(JP Morgan Chase & Morgan Stanley)

    01/07/2011 4:39:15 AM PST · by TigerLikesRooster · 9 replies
    WSJ ^ | 01/07/11 | ALISON TUDOR And PETER STEIN
    Two Banks Gain Access Within China By ALISON TUDOR And PETER STEIN HONG KONG—J.P. Morgan Chase & Co. and Morgan Stanley have both won approval for securities joint ventures in mainland China, the first U.S. firms to gain such access in six years. The new ventures will allow the two Wall Street banks to underwrite stocks and bonds in mainland China. Like other international investment banks, both firms can already underwrite deals for Chinese companies in Hong Kong, New York and other markets. The approvals, announced by China's securities regulator, are the first for any U.S. banks in China since...
  • Bill Daley Will Be New White House Chief of Staff

    01/06/2011 9:09:34 AM PST · by Nachum · 37 replies
    Big Government ^ | 1/6/11 | Publius
    NBC News and Politico are reporting that Bill Daley, brother of Chicago Mayor Richard Daley, former Commerce Secretary under Bill Clinton and long-time executive at Wall Street’s JP Morgan Chase will join the Obama Administration as White House Chief of Staff.
  • Daley is Poor Choice for White House Chief of Staff

    01/06/2011 2:54:25 PM PST · by jazusamo · 29 replies
    National Legal & Policy Center ^ | January 6, 2011 | Peter Flaherty
      It looks like the "Chicago Way" will continue with William Daley taking the White House Chief of Staff position formerly held by Rahm Emanuel. Daley is a particularly poor choice because he represents the nexus of big government, big business and the left-wing activist groups they enable and bankroll.Daley is not a "centrist," nor is he "pro business," except when he is getting a piece of the action. Daley has carried the title of "Midwest Chairman" of JPMorgan Chase but he is not a banker or a businessman. He is a broker of influence. That is why JPMorgan...
  • Chase orders Southlake bank to remove Christmas tree (because it could offend people)

    12/03/2010 8:04:56 AM PST · by SeekAndFind · 59 replies
    Star Telegram ^ | 12/03/2010 | Terry Evans
    SOUTHLAKE -- Chase Bank told a businessman to remove the Christmas tree he donated to a local branch because it could offend people. Antonio Morales, owner of Bellagio Day Spa in Southlake, had assembled and decorated a 9-foot-tall tree in the lobby of the Chase Bank branch at 1700 E. Southlake Boulevard as a favor to the branch manager, who is one of his clients. The tree remained in the lobby from the Monday before Thanksgiving until Tuesday. Morales said his friend called him Wednesday to tell him the tree had to go. She later showed him an e-mail from...
  • Fed Opens Books, Revealing European Megabanks Were Biggest Beneficiaries (Details you should see)

    12/02/2010 9:30:51 AM PST · by FromLori · 49 replies
    Huffingtonpost.com ^ | 12/1/2010 | Marcus Baram
    NEW YORK -- The Federal Reserve on Wednesday reluctantly opened the books on its monumental campaign to save the financial system in the midst of the recent crisis, revealing how it distributed some $3.3 trillion in relief. The data revealed that the Fed's aid was scattered much more widely than previously understood. Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities. The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans. The measure, initiated in Jan....
  • Amid mountain of paperwork, shortcuts and forgeries mar foreclosure process

    09/22/2010 9:51:13 PM PDT · by Chunga85 · 16 replies · 1+ views
    The Washington Post ^ | 9/22/2010 | Ariana Eunjung Cha and Brady Dennis
    The nation's overburdened foreclosure system is riddled with faked documents, forged signatures and lenders who take shortcuts reviewing borrower's files, according to court documents and interviews with attorneys, housing advocates and company officials. The problems, which are so widespread that some judges approving the foreclosures ignore them, are coming to light after Ally Financial, the country's fourth-biggest mortgage lender, halted home evictions in 23 states this week.
  • Thanks a Lot, JP Morgan Chase

    04/07/2010 12:31:42 AM PDT · by Palter · 8 replies · 613+ views
    Courthouse News Service ^ | 05 April 2010q | MARIA DINZEO
    JPMorgan Chase instructed homeowners to stop making mortgage payments, as that was the only way to be considered for a loan modification, then repossessed their house when they followed the bank's advice, a couple claims in Federal Court. "I've seen this happen to so many people," their attorney said. "When they come in here to tell me their story, I can actually tell it to them." Faiz and Khadua Jahani sued Morgan Chase and its predecessor, Washington Mutual Bank, on their own behalf and on behalf of the public. "When they called the 800 number, they were specifically told that...
  • Obama's 'lemon socialism'

    03/05/2010 4:27:40 AM PST · by ICAB9USA · 7 replies · 452+ views
    Tribune Review ^ | 2/22/2010 | Ralph R. Reiland
    Paul Krugman, a top columnist and liberal opinion-maker at The New York Times, sounded last week like he was tied to the tracks and saw a train coming around the bend. "We're doomed," he cried. "Oh. My. God." The melodramatic periods after each of the aforementioned words are Krugman's punctuation, conveying a picture of himself in a disastrous and rapidly developing meltdown at his keyboard. His problem was that President Obama failed to be sufficiently anti-rich, anti-Wall Street, anti-bonus and anti-banker in a recent interview with Bloomberg/BusinessWeek. Here was the interview question to Obama about the CEO bonuses coming at...
  • Ann Coulter: OBAMA'S OWNED -- YOU CAN BANK ON IT (Bought and Paid for)

    02/10/2010 3:08:46 PM PST · by Syncro · 100 replies · 6,754+ views
    AnnCoulter.Com ^ | Feb 10, 2010 | Ann Coulter
    OBAMA'S OWNED -- YOU CAN BANK ON ITFebruary 10, 2010 The New York Times and The Wall Street Journal are bristling with the news that Republicans have decided now is the time to suck up to Wall Street. As the saying goes, there is no truer friend than a Wall Street arbitrageur -- they are the salt-of-the-earth, the most loyal men who ever drew a breath! What are Republicans thinking? While not every money-manipulator on Wall Street deserves to be treated like a heroin dealer, lots do. Could the Republicans be a little more discriminating in picking up the Democrats'...
  • Morning Market Report

    10/14/2009 6:10:55 AM PDT · by fiscon1 · 7 replies · 336+ views
    The Provocateur ^ | 10/14/2009 | Mike Volpe
    Yesterday was a relatively quiet day in the markets. The Dow was 14.74 points to 9871.06. The NASDAQ was up .75 points to 2139. 89, and the S&P 500 was down 3 points to 1073.18. That likely won't hold today. With earnings season in full swing, the big news this morning is from JP Morgan Chase. They crushed their estimates, mostly through investment banking business. That's not only sent the stock itself up but much of the market with it. JPMorgan shares were up 2.4 percent in premarket trading after the Wall Street giant posted quarterly earnings of 82 cents...
  • Forbes: A Poisonous Cocktail-Expanding the Community Reinvestment Act (affirmative action mortgages)

    10/04/2009 5:41:06 PM PDT · by avoiceinwilderness · 24 replies · 2,094+ views
    Forbes Magazine ^ | 10/5/09 | Peter Schweizer
    As we try to shake off the financial crisis, here's a bright idea. Take a law that has led to the writing of an enormous amount of bad mortgages and expand it. Then take enforcement away from bank examiners and give it to housing activists. Sound like a poisonous cocktail? Well, it is what the Obama administration and Democrats are currently stirring up on Capitol Hill.
  • Where'd the bailout money go? Shhhh, it's a secret

    12/22/2008 4:57:17 AM PST · by Virginia Ridgerunner · 71 replies · 2,840+ views
    AP, via Yahoo! News ^ | 12-22-2008 | MATT APUZZO
    It's something any bank would demand to know before handing out a loan: Where's the money going? But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending the money or they simply refuse to discuss it. "We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it,'" said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. "We have not disclosed that to the public. We're declining to."
  • ACORN Housing Board Member Steps Down

    09/28/2009 2:03:47 PM PDT · by Oldeconomybuyer · 29 replies · 2,105+ views
    Wall Street Journal ^ | September 28, 2009 | By JAMES R. HAGERTY
    Guillermo Loaiza, a loan officer for a unit of J.P. Morgan Chase & Co. in Phoenix, has resigned from the board of Acorn Housing, a spokesman for J.P. Morgan said. Acorn Housing is an affiliate of the community-organizing group Acorn, the full name of which is the Association of Community Organizations for Reform Now. Both Acorn and Acorn Housing have been under fire since the recent release of secretly recorded videos that depicted Acorn employees offering advice on evading taxes, setting up brothels and smuggling illegal immigrants. J.P. Morgan has said it doesn't have a regular working relationship with Acorn...
  • ACORN's corporate donors backing off

    09/25/2009 3:50:40 AM PDT · by gusopol3 · 29 replies · 1,567+ views
    Washington Examiner ^ | September 25, 2009 | Kevin Mooney
    Corporations that have given ACORN millions of dollars over the years are now cancelling their donations in the wake of videotape revelations of employees of the infamous community organizing giving advice on mortgage fraud, tax evasion, prostitution, and child sex slavery. Bank of America is reviewing its grant program, while Citigroup is waiting for the results of on-going investigations. JP Morgan Chase had previously ended its relationship with ACORN. Bank of America donated 28 grants totaling almost $3 million to ACORN Housing Corporation (AHC), since 2005, financial records show. A company spokesman said the activity exposed on videotape prompted 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...