Keyword: jpmorganchase

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  • Toxic oil loans create trouble for big banks

    04/14/2016 9:45:02 AM PDT · by PAR35 · 7 replies
    CNN ^ | April 14, 2016: 11:55 AM ET | Matt Egan
    ... Bank of America (BAC) on Thursday announced it set aside $997 million to protect from loan losses, mainly in the bank's $22 billion energy portfolio. Wells Fargo (WFC) warned of "significant stress" and "deterioration" in the oil and gas space. The problems there forced Wells Fargo to add $200 million in loan-loss reserves, its first increase to this rainy-day fund since 2009. And JPMorgan Chase increased its provisions for credit losses by 88%, mostly due to the oil, natural gas and pipeline business. It was enough to cause JPMorgan's (JPM) first drop in profits since late 2014. ...
  • Miserable Year for Banks: Stocks Suffer as Rates Stay Low

    04/12/2016 7:31:46 AM PDT · by Lorianne · 5 replies
    Wall Street Journal ^ | 10 April 2016 | Aaron Kuriloff, Riva Gold
    Financial shares are down sharply in 2016 even as broader markets have recovered; central-bank policies squeeze interest margins --- Bank stocks are having a terrible 2016, as central-bank policies, which for years lifted asset prices, are hurting the financial sector. The impact of economic stimulus efforts on lenders will get a fresh airing this week, as big U.S. banks begin reporting their earnings for the first quarter. Trading revenue is expected to have taken a hit, but the more enduring problem will be visible in the lenders’ net interest margins, the basic measure of bank profitability that gets flattened by...
  • 5 Big Banks Expected to Plead Guilty to Felony Charges, but Punishments May Be Tempered

    05/14/2015 6:40:23 AM PDT · by Theoria · 16 replies
    The New York Times ^ | 13 May 2015 | BEN PROTESS and MICHAEL CORKERY
    For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote. But when five of the world’s biggest banks plead guilty to an array of antitrust and fraud charges as soon as next week, life will go on, probably without much of a hiccup. The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed...
  • Major corporations funding “gay” indoctrination in elementary schools across America.

    12/29/2014 7:27:53 AM PST · by massmike · 59 replies
    http://massresistance.com/ ^ | 12/29/2014 | n/a
    It's every parent's nightmare, but true: Major U.S. corporations are funding a campaign of sophisticated, psychologically intrusive "gay" indoctrination programs targeting very young children in elementary schools across America. It’s part of a very well-planned and well-funded effort to reach children as young as possible without their parents’ intervention. The national program, called “Welcoming Schools”, skillfully works on the minds of young children in three ways: (1) Introducing the concept of homosexuality to children. (2) Telling them that homosexuality is normal and natural. (3) Telling them that their parents or friends who portray homosexuality in a less than positive way...
  • The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare

    11/07/2014 11:02:15 AM PST · by Lorianne · 119 replies
    Rolling Stone ^ | 06 November 2014 | Matt Taibbi
    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 deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as "massive criminal securities fraud" in the bank's mortgage operations. Six years after the crisis that cratered the global economy, it's not exactly news that the country's biggest banks stole on...
  • 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...
  • 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...
  • “Too Big To Fail” Banks Are Now Bigger Than Ever Before

    11/03/2014 8:04:40 AM PST · by Citizen Zed · 12 replies
    ETF Daily News blog courtesy of Michael Snyder Economic Collapse blog ^ | November 2nd, 2014 | courtesy of Michael Snyder Economic Collapse blog
    At this point, the five largest banks account for 42 percent of all loans in the United States, and the six largest banks account for 67 percent of all assets in our financial system. The bets that I am most concerned about are known as “derivatives“.  In essence, they are bets about what will or will not happen in the future.  The big banks use very sophisticated algorithms that are supposed to help them be on the winning side of these bets the vast majority of the time, but these algorithms are not perfect.  The reason these algorithms are not perfect is because they...
  • Hackers’ Attack Cracked 10 Financial Firms in Major Assault - Drudge 'RUSSIANS HACK JPM'

    10/04/2014 12:00:37 AM PDT · by free_life · 53 replies
    NYTimes ^ | Oct 3, 2014 | MATTHEW GOLDSTEIN, NICOLE PERLROTH and DAVID E. SANGER
    The hackers are thought to be operating from Russia and appear to have at least loose connections with officials of the Russian government, the people briefed on the matter said. Some American officials speculate that the breach was intended to send a message to Wall Street and the United States about the vulnerability of the digital network of one of the world’s most important banking institutions. “It could be in retaliation for the sanctions” placed on Russia, one senior official briefed on the intelligence said. “But it could be mixed motives — to steal if they can, or to sell...
  • 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...