Archive for May, 2012

Calls for Dimon resignation from NY Fed bank board

May 23, 2012

The following article is brought to you by Jim Kim at FierceFinance.Com. As the controversy over the multi-billion dollar JPMorgan trading debacle drones on, criticism of CEO Jamie Dimon has stepped up. Here’s what Eliot Spitzer has to say: Dimon “has tried so hard in the past several years to seem the ‘good banker.’ He […]

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FDIC Sues On Mortgage-Backed Securities Sold To Banks

May 23, 2012

The following article is brought to you by Bob an Voris at Bloomberg.Com. The Federal Deposit Insurance Corp. sued a group of banks, including JPMorgan Chase & Co. (JPM), Citigroup Inc. (C), Bank of America Securities and Deutsche Bank AG (DBK), in two suits over mortgage-backed securities. The FDIC, acting as receiver for two failed […]

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JPMorgan May Lose $5 Billion on Derivatives, WSJ Reports

May 18, 2012

The following article is brought to you by Nathaniel Espino at BusinessWeek.Com. JPMorgan Chase & Co. (JPM) (JPM)’s loss from derivatives trading may widen to $5 billion, the Wall Street Journal reported. Chief Executive Officer Jamie Dimon personally approved the strategy that led to the trades, without monitoring how they were executed, the newspaper said, […]

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JPMorgan Selloff Seen Spurring Flow of Funds from Banks

May 18, 2012

The following article is brought to you by AmericanBanker.Com. NEW YORK — Investors have drained almost $26 billion in market capitalization from JPMorgan Chase & Co. (JPM) since the bank announced a surprise $2 billion trading loss a week ago — and most of it likely has left the bank sector altogether. E. Keith Wirtz, […]

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Senate’s Brown Urges Dimon to Consider Compensation Clawbacks

May 18, 2012

The following article is brought to you by Phil Mattingly at BusinessWeek.Com. JPMorgan Chase & Co. (JPM) (JPM) Chairman and Chief Executive Officer Jamie Dimon should “impose financial penalties” on the employees responsible for the bank’s trading loss of more than $2 billion , U.S. Senator Scott Brown said. “It has been very frustrating to […]

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