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September 7, 2013
13:10 // 7 months ago
June 28, 2012

JPMorgan Chase’s trading losses looking way higher than $2 billion

  • $2 billion the size of JPMorgan Chase's original trading loss which really ticked people off a few weeks ago
  • $9 billion the size of JP Morgan Chase’s potential trading loss, which is a lot more than $2 billion source

» So, um, what happened?! To put it simply, the company has a lot of work to do to unravel the bad investments they made, and while they managed to pull out from the most volatile part, they haven’t gotten out entirely. Remember how angry you were when you found out JPMorgan Chase announced the trading loss? Quadruple that.

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11:08 // 1 year ago
June 14, 2012

"Never, ever get complacent in risk." That was JPMorgan Chase CEO Jamie Dimon’s reply to Alabaman Senator Richard C. Shelby during his testimony before the Senate Banking Committee. Dimon willingly submitted to questions, regarding $2 billion in losses suffered by the bank’s investment division, from the committee Wednesday. source

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18:01 // 1 year ago
June 13, 2012

Video of the morning: As JPMorgan Chase head Jamie Dimon was getting grilled in front of the Senate Banking Committee, a bunch of liberal activists showed up, shouting “STOP FORECLOSURES NOW!” (among other things) before getting kicked out. In case you’d like to watch this ongoing event, click over here.

11:18 // 1 year ago
May 21, 2012

More trouble on the horizon for JPMorgan Chase

  • last week A $2 billion trading loss, amid word the JPMorgan Chase pushed for a loosening of Dodd-Frank, led to the firing of Chief Investment Officer Ina Drew. The company also announced that Chief Executive Officer Jamie Dimon would testify before Congress.
  • this week The Commodity Futures Trading Commission is starting an investigation, too. Chairman Gary Gensler confirmed the existence of an “investigation related to credit derivative products,” at a Financial Industry Regulatory Authority conference.  source

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16:03 // 1 year ago
May 17, 2012
17:44 // 1 year ago
May 15, 2012
reuters:

Shareholders in JPMorgan Chase & Co on Tuesday rejected a proposal calling on the company to split the roles of chairman and chief executive, a victory for incumbent Jamie Dimon.
The proposal received some 40.1 percent of votes cast in favor, the company said at the end of its annual meeting.
DEVELOPING: JPMorgan shareholders reject chairman/CEO split

This guy hasn’t had a good week.

reuters:

Shareholders in JPMorgan Chase & Co on Tuesday rejected a proposal calling on the company to split the roles of chairman and chief executive, a victory for incumbent Jamie Dimon.

The proposal received some 40.1 percent of votes cast in favor, the company said at the end of its annual meeting.

DEVELOPING: JPMorgan shareholders reject chairman/CEO split

This guy hasn’t had a good week.

11:48 // 1 year ago
May 14, 2012

Roundup: Execs leaving their companies under not-so-great terms

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10:35 // 1 year ago
May 12, 2012
JPMorganChase fought for a loophole that led to $2 billion trading loss
Not long after Dodd-Frank got passed, the company made arguments for a loophole in the Volcker Rule, which takes effect in July, to allow some of the types of portfolio hedging that that company used as it produced a $2 billion loss recently. “JPMorgan was the one that made the strongest arguments to allow hedging, and specifically to allow this type of portfolio hedging,” noted one Treasury Department official. Officials who worked on the law, such as Sen. Carl Levin, have made it clear that allowing for this type of activity was not their intention with the law. Now, they have a pretty clear $2 billion argument against allowing such a loophole to get through. (photo by Scott Eells/Bloomberg; edit for clarity)

JPMorganChase fought for a loophole that led to $2 billion trading loss

Not long after Dodd-Frank got passed, the company made arguments for a loophole in the Volcker Rule, which takes effect in July, to allow some of the types of portfolio hedging that that company used as it produced a $2 billion loss recently. “JPMorgan was the one that made the strongest arguments to allow hedging, and specifically to allow this type of portfolio hedging,” noted one Treasury Department official. Officials who worked on the law, such as Sen. Carl Levin, have made it clear that allowing for this type of activity was not their intention with the law. Now, they have a pretty clear $2 billion argument against allowing such a loophole to get through. (photo by Scott Eells/Bloomberg; edit for clarity)

11:38 // 1 year ago
May 11, 2012
The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today.
Rep. Barney Frank • Discussing a $2 billion trading loss that JPMorgan Chase had suffered recently as the result of a misguided hedge fund strategy. Frank, whose Dodd-Frank financial reform law has come under scrutiny by the banking industry for being too restrictive, is using  this as an opportunity to argue against loosening the standards — pointing out that the company argued it was going to lose $400 to $600 million from the regulations. ”In other words, JPMorgan Chase, entirely without any help from the government has lost, in this one set of transactions, five times the amount they claim financial regulation is costing them,” Frank said.
12:23 // 1 year ago