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Posts tagged "banana republic"
naked capitalism / Publishers

Tom Ferguson: Senate Banking Chair Calls Jamie Dimon to Testify -– But JP Morgan Chase is His Biggest Contributor!

by Yves Smith on May 18, 2012 • No Comments
By Tom Ferguson, Professor of Political Science at the University of Massachusetts, Boston and a Senior Fellow at the Roosevelt Institute. Cross posted from Alternet It’s good that the watchdog is barking, but we’d all better watch closely to see if it will bite.
naked capitalism / Publishers

More Evidence of Lax Oversight of JP Morgan Chief Investment Office

by Yves Smith on May 17, 2012 • No Comments
As reporters keep digging into the "London Whale" story, the picture that emerges about the caliber of risk controls and management supervision at JP Morgan only look worse and worse.
naked capitalism / Publishers

Recovery Begins When Addiction Ends: An Open Letter to Jamie Dimon

by Yves Smith on May 17, 2012 • No Comments
By the Alternative Banking Working Group of Occupy Wall Street Dear Jamie Dimon: We, the Alternative Banking Working Group of Occupy Wall Street, are staging an intervention on your behalf.
naked capitalism / Publishers

Brett Scott: The Safe Deposit Box – Creating a Financial Wikileaks

by Yves Smith on May 16, 2012 • No Comments
By Brett Scott, who operates as a consultant bridging the gap between finance and those involved in socio-environmental justice and international development. He has also written for the Guardian, the Ecologist, New Internationalist and Open Democracy. Brett blogs at www.suitpossum.blogspot.com and tweets as @Suitpossum. He is a fellow of the
naked capitalism / Publishers

Mirabile Dictu! The SEC Finally Investigates Magnetar

by Yves Smith on May 16, 2012 • No Comments
More than four years after Serena Ng and Carrick Mollencamp of the Wall Street Journal first took notice of the highly destructive ways of the Chicago hedge fund Magnetar, which created a series of toxic CDOs, the SEC finally appears to be taking a serious look at some of their deals.
naked capitalism / Publishers

Abigail Field: Jamie Dimon’s Hedge Fund

by Yves Smith on May 16, 2012 • No Comments
By Abigail Caplovitz Field, a freelance writer and attorney. Cross posted from Reality Check Jamie Dimon, John Stumpf, and to a lesser extent, Vikram Pandit and Bryan Moynihan, are running massive hedge funds. They're placing enormous, incredibly risky bets.
naked capitalism / Publishers

So Much for Schneiderman Being Tough on Wall Street

by Yves Smith on May 16, 2012 • No Comments
As regular readers no doubt recall, Eric Schneiderman abandoned the dissident state attorney general effort to get a better mortgage settlement, assuring the Administration a win on this sellout to the banks. The bright shiny prize Schneiderman got in return for his betrayal was serving as one of five co-chairmen on a Federal mortgage task...
naked capitalism / Publishers

Mark Ames: Failing Up With Citigroup’s Dick Parsons

by Yves Smith on May 15, 2012 • No Comments
Last month, shareholders finally rebelled against Citigroup, the worst of the Too Big To Fail bailout disasters, by filing a lawsuit against outgoing chairman Dick Parsons and handful of executives for stuffing their pockets while running the bank into the ground. Anyone familiar with Dick Parsons’ past could have told you his term as Citigroup’s chairman...
naked capitalism / Publishers

“What Scares Me Isn’t $2 Billion Loss JP Morgan Made, What Scares Me is the Record $19 Billion in Profits”

by Yves Smith on May 15, 2012 • No Comments
Even with all the focus on JP Morgan's loss bomb in the past few days, some critical elements of the story have not gotten the scrutiny they deserve, and Amar Bhide fills those gaps.
naked capitalism / Publishers

Satyajit Das: Topiary Lessons – JP Morgan’s US $2 Billion Loss

by Yves Smith on May 14, 2012 • No Comments
By Satyajit Das, derivatives expert and the author of Extreme Money: The Masters of the Universe and the Cult of Risk Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives – Revised Edition (2006 and 2010). Jointly posted with Roubini Global Economics Having benefitted from risk management failures of others such...
naked capitalism / Publishers

Barack Obama, the Great Deceiver

by Yves Smith on May 14, 2012 • No Comments
Barack Obama swept into office on a tide of giddy enthusiasm. His “Hope and Change” was a pledge to reverse Bush era policies, including socialism for the rich, adventurism in the Middle East, and attacks on civil liberties. He announced his intention to serve as a transformational leader, invoking Abraham Lincoln, FDR and...
naked capitalism / Publishers

Michael Olenick: WhaleMu – JP Morgan’s Next Surprise?

by Yves Smith on May 14, 2012 • No Comments
By Michael Olenick, creator of FindtheFraud, a crowd sourced foreclosure document review system (still in alpha). You can follow him on Twitter at @michael_olenick or read his blog, Seeing Through Data In an admittedly strange twist of timing JP Morgan, the same JP Morgan that just announced a surprise $2 billion loss...

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