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Opening Bell: 5.22.15

JPMorgan won't face investors suits over London Whale; PE exec will be released from Uruguay prison; Ron Paul says run for your friggin lives; "Family-friendly water park slammed for hosting twerking contest"; and more.

London Whale 2.0: BofA Used Government-Backed Funds For "Reckless, Extremely Levered" Tax-Avoidance Trades

When we recently described in detail the reason, or rather 70.3 trillion reasons, why Citigroup scrambled to make sure the swap push-out provision language remained in the Cronybus government funding bill, we made it clear that thatShow More Summary

Reversal of Dodd-Frank swaps rule ignores lessons from financial crisis, ‘London whale

If the bonds went south, JPMorgan would collect on the insurance. But if they didn’t, the bank would keep making premium payments.

Is dishonesty just part of the banking culture?

Six years after the financial crisis, little has been done to squash the caricature of the dishonest banker. Given the London Whale debacle, the LIBOR fixing scandal, the massive currency-rigging scheme and other rogue traders, it's hard not to think something is still very rotten in the state of banking. Show More Summary

How High Up Did the London Whale Criminality Go at JPMorgan?

``Now, coming on the heels of the recent exposure of the Carmen Segarra tapes showing how the New York Fed tiptoes around its Wall Street charges, the Inspector General's revelation that three recommended examinations of JPMorgan's high...Show More Summary

Tuesday Links: London Whale, S.A.C. Capital, Jeff Madrick

Apologies about the break from posts for the past week plus.  I just moved apartments, and that kept me from blogging. (Though around the same time I was moving we had some troubles with our sister blog, Triple Crisis, which … Continue reading ? The post Tuesday Links: London Whale, S.A.C. Capital, Jeff Madrick appeared first on Dollars & Sense Blog.

Jamie Dimon's News - Implications for JPMorgan Chase

Jamie Dimon is currently both Chairman and CEO of JPMorgan Chase without a succession plan. You may also recall that prior to the London Whale debacle; JPMorgan Chase had no treasurer for several months. Lymph Nodes Involved In a letter to colleagues and shareholders excerpted below, Dimon announced: I have just been diagnosed with throat cancer. Show More Summary

Los Angeles Sues JPMorgan Over Discriminatory Mortgage Practices

Add JPMorgan & Chase Co. to the list of banks being sued by the City of Los Angeles, and add one more headache for the banking giant, which has been plagued with legal troubles, most of which emerged from the London Whale trading scandal. This lawsuit, like a handful of......

ANALYST: Bank Of America Just Completed The Wall Street 'Trifecta Of Misery' (BAC, C, JPM)

First it was JP Morgan's $6 billion 'London Whale' trading loss, then it was The Federal Reserve slapping Citi for inadequate structural controls. As of Monday morning, you can also add Bank of America's math mistake to that list ofShow More Summary

Ex-JPMorgan trader in 'Whale' scandal open to facing U.S. charges

``He and another one-time trader at the bank, Javier Martin-Artajo, are considered fugitives by the U.S. government for not coming to the United States to face trial over charges stemming from the so-called London Whale scandal. But at a hearing in federal court in New York, Marc Weinstein, a lawyer for Grout, told U.S. Show More Summary

Write-Offs: 03.31.14

$$$ JPMorgan fails to end lawsuit over London Whale losses [Reuters] $$$ Speed Traders Play Defense Against Michael Lewis’s Flash Boys [BusinessWeek] $$$ IEX Welcomes High-Speed Traders, as Long as They Behave [Bloomberg] $$$ Biz Stone:...Show More Summary

The Top 5 Stock Market Myths

When fiascos like the Libor scandal, London Whale scandal, and analysts’ conflict of interest occur, investor confidence can be at an all-time low. Many investors wonder whether or not investing in stocks is worth all the hassle. At the same time, however, it’s important to keep a realistic view of the stock market. Regardless of [...]

Bill Black: Jamie Dimon’s $10 Million Raise is a “Common Sense” Fraud Reward

Yves here. This has been such a busy week that I've been remiss about commenting on how Dimon's board rewarded him despite the London Whale fiasco and the revelation of pervasive regulatory abuses. Clearly, they thought he bought the...Show More Summary

CHRIS CHRISTIE: 'Bridgegate' Is Just Like Jamie Dimon Not Knowing About 'The London Whale'

Gov. Chris Christie compared himself to JPMorgan Chase CEO Jamie Dimon this weekend in a conversation with Yahoo! News' Matt Bai in the wake of the "Bridgegate" scandal. Earlier this month, emails were published that showed that a Christie aide knew about a controversial plan to close two traffic lanes on the George Washington Bridge in September. Show More Summary

With JPMorgan under fire, Dimon says he hasn't considered resigning

NEW YORK -- JPMorgan Chase & Co. has been under fire ever since it disclosed billions in trading losses in the "London Whale" fiasco two years ago.

Today's Bank Bailout Risk: Why Didn't We Stop This?

JPMorgan's "London Whale" episode exploded the myth that managers of too-big-to-fail banks have risk under control. The London-based Chief Investment Office that unexpectedly lost $6 billion in 2012 due to oversized derivatives trades...Show More Summary

CFTC Cancels Volcker Rule Meeting Due To "Inclement Weather"

At least the dog didn't eat the London Whale's trade blotter, or Bart Chilton's hair wasn't caught in a snowblower. Perhaps, Mr. Chilton will blame the meeting cancelation on the day the regulators are expected to vote on banning ofShow More Summary

Write-Offs: 12.04.13

$$$ Budget Negotiators Seeking to Avoid Shutdown Near Deal [Bloomberg] $$$ Icahn Wants Vote on Apple Buyback [WSJ] $$$ Madoff Cut Dead Client’s Payout With Fake Loss, Jury Told [Bloomberg] $$$ Will Volcker Prevent Next ‘London Whale’?...Show More Summary

Goldman Reveals "Top Trade" Reco #5 For 2014: Sell Protection On 7-Year CDX IG21 Junior Mezzanine Tranche

If the London Whale trade was selling CDS in tranches and in whole on IG9 and then more, and then more in an attempt to corner the entire market and then crashing and burning spectacularly due to virtually unlimited downside, Goldman's...Show More Summary

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