Kopecki: JPMorgan Loss May Be `Tip of Iceberg’
Bloomberg’s Dawn Kopecki talks about JPMorgan Chase & Co.’s $2 billion trading loss after what Chief Executive Officer Jamie Dimon calls an “egregious” failure in the firm’s chief investment office. Kopecki speaks with Er...
CDS and Synthetic CDOs Explained
Nationally renowned forensic accounting expert, Thomas A. Myers, explains the fundamentals of credit defaults swaps and synthetic CDOs (collateralized debt obligations). These structured finance products were at the heart of the market meltdown, and were the building blocks of numerous allegedly fraudulent transactions, including the Goldman Sachs ABACUS deal, a transaction that caused the SEC...
Neil Barofksy on JPMorgan Trading Loss, Regulation
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One of the Biggest Trading Losses in History
Fill ‘er Up — with Unregulated!
Abstruse Goose: Fill it up with unregulated: Abstruse Goose
JP Morgan Loss Bomb Confirms That It’s Time to Kill VaR
One of the amusing bits of the hastily arranged JP Morgan conference call on its $2 billion and growing "hedge" losses and related first quarter earning release was the way the heretofore loud and proud bank was revealed to have feet of clay on the risk management front.
Jamie Dimon Misrepresented “London Whale” Risks, Admits to $2+ Billion Loss Plus Risk Management Black Eye
As readers likely know by now, Jamie Dimon hastily arranged an after hours conference call today, in which he admitted to $2 billion in losses in the last six weeks from a trade by the "London Whale", Bruno Michel Iksil in the bank's Chief Investment Office, with as much as another potential $1 billion...
More on Frontline’s Astonishing Whitewash of the Crisis
As readers may know, a recent post, “Frontline’s Astonishing Whitewash of the Crisis,”discussed the first half of the Frontline series, “Money, Power & Wall Street.” Producers Mike Wiser and Martin Smith sent a letter taking issue with this review, and I made an exception to my usual practice and posted their missive.
The...
More on Frontline’s Astonishing Whitewash of the Crisis
As readers may know, a recent post, “Frontline’s Astonishing Whitewash of the Crisis,”discussed the first half of the Frontline series, “Money, Power & Wall Street.” Producers Mike Wiser and Martin Smith sent a letter taking issue with this review, and I made an exception to my usual practice and posted their missive.
The...
Shale Gas Hype: Subprime 2.0?
If my RSS reader is any guide, most of the press about shale gas has focused on two issues. First, shale gas is in considerable supply, cheap to produce, and burns far cleaner than other fossil fuels. Second, shale gas does not look so hot environmentally, all in. Fracking can pollute ground water (and potable...
Frontline Takes Issue With Our Critique of Its “Money, Power & Wall Street” Shows
I received this e-mail last week. I will issue my rebuttal Tuesday during the day. Check back in then!
Economists, Liquidity Mongers and the Banker Assault on Financial Reform
This has been a bad stretch for advocates of financial reform – and therefore for the economy as a whole. One after the other, new financial regulations contained in the Dodd-Frank law are being gutted or delayed by regulators and Congress, while the bankers – escorted by a phalanx of paid economists, lawyers and lobbyists...
Dodd-Franking, to date
April 2012 was a pretty big month in Dodd-Frank Act rulemaking; the SEC and CFTC agreed how to define “swap dealer”, “major swap participant”, et al. under...
