Posted by Larry Doyle on December 12th, 2013 10:20 AM |
News breaks this morning that JP Morgan, Bernie Madoff’s lead banker, is close to settling with the Feds under a seldom used deferred prosecution agreement.
What is that?
Think of it as the equivalent of: You guys and gals had better behave yourselves going forward or we’re going to need to revisit this! Truth be told, a deferred prosecution agreement is tougher than the standard “neither admit nor deny” treatment accorded Wall Street banks. How so? It “lists the bank’s criminal violations in a court filing but stops short of an indictment as long as JP Morgan pays the penalties and acknowledges the facts of the government’s case.” Let’s revisit the Madoff trustee’s lawsuit brought against Morgan from early 2011. >>>>>>>>>>>>>>>>
Posted by Larry Doyle on October 24th, 2013 6:24 AM |
Unlike the token fines — akin to mere parking violations — that the American public has seen imposed on Wall Street to date, the DOJ now seems to want to regain some degree of credibility by writing up the major Wall Street banks for some speeding tickets.
The widely publicized but yet consummated $13 billion fine expected to be paid by JP Morgan is proposed as a template for similar fines likely of a smaller magnitude to be paid by other banks.
An outlier in this imposition of fines as being little more than a cost of doing business occurred yesterday when a jury returned a guilty verdict in a civil case brought against Countrywide (now a division of Bank of America) for fraud in the sale of mortgages to Fannie Mae and Freddie Mac. This case is an exception rather than the rule but recall that it is a civil disposition and not a criminal proceeding.
Returning now to our regularly scheduled broadcast, we awake this morning and see that JPM is back in the news with the Feds talking about imposing a penalty on Jamie’s bank for its involvement with the Madoff scam. (more…)
Posted by Larry Doyle on September 26th, 2013 8:56 AM |
The rap sheet that has developed on JP Morgan over the last few years might have made John Gotti proud.
But remember, even though the Teflon Don escaped justice for a long time, ultimately the Feds caught up to him and he spent his last days listening to this.
Oh how the Don wishes he could have been a Wall Street banker rather than in the carting business and other organized activities. If so, he probably wishes he could be Jamie Dimon. Why so? (more…)
Posted by Larry Doyle on May 22nd, 2013 5:06 AM |
Little surprise that Jamie Dimon will remain as both CEO and chairman of JP Morgan.
Was there really any doubt? There wasn’t.
While shareholder groups might pretend they can exert influence over the management of large corporations and especially banks, there is little meaningful resemblance to a democratic process in proxy voting.
Posted by Larry Doyle on June 28th, 2012 7:34 AM |
On May 10th, JP Morgan CEO announced that the bank faced a $2 billion loss on a hedge that had gone awry in its Chief Investment Office.
Many analysts and commentators discounted the fact that for an institution of JP Morgan’s size a surprising $2 billion loss, while significant, was not overly significant.
Perhaps they were right. If a $2 billion loss is insignificant, then what about an $8-9 billion loss. Significant yet? (more…)
Posted by Larry Doyle on May 11th, 2012 6:02 AM |
Less than a month ago, JP Morgan released very solid 1st quarter 2012 earnings and put out the following release:
New York, April 13, 2012 – JPMorgan Chase & Co. (NYSE: JPM) today reported first-quarter 2012 net income of $5.4 billion, compared with net income of $5.6 billion in the first quarter of 2011. Earnings per share were $1.31, compared with $1.28 in the first quarter of 2011.
Jamie Dimon, Chairman and Chief Executive Officer, commented on financial results: (more…)
Posted by Larry Doyle on June 8th, 2011 12:20 PM |
When do you know that somebody is tone deaf?
Those with any measure of ‘sense on cents’ know when an individual is tone deaf. How so?
When said individual racks up compensation in the multiple tens of millions of dollars from an industry that was bailed out by taxpayer funds and then complains about changes in regulatory oversight, you know that individual is tone deaf.
To whom do I refer? Welcome to the world of JP Morgan CEO Jamie Dimon. (more…)
Posted by Larry Doyle on May 18th, 2011 8:56 AM |
“I’m sorry. No, really I am. I did not mean to do it….er, I mean we did not mean to do it. I hope nobody got too badly hurt. Oh, sorry if you did. Really, I mean it and we mean it. I think we were well intentioned but things just got a little out of control. We will definitely try to make sure this stuff NEVER happens again…no, really. This time we definitely mean it. Will you still trust us? Please?”
Are you kidding me? Is “sorry” the best America gets for the ineptitude, incompetence, reckless and abusive behaviors of those on Wall Street and their regulatory overseers in Washington after driving our markets and economy over the cliff?
Who is issuing these meaningless mea culpas? (more…)