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Posts Tagged ‘JPM’

JP Morgan’s Five P’s and Bernie Madoff

Posted by Larry Doyle on June 27th, 2012 7:59 AM |

Have you ever had an experience while reading something when you stop and think, “They didn’t just say that, did they?” I had just such an experience yesterday while reading a Bloomberg commentary on JP Morgan.

Under the heading of “You cannot make this stuff up,” I virtually gagged when I read of why JP Morgan had chosen not to  allocate credit to Chesapeake Energy. Given current issues with Chesapeake, it would appear that JP Morgan’s decision not to engage Chesapeake was prudent. Then why the gag?  (more…)

Did JP Morgan Aid and Abet Bernie Madoff? Time for Jamie Dimon ‘To Put Up or Shut Up’

Posted by Larry Doyle on February 4th, 2011 8:33 AM |

Just the facts.

A week ago at The World Economic Forum in Davos, Switzerland, Jamie Dimon, chief of JP Morgan, railed on the widespread vilification of bankers by the general public. The Wall Street Journal highlighted Dimon’s comment in writing, A Banker’s Plaintive Wail:

“A plaintive cry from one of the world’s top bankers on behalf of his industry pierced through an otherwise tame Thursday morning panel discussion here in Davos:

“I don’t lump all media together,” said Jamie Dimon, chief executive of J.P. Morgan Chase & Co. “There’s good and there’s bad. There’s irresponsible and ignorant and there’s really smart media. Well, not all bankers are the same. And I just think this constant refrain ‘bankers, bankers, bankers,’  — it’s just a really unproductive and unfair way of treating people. And I just think people should just stop doing that.”

Mr. Dimon argued that J.P. Morgan was one of the good banks..

On one hand, I agree with him. I have worked with many fabulous bankers throughout my career and count many of them as close personal friends. None of them actually run a major banking organization.

If  Mr. Dimon wants to be distinguished as ‘one of the good guys’ and JP Morgan as ‘one of the good banks,’ he now has his opportunity to ‘put up or shut up.’ How so? Let’s reenter the world of Bernie Madoff. (more…)

“I Just Can’t Trust Them…”

Posted by Larry Doyle on January 20th, 2011 7:06 AM |

Screw me once, shame on you!! Screw me twice, ….

You know how that works. Yes, indeed, we do know how that works. In fact, Americans know all too well that they were badly screwed by many within the financial industry. In the spirit of fairness, there were also many consumers who screwed the system by knowingly falsifying info on mortgages and loans. From both ends, the biggest loser over the course of the last decade has been our virtues of truth, transparency, and integrity. Rest assured, though, that pursuit goes on and it is having ripple effects across Wall Street specifically and the financial industry as a whole.

I see clear evidence of this dynamic in a recent commentary at The Center for Public Integrity. Why are banks very concerned and scrambling to protect their franchise value? (more…)

Which U.S. Bank Will Wikileaks Expose?

Posted by Larry Doyle on November 30th, 2010 6:28 AM |

Truth, transparency, and integrity.

If I had a nickel for each and every time I wrote those prized virtues here at Sense on Cents, I would have a lot of nickels. I not only espouse these principles in my writing. I strongly believe that the pursuit of these virtues is the foundation for real economic success, if not life itself.

While each of these principles may be defined differently depending on one’s perspective, in terms of transparency, most people would be able to say, “Well, I’d know it if I saw it.” The world is now beginning to see a lot more transparency and accompanying material. How so? Wikileaks. Who is Wikileaks and what are they getting ready to release? (more…)

“Executives Typically Refrain from Criticizing FINRA or its Policies Publicly”

Posted by Larry Doyle on November 17th, 2010 7:25 AM |

When I worked at JP Morgan, we had a year end review process that I believe was largely a joke. Why? It lacked integrity and honesty. How so? Individuals largely gamed the system by not being forthright with each other. As a result, the overall assessment of individuals, departments, divisions, and the firm itself were skewed. I recall looking at the composite and average scores and remarking to my boss, “Our people and our firm are NOT this good.”

Mind you, JP Morgan had and still has some real strengths — but it also had some real weaknesses. Excessively bureaucratic would be a good start on the ‘weakness’ list.

I did try to grade myself and others in an honest and constructively critical fashion. Some of my reports would come to me after the fact inquiring about my assessments of them. They would often be concerned. I would respond that I had little interest in ‘gaming the system’ but I had every interest in making them a stronger and more productive employee. My being forthright and honest was “the means,” their improving and becoming more productive was “the ends.”

I raise this topic today because every individual and every organization needs a very healthy dose of constructive criticism. (more…)






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