Most of what you hear on the news concerning the debacle at JPMorgan Chase (JPM) is simplified. And it should be. No need for technical understanding. Read the following:
“Banks are in the risk business. Finance is about taking and managing risk,” he said. “This is an argument for capital and the good news is that JPMorgan has lots of it.”
"JPMorgan had $99.8 billion in revenue in 2011, should have $98 billion in 2012, and is forecast to have $101 billion in revenue in 2013, according to research note issued by Nomura on Friday.Moreover, the bank has more than $2.2 trillion in assets."
Re: JPM
Posted: Thu May 24, 2012 1:32 am
by Pigeon
With banks loaded with money and with access to near free money from the fed, why are people paying 15% to 25% for credit?
Re: JPM
Posted: Fri May 25, 2012 9:35 pm
by Royal
CNN article about "Dimon's appearance in front of Senate" stopped loading and then vanished. Maybe there was a typo. We shall see.
Re: JPM
Posted: Sat May 26, 2012 1:04 am
by Royal
It appears they moved the article from the middle of the news pulse page to the bottom of the money page..
Re: JPM
Posted: Mon May 28, 2012 10:56 pm
by Royal
Re: JPM
Posted: Tue May 29, 2012 5:27 am
by Checker
Blair and Murdoch are both criminals.
Re: JPM
Posted: Wed Jun 13, 2012 8:09 pm
by Royal
JPM study reports unfunded pension liabilities at $3.9 Trillion.
This includes approximately 200 entities: states & big cities.
Maybe those OWS protestors shouting at Law Enforcement about their own pensions carried some water.
WASHINGTON, June 13 (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon's highly anticipated appearance before lawmakers on Wednesday got off to a rocky start with multiple protesters disrupting the event.
Dimon was called to testify before the Senate Banking Committee to answer why a seemingly low-risk unit of the nation's largest bank by assets has amassed at least $2 billion in trading losses.
The protests started with one man yelling out that "Jamie Dimon is a crook" as Dimon approached the witness table. Dimon, dressed in a conservative suit, appeared unperturbed by the barrage of insults.
Another group of protesters then started chanting, "Stop foreclosures now" before they were escorted out of the cavernous hearing room.
Dimon revealed during a surprise conference call last month that a hedging strategy in its London office had gone awry, producing at least $2 billion, and possibly $3 billion, in trading losses.
That was after Dimon in April dismissed as a "tempest in a teapot" news reports that a "London whale" in that office had amassed an outsized position that prompted hedge funds to bet against it.
In prepared testimony, Dimon said the loss occurred because poorly managed traders embarked in January on a misguided hedging strategy they did not fully understand.
Dimon also said that the trading loss is an isolated incident and that the bank is in solid shape.
"Our fortress balance sheet remains intact," he said. "While there are still two weeks left in our second quarter, we expect our quarter to be solidly profitable."