Wall Street & Morgan Chase

Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. JPMorgan Chase & Co. is an American multinational banking corporation of securities, investments and retail. 5.0/5

Wall Street Morgan Chase Goldman Sachs Jamie Dimon Morgan Stanley President Obama Wells Fargo Federal Reserve Justice Department Deutsche Bank Steagall Act Wall St Financial Crisis Merrill Lynch Jon Corzine Credit Suisse Attorney General Eric Holder

What failed to mention -- he was a lobbyist for big Wall Street bank JP Morgan Chase
Wall Street's big boys, such as JP Morgan Chase say Bitcoin will be stopped (by governments). Are they spooked?
Photoset: salon: Jamie Dimon, the billionaire CEO of JP Morgan Chase and face of Wall Street bankers,...
Yeah. Eric "JP Morgan Chase" Holder is right on top of this. Just like he's been on top of bank/Wall Street criminality.
This week six of the world’s biggest banks – including JP Morgan Chase and Citigroup – agreed to pay $4.3 billion to regulators in the US, UK and Switzerland to resolve allegations they’ve been manipulating key currency rates, racking up huge profits and costing the rest of us a fortune. The story was buried in the business pages but it’s the tip of a gigantic iceberg of fraud. Wall Street keeps paying out billions to “resolve allegations” – which means it settles out of court without admitting guilt, so no one else can sue and no executives will go to jail. Make no mistake: The Street is up to its old tricks, and unless we resurrect Glass-Steagall and bust up the big banks we’re in for far more. Any Democratic or Republican presidential hopeful with a shred of integrity will put these two initiatives at the center of his or her economic plans. You with me on this?
Over at Rolling Stone, Matt Taibbi has a blockbuster story about a thirty-something securities lawyer who Wall Street giant JP Morgan Chase paid $9 billion to keep silent. Alayne Fleischmann witnessed criminal securities fraud while working as a deal manager at the bank. Part of her job was to revie…
JP Morgan Chase loves Scott Walker for blaming 2008 national Wall Street crash on instead of Wall Street banks.
DOJ’s deal with Citigroup is an egregious fraud on the public that pretends to punish Wall Street
How? Oh that's simple. With the truth. George Bush Jr., *** Cheney, John Cornyn and his GOP pals, conspired with Big Oil, Wall Street and corporate media to deceive the American people in order to enrich their own pockets. They lied about WMD's to terrorize and instill fear in the American people and gin up support for an unnecessary war they would profit from, both politically and financially. Sadly, because of their treachery, these young Americans did not die for freedom or America. They died in vain for Exxon, BP, JP Morgan Chase, Goldman Sachs and Halliburtons bottom line and the ultra luxurious tax free lifestyle of their executives. The people in this conflict are not asking for our help and never wanted us there in the first place. So in order not to make a bad situation any worse, we are going to stay away and let these people work out their problems on their own. The truth is always simple.
GLOBAL WARMING; ANOTHER WINDFALL FOR BIG BANKS. DON'T BUY INTO THEIR LIES!!: Kyle McWhorter Johnson The Multibillion Dollar Carbon Trading System The carbon trading system is a multibillion money-making bonanza for the financial establishment. The stakes are extremely high and the various lobby groups on behalf of Wall Street have already positioned themselves. According to a recent report, “the carbon market could become double the size of the vast oil market, according to the new breed of City players who trade greenhouse gas emissions through the EU’s emissions trading scheme… The speed of that growth will depend on whether the Copenhagen summit gives a go-ahead for a low-carbon economy, but Ager says whatever happens schemes such as the ETS will expand around the globe.” (Terry Macalister, Carbon trading could be worth twice that of oil in next decade, The Guardian, 28 November 2009) The large financial conglomerates, involved in derivative trade, including JP Morgan Chase, Bank America Merril ...
“Water is the oil of the 21st century.” Andrew Liveris, CEO of DOW Chemical Company (quoted in The Economist magazine, August 21, 2008) A disturbing trend in the water sector is accelerating worldwide. The new “water barons” — the Wall Street banks and elitist multi-billionaires — are buying up water all over the world at unprecedented pace. Familiar mega-banks and investing powerhouses such as Goldman Sachs, JP Morgan Chase, Citigroup, UBS, Deutsche Bank, Credit Suisse, Macquarie Bank, Barclays Bank, the Blackstone Group, Allianz, and HSBC Bank, among others, are consolidating their control over water. Wealthy tycoons such as T. Boone Pickens, former President George H.W. Bush and his family, Hong Kong’s Li Ka-shing, Philippines’ Manuel V. Pangilinan and other Filipino billionaires, and others are also buying thousands of acres of land with aquifers, lakes, water rights, water utilities, and shares in water engineering and technology companies all over the world. The second disturbing tre ...
Thanks to a very limited audit of the Federal Reserve that Congress approved a while back, we learned that the Fed made trillions of dollars in secret bailout loans to the big Wall Street banks during the last Financial Crisis. They even secretly loaned out hundreds of billions of dollars to foreign banks. According to the results of the limited Fed audit mentioned above, a total of $16.1 trillion in secret loans were made by the Federal Reserve between December 1, 2007 and July 21, 2010. The following is a list of loan recipients that was taken directly from page 131 of the audit report. Citigroup - $2.513 trillion Morgan Stanley - $2.041 trillion Merrill Lynch - $1.949 trillion Bank Of America - $1.344 trillion Barclays PLC - $868 billion Bear Sterns - $853 billion Goldman Sachs - $814 billion Royal Bank of Scotland - $541 billion JP Morgan Chase - $391 billion Deutsche Bank - $354 billion UBS - $287 billion Credit Suisse - $262 billion Lehman Brothers - $183 billion Bank of Scotland - $181 billion BNP ...
A Leading Banker Indicts The 6 Giant Banks, US Industry In Annual Shareholder Letter Robert Lenzner March 22, 2014 It’s not often you read in a glossy annual report about the “impact on our industry in terms of lost integrity and damaged reputation” caused by the unscrupulous, devil-may-care activities of the “Big Six” U.S. bank holding companies, such as J.P. Morgan Chase, Goldman Sachs, Citigroup, Bank Of America, Morgan Stanley and Wells Fargo. These banks have paid $82 billion in fines, sanctions and legal actions in 7 different countries over the past 10 years. My gut reaction was that $8 billion a year by 6 giant banks in 7 different nations was small change for banks that can make as much as $25 billion in a good year and pay their CEO a special bonus of $20 million for steering it through the shoals of the prosecutors. I was waiting for Robert Wilmers, Chairman of the $1 billion bank, M&T in Buffalo, to call for a multiplication table to use against the Big Six, who did $42.6 billion in ...
RACISM & GENDER BIAS – US STYLE Fifteen years ago, when Anu Aiyengar went for an interview to become a mergers & acquisitions (M&As) banker at a major Wall Street firm, she got a stark, disappointing message. “You have three strikes against you, ”Aiyengar, who was born in India, recalled the interviewer telling her, “How can I hire you? You are the wrong gender, wrong colour and wrong country.” Aiyengar, now a Managing Director at JP Morgan Chase, is seen as one of the rising stars within the largest US bank’s M&A group, advising clients in sectors ranging from retail to industrials. Over the past 15 years at JP Morgan, she has worked on around $200 billion worth of transactions. (TOI)
Although Obama claims to support the Occupy Wall St. movement, the truth is that he has raised more money from Wall St. than any other candidate during the last 20 years. In early 2012, Obama held a fundraiser where Wall St. investment bankers and hedge fund managers each paid $35,800 to attend. In October 2011, Obama hired Broderick Johnson, a longtime Wall Street lobbyist, to be his new senior campaign adviser. Johnson had worked as a lobbyist for JP Morgan Chase, Bank Of America, Fannie Mae, Comcast, Microsoft, and the oil industry. Read more at
European equities are expected to follow their Asian counterparts lower on Tuesday, following a negative lead from Wall Street overnight. The FTSE is expected to open 33 points lower at 6,724, the German DAX is seen down 53 points at 9,457 and the French CAC is seen down 23 points at 4,240. The Dow Jones Industrial Average was slammed by a triple-digit point drop on Monday, while the S&P 500 plummeted 1.3 percent to 1819, its weakest performance since Nov. 7 after Atlanta Federal Reserve President Dennis Lockhart said that the U.S. central bank should push ahead with its efforts to wind down monetary stimulus. On Tuesday, investors will be watching for retail sales data and earnings from JP Morgan Chase and Wells Fargo as possible catalysts after stocks were rocked on Monday. Retail sales are a key piece of data for traders after Friday's weak U.S. jobs report for December. In European news, French President Francois Hollande is holding his annual New Year news conference on Tuesday. He is expected to set ...
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Just a quick rant. The DOJ settled with JP Morgan Chase and fined the CORPORATION $1.7 billion in the Madoff scandal. Not ONE of the executives will serve a minute of jail time. They still get paid, get their bonuses, golden parachutes,etc. If you think the corporations are concerned you fail to realize the shareholders wind up paying, bank customers will pay...disgusting and shameful. Cronyism continues between DOJ and Wall Street!
Wall StREET 2013 [Excerpt] The following should be considered merely a sample of the ways Wall Street has maneuvered, manipulated, defrauded and deceived people during the past year: "One of the most obvious examples of Wall Street influence on Congress was HR 992 to roll back some of the derivatives restrictions on banks. The NY Times discovered that Citigroup had drafted most of the language, some of which was accepted almost word-for-word. The House passed it with bipartisan support. Meanwhile, bank lobbyists had excessive influence on the agencies writing and enforcing the Volcker Rule. The financial system in general, and the mammoth banks in particular, are still just too *** big. In 2013, JP Morgan Chase was the poster child for this problem, with its numerous legal problems, for which they set aside on the order of $28 billion dollars just to pay legal fees. The London Whale debacle, which involved Dimon lying to shareholders and Congress, showcased both how banks make their biggest money from pu ...
There's a mountain of blame to go around for the unveiling of the 867 page Volcker Rule on trading by Wall Street investment banks and commercial banks. I blame President Obama, Treasury Secretary Jacob Leu, five regulatory agencies, the lobbyists for Goldman Sachs, JP Morgan Chase for allowing a ru...
Thirteen Key Reasons Obama's Presidency Must Be Considered a Failure 1) Prosecutions for financial fraud hit a 20-Year low during Obama's administration -- and this after the 2009 crash and the ensuing recession which was replete with massive fraud throughout the nation, according to the FBI. Despite Obama's promises to crack down on Wall Street, there were more such prosecutions during every year of George W. Bush's presidency than each every year of Obama's which included the crash and recession. That is bad. 2) For all Obama's rhetoric to the contrary, income inequality is worse under Obama than under Bush. The rich took home a greater share of America's income pie from 2009 to 2010 than they did between 2002 and 2007, according to an April analysis from Emmanuel Saez, a professor at the University of California, Berkeley. That means the gap between the rich and the poor is more pronounced under Obama's presidency than it was under George W. Bush's. 3) Obama plans to lower the corporate tax rate. While ...
'B'1 / CORPORATE / GOVERNMENT / BANKING / Wall StREET REACTIONS to ACTIONS from BBC NEWS 19 September 2013 Last updated at 14:21 ET US bank JP Morgan Chase has agreed to pay four regulators $920m (£572m) relating to a $6.2bn loss incurred as a result of the "London Whale" trades. (Article posted below this following comment) The Wall Street firm, one of the biggest investment banks in the world, is paying $300m to the US Office of the Comptroller of the Currency (OCC), $200m will go to both the Securities and Exchange Commission (SEC) and $200m to the US Federal Reserve. A further £138m ($86m+ $) will be paid to the UK's Financial Conduct Authority as part of the global settlement. Now... IF my elementary school MATH is correct. $6b ($6,000,000,000+) in losses + $920m (920,000,000) in fines = $7b ($7,000,000,000+) in TOTAL U.S. and U.K. consumer, taxpayer and investor LOSSES = LEGAL PROFITS for yOUR GOVERNMENT while J.P. Morgan & Wall Street keep rolling along. The BBC News Article. The settlement is .. ...
This week, the Justice Department and Securities and Exchange Commission sued Bank Of America Corp., the nation’s second-biggest lender, accusing it of misleading investors in an $850 million mortgage-backed bond. Meanwhile, JP Morgan Chase, the biggest Wall Street bank, is under federal criminal investigation for practices tied to sales of mortgage-backed bonds that the Justice Department has already concluded broke civil laws. It doesn't matter. These banks will continue to flout the law unless the probability of their being found guilty multiplied by the size of the penalty is greater than the profits they make through illegal activities. Which means they'll continue to break the law because the probability is low -- investigative and legal personnel have been cut at the Justice Department and SEC, while the banks have huge legal staffs and access to the best law firms in the nation-- and the likely penalties are so small relative to their businesses (JP Morgan, for example, has $2.44 trillion in *** ...
This is unfair to these young workers!!! The banks have been bailed out time and time again. Many have played the dozens with homeowners seeking loan modifications selling their mortgages without their knowledge which began the loan modification loan process over again. Now, they are playing the students just to make more money. This is greedy and totally unacceptable. Fast food and retail workers across America are getting squeezed by Wall Street. According to the New York Times, some outfits like McDonald's are making their employees receive their wages on pre-paid debit cards pushed by mega banks like JP Morgan Chase. These cards then charge ridiculous fees for things like making purchases, using an ATM, or even just card inactivity. Demand workers stop getting nickeled-and-dimed! Milwaukee worker Devonte Yates is one of the workers featured in the story. In it he shares how most months the bank's fees can add up to as much as $50. For low wage workers in Milwaukee making $7.25, $50 could mean the diff ...
Two more World Wars WW3 and WWW4 What Will the Bilderbergers Decide on Iran? On June 3-6, 2010 the luxurious Dolce Resort in Sitges, Spain will host the next annual meeting of the Bilderberg Group-an unofficial, invitation-only conference of around 130 guests, representing the backstage global elites – most influential figures in international politics, banking, business, the military and media – the sponsors, patrons and manipulators of dozens of presidents and prime-ministers worldwide. The sessions will be held behind closed doors, as ever. Any capable analyst can easily predict what will be the main topic of the discussion. The outcome of the economic crisis, so smartly played by the ‘dedicated’ circle within Wall Street, is hardly achieving its goals. Despite further concentration of capital under control of few private groups like JP Morgan Chase, Goldman Sachs and Citigroup, the economies and monetary systems of the key international players beyond their reach – China and Russia – survi ...
In a sign of how hard Wall Street is trying to satisfy investor demand for higher returns, J.P. Morgan Chase and Morgan Stanley bankers are moving to assemble synthetic collateralized debt obligations, or CDOs.
Aired: Apr 1, 2013 Matt Taibbi, explains the myth of JP Morgan Chase as the "one good bank", why too big to fail is the problem, why Washington is finally getting fed up with Wall Street, How Wall Street miscalculated the 2012 election, how JP Morgan Chase hides losses and commits regular acts of financial fraud.
The biggest Wall Street banks are now far bigger than they were when we bailed them out, yet they've successfully whittled back the Dodd-Frank fiinancial reform act and continue to make and cover up wildly risky bets (e.g, JP Morgan Chase's $6 billion "London Whale" loss last year). Now, facing a bipartisan move in the Senate (led by David Vitter, R-La and Sherrod Brown, D-Ohio) to sharply increase the amount of capital they have to hold, which the Federal Reserve is endorsing, the banks are telling the White House and members of Congress they’ll lend out less money if such a law were enacted. In other words: if they can't continue to dominate and terrorize the economy, they’ll smother it. Haven't we had enough? It is time to use the nation’s antitrust laws to break up the biggest Wall Street banks, just like antitrust was used a century ago to break up the oil companies and railroads. And also to resurrect the Glass-Steagall Act, put into effect after the Great Crash of 1929, to separate commercial ...
Jamie Dimon, often cited at the most responsible head of a Wall Street investment bank, reigned as Chairman and CEO of JP Morgan Chase today. In a blistering letter published this morning in Britian's Financial News, Dimon says he is tired of working in the "bankrupt moral ...
POLITICAL FACT: Corporations in America like Citi Group, Bank Of America and J.P. Morgan Chase, hold two thirds of the American GDP, yet they pay NO FEDERAL ICOME TAXES. In fact in 2010 Bank Of America got a 1.9 billion dollar refund from the IRS and did not pay any Income Taxes. There is a five story building in the Cayman Islands that have five thousand corporations with mail drops to avoid paying taxes yet we bailed them out. Jack Lew the new Treasury Secretary, who used to be CEO of Citi Group, will not do anything to solve this problem and protect Wall Street and big banks. This is where we can get the revenue to solve the so called budget deficit. GOP wants to give these people a pass and stick it to the poor and middle class.
DEALS & DEAL MAKERS February 14, 2013, 8:34 p.m. ET Shopping Spree for Wall Street By FRANCESCO GUERRERA And DENNIS K. BERMAN A flurry of acquisitions announced within hours of each other Thursday, for everything from ketchup to airlines to drug wholesaling, suggests big-time deal-making is back after a nearly six-year absence from Wall Street. Mergers and acquisitions took a sharp tumble after the Financial Crisis, as economic uncertainty and paranoia on corporate boards kept deal-making on the sidelines. This year, though, has been different. The $40 billion-worth of deals struck Thursday brings the total value of M&A transactions announced since January to nearly $160 billion, the fastest start to a year since 2005, according to Dealogic. M&A volumes historically follow the lead of the stock market, and the 6.67% increase in the Standard & Poor's 500 Index this year suggests more are on the way. "The dam is burst," said James B. Lee, the veteran deal maker who is vice chairman of J.P. Morgan Chase & Co ...
How about the Tea Party work with Occupy and stop depending on lies and corporate propaganda and open your eyes. What happened to the original 'Tea Party'. Instead of becoming and agent of change it was co-opted by the 1%, corporate America and Washington Lobbyist. Occupy did not get swallowed by the *** in the room as the Tea Party did by the Elephant in the room. We, Occupy, the Tea Party and every American share a common enemy. Even the government is 'bought and paid for' by this common enemy. Everyone that gets up in the morning, goes to work tired and sick for crumbs from the corporate table (read your bible about crumbs), they are the one's pulling the wagon and guess who is riding high in the wagon, those that pay less in taxes than the janitor: Bank Of America, GE, Halliburton, Shell Oil, BP, Exxon, Wal*Mart, Wall Street speculators, AIG, Morgan Chase, Wells Fargo, Apple, Starbucks, the Pentagon and the list goes on and on ad nauseum!!! Your enemy is not the poor, not the working poor, not senior ...
Overseas Market Update: USA: A rebound for Apple buoyed the technology sector on Wednesday, while Wall Street adopted a generally wary stance in considering results from several banks including J.P. Morgan Chase and Goldman Sachs. Treasury prices advanced for a fourth day, erasing the quick selloff that characterized the beginning of the year and representing a more balanced approach among investors concerned about monetary policy and the political risks to the economic outlook. The euro extended a loss versus the dollar and remained under pressure versus the yen, a day after Luxembourg PM Juncker warned that the shared currency is “dangerously high.” Gold and platinum futures pulled back, giving back some of the gains seen in a strong prior-day session, while investment bank Goldman's said it’s betting on copper and palladium for 2013. Crudeoil futures traded higher, finding support after an industry group reported a smaller-than-expected increase in U.S. inventories for last week, but with the gov ...
Sarah Johnson | December 3, 2012 | Comments (0)Marianne Lake just became one of the most powerful women on Wall Street. She is the new CFO of JP Morgan Chase & Co, a position that makes her one of the elite 14% of women CFOs at financial service firms among companies in the Fortune 500. JP Morgan Ch...
"That $8 in 2000 has turned into $25-$30 today. The dominant players in the oil futures market are Wall Street investment banking giants Morgan Stanley, Goldman Sachs (through its J. Aron subsidiary), Citigroup (through Philbro), Bank of America Merrill Lynch, UBS Warburg, Deutsche Bank and JP Morgan Chase. A 2007 60 Minutes expose showed how Morgan Stanley and Goldman Sachs engineered that year’s $4.00/gallon gas spike by nearly cornering the global oil supply."
I thought it interesting, and telling, when I read that Romney's top five campaign contributors are all big Wall Street firms and banks: 1. The wonderful Goldman Sachs whose machinations and illegal activities in the 2007-08 mortgage crisis are infamous! 2. Bank Of America--One of the least popular banking/investment companies in the world, and owner of one of the worst lending companies in the mortgage bubble collapse, Countrywide Financial. 3. JP Morgan Chase--well known for many shady dealings over the past 20 years, especially awful was their admitted overcharging of American military families for their mortgages and illegally foreclosing on the homes of military personnel serving in Afghanistan. 4. Morgan Stanley--this company's illegal activities (including colluding with Chinese government officials) are just too numerous to list. 5 Credit Suisse (a Swiss Bank and investment company--maybe Romney has some of his millions there, too). Obama has no investment companies or banks in his top contributor ...
Gas is at $4.30+ the highest it's ever been- ironically supply is up and demand is down, which should mean that prices should be going down... well, according to a 60minutes report- we can blame the artificial inflation of gas prices over the past five years to... guess who? the same people that crashed the housing market! due to de-regulation, big Wall Street investment firms, hedge funds, institutional investors, JP Morgan Chase, Goldman Saks, Morgan Stanley, Barclay's have been pushing the price up when they should have been falling, and it's no accident- they made billions on the inflated prices as they traded futures! When are we going to hold the WallStreet billionaires accountable for thier abuses they have been perpetrating?
I'm surprised Walmart, J.P. Morgan Chase and Goldman Sachs didn't take out any ad space at the RNC or DNC. They sure as heck are bankrolling (bought off) candidates. Walmart is chomping at the bit (also see Billy Boy Gates) for a piece of the public education budget and both Romney and Obama are set to deliver it with a nice red bow attached to it. Chase and Sachs couldn't be happier. They raped the country in broad daylight and got away with it. Heck, some of them ended up on government payroll. Obama's economic hatchet men, oops I mean advisors. They'll probably stay as Romney's as well. Some of them have been regulars in the White House since Clinton was in office. Then they go back to Wall Street and reap the benefits of their own deregulation policies. Now that's pimpin.
“The top financial backers of Barack Obama’s [2008] presidential campaign included Wall Street leaders Jamie Dimon (CEO, JP Morgan Chase), Lloyd Blankfein (CEO, Goldman Sachs), *** Fuld (CEO, Lehman Brothers), Warren Spector (CEO, Bear Sterns), Larry Fink (CEO, BlackRock – the world’s largest money management firm), Greg Fleming (number two at Merrill Lynch), and Mark Gallogly (number two at the private equity firm Blackstone.) Collectively, these titans raised more than $100 million for the Obama campaign.” --David Horowitz And folks think only Republicans have money. Both sides are beholden to the bankers, people, the Left just gets away with blaming the Right.
Testifying recently before a Senate panel, the U.S. Treasury Secretary Timothy Geithner hailed progress in "repairing and reforming" the financial sector since the passage of the Wall Street reform act two years ago. Geithner's sunny take sits awkwardly with the recent news that large international banks conspired to "fix" the LIBOR, the interbank loan rate, and that a leading American bank, J.P. Morgan Chase, lost almost $6 billion of dollars on botched trades – revelations that, as former Sen. Chris Dodd (of Dodd-Frank fame) wrote last month, "makes the strongest case ... for strong oversight of Wall Street." But why, four years after large banks brought our economy to the brink of disaster, are we still reading about fraud, deceit, and reckless gambling by leading banks? The answer is partly that Wall Street has done everything in its considerable power to shred financial reform. But another big reason is that the Department of Justice has failed, inexplicably, to tap into the intelligence that finan ...
The news yesterday that JP Morgan Chase,the largest US bank with assets of 2 trillion dollars,is being investigated after nearly 600 million dollars in European hedge fund losses were acknowledged by the bank.This might be the tip of the iceberg and the eventual losses could be in the billions which goes to show that Wall St continues to run amok without punishment.Any regulations that might prevent another Wall St led international economic collapse are being met by tough opposition in congress but it still falls on Barack to change things and to my dismay he has not.Mr Romney would follow along the lines of GW bush and eliminate all contronls even the watered down controls that exist today and we all know that the powers that be will not police themselves.Oliver Stone said,through Gordon Gecco in the movie 'Wall Street',that greed is good .Unfortunately that only applies to the very few
The Federal Reserve Cartel The Eight Families (Part one of a four-part series) The Four Horsemen of Banking (Bank Of America, JP Morgan Chase, Citigroup and Wells Fargo) own the Four Horsemen of Oil (Exxon Mobil, Royal Dutch/Shell, BP and Chevron Texaco); in tandem with Deutsche Bank, BNP, Barclays and other European old money behemoths. But their monopoly over the global economy does not end at the edge of the oil patch.According to company 10K filings to the SEC, the Four Horsemen of Banking are among the top ten stock holders of virtually every Fortune 500 corporation.[1]So who then are the stockholders in these money center banks?This information is guarded much more closely. My queries to bank regulatory agencies regarding stock ownership in the top 25 US bank holding companies were given Freedom of Information Act status, before being denied on “national security” grounds. This is rather ironic, since many of the bank’s stockholders reside in Europe.One important repository for the wealth of t ...
America’s 10 most profitable corporations paid an average corporate Income Tax rate of just 9 percent in 2011, according to a study from financial site NerdWallet reported by the Huffington Post. The 10 companies include Wall Street banks like Wells Fargo and JP Morgan Chase, oil companies like Exxo...
Amidst a series of recent scandals that have rocked the global banking system, journalist Chris Hayes joins us to discuss his new book, "Twilight of the Elites: America After Meritocracy." The book examines how Wall Street and other major institutions — from Congress to the Catholic Church to Major ...
Revealed: JPMorgan Paid $190,000 Annually to Spouse of Bank's Top Regulator Posted on 16 July 2012 AlterNet.org By Pam Martens July 11, 2012 The following piece is a co-exclusive with Wall Street on Parade. When will we stand up to Wall Street and their sycophants in Congress and say: “ENOUGH!” On May 10 of this year, Jamie Dimon, Chairman and CEO of JPMorgan, announced that billions of insured deposits at his bank had been invested in high risk derivatives and had sustained at least a $2 billion loss. The Department of Justice and FBI have commenced investigations. Dimon is expected to announce the current extent of those losses this Friday in an earnings conference call. Following the May 10 announcement, there were numerous calls for Dimon to step down from the Board of Directors of the Federal Reserve Bank of New York. That organization is the primary regulator of the firm. There was widespread public outrage that the CEO of a bank had no business serving on the governing body of his regulator. (T ...
Align your money with your values. Centralized banks are the main funders of environmentally harmful industries such as nuclear, coal, and clear cutting logging companies. They are also responsible for the most recent economic collapse that caused people around the world to lose their homes, their jobs, and their retirements. They use customer’s deposits to make these destructive loans. Are these the projects you want to keep supporting with your deposits? If not, then pull your money out of centralized banks and find a community bank or credit union that invests in good local community projects. If you bank at one of the following banks - aka the "Tapeworm 20" - we recommend pulling your money out immediately and finding a better alternative. 1. Bank Of America, US 2. JP Morgan Chase & Co., US 3. HSBC Holdings, UK 4. Citigroup, US 5. Mitsubishi UFJ Financial Group, Japan 6. Industrial and Commercial Bank 7. Wells Fargo & Co., US 8. China Construction Bank Corporation, China 9. Bank of China, China 10. ...
Jamie Dimon, CEO of JP Morgan Chase, should be fired. Exotic financial devices like CMBS were a major component of the '08/'09 recession. JP Morgan, a Wall Street bank - I believe due to its losses - ran into the arms of Chase Bank, a big, retail bank with Government insurance on those deposits, to shore up its balance sheet. JP Morgan weathered the storm pretty well, and Dimon was applauded as a great CEO and smart guy. Wall Street is fighting and lobbying against any Government reform of the financial industry - "We learned our lessons. No big changes are needed." Now there's news today that JP Morgan's London's trader's losses are going to be many, many billions of dollars more than first estimated. There should be no such thing as "too big to fail."
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I can't tell if they (congress) are tapping him (Jamie Dimon) on the hand or slapping him on the back, can you? "Financed by Citi-Group, JP Morgan Chase, Goldman Sachs, Bank Of America, etc., Under Bush 43, Republicans led the charge to repeal Glass-Steagall, adopt free-range deregulation of Wall Street, and neuter Dodd-Frank, all leading to the financial meltdown that forced America into economic depression. Since banks were restricted under Glass-Steagall from using depositor funds to invest in the Dow, NASDAQ, or S&P (and risky derivative, hedge funds), Republicans repealed Glass-Steagall, opting instead to adopt free-range deregulation, which opened the door for banks to operate as financial investment institutions, i.e., traditional banks can now gamble on risky investment products with depositor money. Thus, with the repeal of Glass-Steagall, entities like JP Morgan can operate with immunity as both bank and financial institution, which allows them to circumvent certain restrictions regarding the us ...
from source " Some interesting facts resulted from the new Fitch study of the 100 largest companies and fixed income derivatives. Six companies--JP Morgan Chase, Bank Of America, Goldman Sachs, Citigroup, Morgan Stanley and Wells Fargo--hold more than 75 percent of total derivative assets and liabilities in the sample reviewed by Fitch. The notional amount of all derivatives held by the 100 companies was approximately $300 trillion at the end of 2011. This level has remained between $290-$300 trillion since 2009. With that said, the notional value of credit derivatives in particular has declined 40 percent to $21.6 trillion at year-end 2011 from $36 trillion in March 2009. One big issue concerns the idea that credit derivatives are used as a hedging tool. When defending its activity broadly, Wall Street firms often suggest that their financial products are used by companies for legitimate purposes, like hedging financial risks, rather than speculative purposes. But when it comes to credit derivatives, onl ...
The ill-advised trade that recently cost JP Morgan Chase billions of dollars has refocused some of the federal government’s attention back on Wall Street and the Dodd-Frank financial reform law. The White House has said that it will push harder to implement a robust version of the Volcker Rule, whic...
JP Morgan Chase loses $2 Billion dollars of its own money in Wall Street trading and the Government initiates an investigation within 1 week. Jon Corzine loses $1.6 Billion dollars of customer money months later there's no investigation. The moral of the story: Like membership in American Express, Bundling has its privileges.
This morning on The Riggins Report, Bart Naylor, Financial Policy Advocate at Public Citizen, will be our guest in the first half hour. We'll talk about JP Morgan Chase losing $2 billion and what affect that will have on the economy and on financial regulations on Wall Street. In the second half hour, Aisha Moodie-Mills, will join us to discuss a proposal bt billionaire Joe Ricketts that was to highlight Pastor Jeremiah Wright and his influence on President Obama. That's Sunday on The Riggins Report at 11:00 am CST on Radio2000Network.net. It's APPOINTMENT radio.
Jamie Dimon’s $2 Billion Mistake: The JP Morgan Chase fiasco, and how to fix Wall Street. - Slate Magazine
Some highly-paid heads are rolling at JP Morgan Chase, after a risky bet on derivatives caused a $2 billion loss. But Morgan CEO Jamie Dimon says this doesn’t mean we need banking regulations. He admitted on “Meet the Press” that the derivatives deal was a sloppy and stupid mistake. But he says Morgan Chase makes so much money that $2 billion won’t tank the company. And he’s a Democrat himself, but he says Democrats have imposed too many anti-business regulations already. Expect this to become a campaign issue. Democrats will say we need more regulation; Republicans will say we had regulations already, but the Democrats in charge failed to enforce them while Obama was taking big donations from Wall Street. My take is that Morgan Chase might say $2 billion is no big deal, and they don’t need the government to step in. But if they’d lost $20 billion, I bet they would’ve come running to Uncle Sugar to bail them out. If banks are going to be run like casinos, then let them warn their ...
I have to share an excerpt...Breakpoint for today is AWESOME! For the last few years of his life, Chuck Colson was haunted by the question: “Can freedom survive where virtue isn’t able to flourish?” He knew the answer in theory. And that answer was: No. Virtue-less societies cannot remain free for long. Without self-restraint, justice, love for fellow human beings, and other virtues, eventually real chaos will follow moral chaos. And Chuck was beginning to see the answer play out in real life, throughout the Western world, and even here at home. The 2008 economic collapse was at heart, Chuck believed, a moral failure at every level of society: Greedy speculators on Wall Street, government regulators asleep at the switch, and too many Americans who couldn’t resist buying things they couldn’t afford. Sadly, the trend continues. Just last week, JP Morgan Chase admitted it just lost billions of dollars on risky, speculative trading. It’s amazing... I highly recommend reading the entire article.. ...
Campaign finance records show that the top five donor groups in Mitt Romney’s campaign are individuals and political actions committees associated with large financial institutions, led by Wall Street giants Goldman Sachs and JP Morgan Chase. By contrast, Obama’s top five contributor gro...
Do You Want a Repeat of the Financial Crisis? May 15, 2012 | By ThinkProgress War Room JP Morgan Loss Shows Why We Need Tougher Rules On Wall Street You’ve probably heard by now that JP Morgan Chase lost a whopping $2 BILLION on a single bad bet in just a matter of weeks. What you may not have heard is that JP Morgan, and its CEO Jamie Dimon, have been among of the most vocal opponents of tougher regulations on Wall Street. The bank has spent nearly $10 million since the beginning of 2011 on lobbying, focusing largely on the Volcker Rule, a regulation that would largely prohibit risky proprietary trading at federally-insured banks (like JP Morgan). The trade that caused JP Morgan’s losses would likely still have been legal under the Volcker Rule, but only because of a loophole that JP Morgan lobbied for. As the Atlantic’s Derek Thompson points out, just this one losing gamble cost JP Morgan far more – at least four times more – than even what it claimed would be the onerous costs of complying wi ...
The casino is still open on Wall Street, as the geniuses at JP Morgan Chase have shown us. But Mitt Romney and President Obama have very different reactions to the mess. Watch this segment from The ED Show and ask yourself which of these men would like us right back down the road to financial ruin.
Quote from The View's interview w/ President Obama regarding JP Morgan Chase "This is one of the best managed banks. You could have a bank that isn't as strong, isn't as profitable managing those same bets and we might have had to step in. That's why Wall Street reform is so important." This logic is flawed: the problem is why is the bank making such bets and why does it think it can manage the risk? And to the extent that it sustains losses that threaten its very existence, why are U.S. taxpayers on the hook to save it? Reform should mean that Wall Street places its own capital at risk not that of U.S. taxpayer. But this is the logic you get when you place all your eggs in the Summers/Geithner basket. For those so inclined, "13 Bankers" by Simon Johnson and James Kwak and "Black Swan" by Nassim Taleb are outstanding books on this topic.
The executive responsible for trading strategy at J P Morgan Chase, one of the highest-ranking women in Wall Street, on Monday became the first casualty of the bank's stunning $2 billion loss.JP MORGAN throwing Ina Drew under the bus.
White House Press Secretary Jay Carney said the loss at J.P. Morgan Chase only reinforces why it was so important to pass Wall Street reform, and why it is so important to implement Wall Street reform.
Let me see. Banks are vaporizing money en masse again. Since the financial train wreck of September 2008, Jamie Dimon, the CEO of JP Morgan Chase, has fought tooth and nail against any new federal regulations of Wall Street. Now with his bank's recent loss of $2 billion (and counting) involving the same credit default swaps (CDSs) that played a key role in bringing down the financial system, Mr. Dimon apparently wants us all to forgive and forget and let him get on with business as usual.
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Jamie Dimon and JP Morgan Chase just proved what anyone not getting a paycheck from a Wall Street bank already knows: gigantic too-big-to-fail banks are too-big-to-manage. They must not be allowed to continue to threaten our financial system and our economy.” Dennis Kelleher, president of the finan...
Video on msnbc.com: JP Morgan Chase says they lost $2 billion due to the same investing practices that led to the economic crisis in 2008. Senator Bernie Sanders (I-VT) joins Michael Eric Dyson to discuss the need for Wall Street reform.
Jamie Dimon, Chief Executive of JP Morgan Chase & Co. argued that the financial system could be trusted; that the near-meltdown of 2008 was a perfect storm that would never happen again. Dimon has been arguing that more government regulation of Wall Street is unnecessary. Last year he opposed the Volcker Rule, a watered-down version of the old Glass-Steagall Act that used to separate commercial from investment banking before it was repealed in 1999. I've had enough. How about you?
Forget the spin that you've heard. Wall Street's actions led to the bailout of 2008. It wasn't the actions of Fannie Mae or Freddie Mac nor those of people buying houses they couldn't afford. The unvarnished truth is that Wall St. cratered the economy using a financial tactic known as credit default swaps. They would bundle and sell their debt to other firms that would replicate the process. This is what impacted the housing market. Wall Street firms created money that wasn't actually real. JP Morgan Chase lost over $2 BILLION in the last few weeks because of the cdfs. This is why they and some of their cohorts in Congress fight every attempt to prevent them from engaging in these types of practices. This is why Wall Street hates Dodd/Frank. WS doesn't want any rule(s) that would prevent them from engaging in unscrupulous financial practices. You say, "What does this have to do with me?" If you have a pension, IRA, home, etc, the actions of Wall St. have a direct impact on your financial stabi ...
JP Morgan Chase should have adopted the Volker rule a little sooner. Uncredited has figured out how to print money like a country. Issue bonds sell them to yourself at half price and declare the difference profit. And people wonder why the 99% hate Wall Street. Oh it might have something to do with the CEO of Chesapeake Energy needing to run a hedge fund on his lunch hour because his salary was a paultry 112 million a year. Yes he was suffering with only a little over two million a week. Oh the humanity!
"This fraternity comprises of Fed Chairman Alan Greenspan, the Secretary of the Treasury, and the heads of the SEC and the Commodity Futures Trading Association. It works closely with all the U.S. exchanges and Wall Street banks, including the largest DERIVATIVE risk holders Citibank and JP Morgan Chase. Few people are aware of Executive Order 12631 signed by Ronald Reagan on March 18, 1988. In a nut shell, this is the "authority" behind the four dictators and the [sic] "laws" and "regulations" that have backed their casino-style DERIVATIVE gambling spree since 2001." I HAD NO IDEA ABOUT THIS, BUT I CHECKED AND IT'S LEGIT. A bit dated, but a good read.
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