JPMorgan Chase

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Britain's Financial Authority Never Policed Libor

As scandal builds, UK parliament decides to hold banking inquiry

(Newser) - The growing scandal over the rigging of benchmark Libor rates raises a fundamental question: Why didn't Britain's Financial Services Authority see anything was amiss? Mainly because the FSA hadn't policed Libor for years, reports the Wall Street Journal . Worse, bank executives had warned the FSA about Libor...

JPMorgan May Have Lost $9B
 JPMorgan May Have Lost $9B 
Jun 28, 2012 7:47 AM CDT

JPMorgan May Have Lost $9B

Losses staggeringly worse than estimated

(Newser) - Forget $2 billion ; JPMorgan's trading losses on its bad derivative bets could reach a jaw-dropping $9 billion, sources tell the New York Times , based on an internal company report. Jamie Dimon had warned investors that the $2 billion loss could double within a few quarters, but losses have gotten...

JPMorgan&#39;s Dimon: &#39;I Can&#39;t Justify&#39; the Loss
 JPMorgan's Dimon: 
 'I Can't Justify' the Loss 
CONGRESSIONAL TESTIMONY
Jun 13, 2012 10:47 AM CDT

JPMorgan's Dimon: 'I Can't Justify' the Loss

Jamie Dimon says hedge became 'something I can not publicly defend'

(Newser) - Jamie Dimon testified about JPMorgan's massive trading loss on Capitol Hill today, but the much-anticipated event was interrupted by protesters almost immediately, Reuters reports. "Jamie Dimon is a crook!" one man cried as the JPMorgan CEO approached the witness table, while another group chanted, "Stop foreclosures...

Jamie Dimon Will Apologize to Congress Tomorrow

JPMorgan Chase exec offering mea culpa for huge trading loss

(Newser) - JPMorgan Chase CEO Jamie Dimon plans to apologize before members of Congress tomorrow for a trading loss that has cost the bank more than $2 billion. He also will say that the bank has taken steps to make sure it does not happen again. "We have let a lot...

JPMorgan Execs Knew of 'Whale' Risks

Concerns about London unit raised years before $2B loss

(Newser) - Top JPMorgan execs weren't as blindsided as you might have thought about the risky trades that cost the bank a couple of billion dollars , the Wall Street Journal finds. Insiders in the unit responsible for the losses say that worries about risk-taking by London traders—including the one known...

JPMorgan Fiasco Exposes Hapless Regulators
JPMorgan Fiasco Exposes Hapless Regulators
OPINION
Jun 7, 2012 12:36 PM CDT

JPMorgan Fiasco Exposes Hapless Regulators

Nicole Gelinas complains that too big to fail is still all too real

(Newser) - How pathetic was the supposed financial reform of the Dodd-Frank bill? So bad that not only did it not prevent JPMorgan's massive trading loss, no one is sure if it was even supposed to, writes Nicole Gelinas of the New York Post . The bill is supposed to prohibit "...

JPMorgan Sold $25B in Securities to Mask Loss

But analysts say it was a dumb move

(Newser) - In order to soften the Q2 earnings blow inflicted by its more than $2 billion loss , JPMorgan is "dipping into the cookie jar," Reuters reports. Earlier this month CEO Jamie Dimon revealed that the bank had sold securities that generated $1 billion in gains, and a Reuters analysis...

Meet the Man Who Took Down JPMorgan

Boaz Weinstein is an aggressive trader who once lost $2B, too

(Newser) - Credit (or blame) Boaz Weinstein—a 38-year-old hedge fund trader known as a "monster" for his aggressive, risky style—for the $2 billion takedown of JPMorgan, reports the New York Times . Weinstein, a chess master and big-time Las Vegas gambler, isn't talking, but numerous other traders say he...

Facebook Backers Helped Short Sellers

Morgan Stanley adjusting thousands of first-day trades

(Newser) - Some traders at the underwriters of Facebook's bungled IPO were busy aiding short sellers who bet the stock would drop in the days after its debut, the Wall Street Journal finds. Insiders say traders at JPMorgan and Goldman Sachs were loaning out the shares hedge funds needed to bet...

Other Banks Get Rich Quick in JPMorgan Debacle

They were the winning side in the London Whale's losing bets

(Newser) - The rest of Wall Street isn't exactly broken up about JPMorgan's multibillion dollar trading loss —because it's profiting handsomely off it. Goldman Sachs and Bank of America, for instance, have together made somewhere between $500 million and $1 billion off of JPMorgan, the Wall Street Journal...

Boehner on JPMorgan: No Law Against Stupidity

Speaker, Karl Rove also slam PAC plan to attack Jeremiah Wright

(Newser) - John Boehner today took to ABC's This Week to offer his characteristically blunt assessment of JPMorgan, and promptly asserted that Dodd-Frank wouldn't have averted the bank's $3 billion blunder : " There's no law against stupidity . No law against stupid trades. As long as there's no...

JPMorgan: Dimon Will Testify
 JPMorgan: Dimon Will Testify 
May 18, 2012 2:09 AM CDT

JPMorgan: Dimon Will Testify

Congressional panel invites CEO

(Newser) - It’s not a trial , but JPMorgan CEO Jamie Dimon will testify before Congress with regard to the bank’s $3 billion trading loss . "As always, we will continue to be open and transparent with our regulators and Congress," says a spokesman who confirms Dimon will appear before...

JPMorgan Loss Passes $3B
 JPMorgan Loss Passes $3B 
May 17, 2012 5:31 AM CDT

JPMorgan Loss Passes $3B

Bank bleeds a billion after rivals cash in on its bad bets

(Newser) - JPMorgan's $2 billion trading loss has become a $3 billion-and-counting loss with dizzying speed, insiders tell the New York Times . CEO Jamie Dimon predicted that the loss could double within a few quarters, but the extra billion in trading losses has come in just four trading days as hedge...

Shareholders Sue JPMorgan
 Shareholders 
 Sue JPMorgan 
May 16, 2012 10:11 AM CDT

Shareholders Sue JPMorgan

They say it misled them regarding risk

(Newser) - Two shareholders filed separate lawsuits against JPMorgan and its top executives in the wake of its $2 billion trading loss , accusing them of misleading investors about the company's risk exposure. One aspires to be a class action suit, representing anyone who owned JPMorgan stock from April 13 to May...

Obamas&#39; Assets: Up to $8.3M
 Obamas' Assets: Up to $8.3M 
May 15, 2012 6:56 PM CDT

Obamas' Assets: Up to $8.3M

Presidential books still paying off

(Newser) - Barack and Michelle Obama's personal finances are in sound shape: The first couple today reported total assets of between $2.6 million and $8.3 million last year, reports the Washington Post . (The imprecision is because of the broad ranges on reporting forms.) President Obama is still collecting...

Justice Department Opens JPMorgan Probe

Meanwhile, Jamie Dimon survives shareholder vote

(Newser) - Maybe Jamie Dimon will go on trial after all? That's getting way ahead of things, but the Justice Department has opened an inquiry into the JPMorgan trading scandal, sources tell the Wall Street Journal . It's currently unclear what legal violations it's looking into, but the probe will...

JPMorgan Ignored Scads of Red Flags

Jamie Dimon on hot seat as shareholders meet today

(Newser) - There is likely some hell yet to be paid at JPMorgan after the bank lost $2 billion on bets that were supposed to be hedges. The firm's shareholders are meeting today, and many want to knock CEO Jamie Dimon out of the chairman post, Reuters reports—including the California...

Jamie Dimon Should Be on Trial

 Jamie Dimon 
 Should Be 
 on Trial 
OPINION
May 14, 2012 10:48 AM CDT

Jamie Dimon Should Be on Trial

JPMorgan boss should face public questioning: Alex Pareene

(Newser) - JPMorgan lost $2 billion last week, and it's time for the bank's CEO to answer for it. Congressional questioning isn't enough: Jamie Dimon should be required, ideally on prime-time TV, "to answer questions plainly and clearly, to an unfriendly audience of non-Davos people," Alex...

Heads Roll at JPMorgan Over $2B Trade Loss

CEO Jamie Dimon will accept at least three resignations

(Newser) - JPMorgan's disastrous $2 billion trading loss has officially claimed its first casualty. Chief Investment Officer Ina R. Drew, a 30-year veteran of JPMorgan and one of Wall Street's most prominent women, retired today, the AP reports. Drew was responsible for overseeing the disastrous trades. Executives say she ordered...

JPMorgan CEO Dimon: We Were &#39;Dead Wrong&#39;
 JPMorgan 
 CEO Dimon: 
 We Were 
 'Dead Wrong' 
SUNDAY TALK SHOWS
May 13, 2012 10:56 AM CDT

JPMorgan CEO Dimon: We Were 'Dead Wrong'

Jamie Dimon apologizes for bank's 'stupid' behavior in $2B loss

(Newser) - Remember that endless line of Wall Street's elite giving their mea culpas over the financial crisis? Neither do we. But JPMorgan CEO Jamie Dimon today got on national television to apologize in no uncertain terms for his company's "egregious mistake" in losing $2 billion in six weeks...

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