By Wall Street Playbook: Warren Buffett once said, "It takes 20 years to build a reputation and 5 seconds to ruin it." Today, one can't discuss the prospects of JPMorgan (JPM) without mentioning the embarrassing London Whale trade, which costs the bank $6 billion dollars. Show More Summary
``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
$$$ JPMorgan fails to end lawsuit over London Whale losses [Reuters] $$$ 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
NEW YORK (Reuters) - JPMorgan Chase & Co must face a lawsuit in which shareholders accused it of concealing risks that surfaced when it lost at least $6.2 billion in 2012 over trades made by Bruno Iksil, the so-called London Whale.
A London park authority has stopped plans to put a giant inflatable whale bedside the Thames because it would be "too religious". The Bible Society had hoped to place the mock 50ft sperm whale in a park opposite Tower Bridge to illustrate the story of Jonah. Show More Summary
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 [...]
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
NEW YORK (Reuters) - Irvin Goldman, who briefly oversaw risk at JPMorgan Chase & Co during the "London Whale" derivatives debacle, is being sued for non-payment of a $2 million loan he received while working for Cantor Fitzgerald & ...
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
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.
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
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
$$$ Budget Negotiators Seeking to Avoid Shutdown Near Deal [Bloomberg] $$$ 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
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
One of the following is a festering over-stuffed rotten-at-the-core pool of entrails due to pop any second; and the other is a huge dead aquatic animal. While the explosion following the London Whale's exposure was impressive, we suspect...Show More Summary
MADRID (Reuters) - Ex-JPMorgan employee Javier Martin-Artajo, indicted by a U.S. grand jury in relation to the bank's "London Whale" trading scandal, on Friday told Spain's High Court he did not want to be extradited to the United States, a court sourc...
Bring out the Twitter Fail Whale — better yet, the London Fail Whale — for JPMorgan Chase. Somehow not realizing that there would be a lot of people grumpy at the big bank for the London Whale brouhaha last year, bogus credit card protection problems, billions in allegedly toxic mortgage securities and a slew of government investigations JPMorgan asked Twitter … [More]
MADRID (Reuters) - A Spanish court postponed Friday's hearing with an ex-JPMorgan Chase employee at the heart of the bank's "London Whale" trading scandal, delaying proceedings over a U.S. extradition request because of a scheduling conflict.
In its latest corporate confession, the nation’s biggest bank disclosed that it’s facing more than a dozen civil and criminal investigations into its virtually every aspect of its business. Beyond the infamous “London Whale” debacle,...Show More Summary