ZeroHedge – JP Morgan Problem Writ Large – 19 October 2013

Authored by Howard Davies, originally posted at Project Syndicate,

JPMorgan Chase has had a bad year. Not only has the bank just reported its first quarterly loss in more than a decade; it has also agreed to a tentative deal to pay $4 billion to settle claims that it misled the government-sponsored mortgage agencies Fannie Mae and Freddie Mac about the quality of billions of dollars of low-grade mortgages that it sold to them. Other big legal and regulatory costs loom. JPMorgan will bounce back, of course, but its travails have reopened the debate about what to do with banks that are “too big to fail.”

Read the whole post at: www.zerohedge.com / link to original article

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MarketWatch – Jamie Dimon On Life After J.P Morgan : No Plans To Run Another Big Bank – 15 October 2013

MarketWatch

Jamie Dimon has no plans to head up another major bank after being the chairman and CEO of J.P. Morgan Chase & Co.

That’s what Dimon told the audience at the Financial Women’s Association event last Tuesday during a “fireside” chat, when asked about his future, according to sources at the event.

Read the whole story at: blogs.marketwatch.com/ link to original article

JPMorgan Chase, Wells Fargo Bank Profits Jump – 12 July 2013

Loans still soft, but U.S. banking sector in recovery

 JPMorgan Chase Chairman and CEO Jamie Dimon, right, visits with traders Thomas Kay, left, and Frederick Reimer on the floor of the New York Stock Exchange Friday.The biggest U.S. bank, says its second-quarter earnings surged 32 per cent. (Richard Drew/Associated Press)

JPMorgan Chase saw second-quarter earnings surge 32 per cent, while Wells Fargo profit was up 20 per cent, a sign of relative health in the U.S. banking industry.

JPMorgan Chase, the biggest U.S. bank, had profits of $6.1 billion US after stripping out payments to preferred shareholders, up 32 per cent from $4.6 billion in the same period a year ago. The earnings were equivalent to $1.60 per share, beating analysts expectatons of $1.44 per share.

Read the whole story at :  www.cbcnews.ca / link to original article

Matt Taibbi – Senators Grovel, Embarrass Themselves At Dimon Hearing – 16 June 2012

I was unable to watch J.P. Morgan Chase CEO Jamie Dimon’s Senate testimony live the other day, so I had to get up yesterday morning and check it out on the Banking Committee’s web site. I had an inkling, from the generally slavish news reports about the hearing that started to come out Wednesday night, that it would be a hard thing to watch.

Mish/ Mike Shedlock – Morgan Stanley Bonds Trade At Junk Pricing, Downgrades Coming; Will Morgan Stanley Survice? Top 5 Banks Collectively Have 45:1 Leverage – 2 June 2012

Morgan Stanley’s corporate borrowing costs are already way higher than Goldman Sachs and more downgrades are likely in the works.
The Fiscal Times explains How Morgan Stanley sank to junk pricing

The bond markets are treating Morgan Stanley like a junk-rated company, and the investment bank’s higher borrowing costs could already be putting it at a disadvantage even before an expected ratings downgrade this month.

Grant McCool- Reuters – Shareholders Sue JP Morgan Chase Over Trading Loss – 16 May 2012

JP Morgan Chase & Co was the target of two separate lawsuits by shareholders on Wednesday, accusing the bank and its management of excessive risk that led to trading losses of at least $2 billion.

David Henry – FBI Launches JP Morgan Probe, Shareholders Back Dimon – 15 May 2012

By David Henry

TAMPA, Florida | Tue May 15, 2012 1:54pm EDT

(Reuters) – The FBI has opened a probe into trading losses at JPMorgan Chase & Co, stepping up the pressure on the bank after the U.S. Securities and Exchange Commission and the Federal Reserve said they were also looking into the wrong-way bets that led to the losses.

American Kabuki – JP Morgan Chase Whistleblower Tells CFTC Of Many Frauds – 15 March 2012

Dear CFTC Staff,

Hello, I am a current JPMorgan Chase employee. This is an open letter to all commissioners and regulators. I am emailing you today b/c I know of insider information that will be damning at best for JPMorgan Chase. I have decided to play the role of whistleblower b/c I no longer have faith and belief that what we are doing for society is bringing value to people. I am now under the opinion that we are actually putting hard working Americans unaware of what lays ahead at extreme market risk. This risk is unnecessary and will lead to wide-scale market collapse if not handled properly. With the release of Mr. Smith’s open letter to Goldman, I too would like to set the record straight for JPM as well.

Steve Beckow – Evidence Corroborating David Wilcock’s Recent Allegations: Philippine Gold, Platinum, and Cash – 31 December 2011

PIC 17

Reader Udo Pelkowski contacted me some months ago and offered to share with me a great deal of information on gold and platinum bullion stored in the Philippines.

I declined at the time because I didn’t consider I had the time or resources to carry out the type of investigation needed to corroborate the story.

Udo has contacted me again and reminded me of his previous inquiry.

The work of corroboration has now been done by Neil Keenan, David Wilcock, Ben Fulford and others in the series of articles and interviews around the $134 billion bond sting and the existence of untold quantities of gold and other precious metals around the world.

Udo supplies us with photographic evidence of one such cache in the Philippines. I’m sure he’ll have more to share about this subject later. I note that he discloses this material probably at some considerable risk to himself, even as David did, and honor his courage in doing so.

This is a preliminary version of the article. We may need to do more work to link photos to Udo’s descriptions. But for now we simply want to get the material up to support David and Udo in their work.

One or two photos presented difficulties in posting. One photo is of a plaque which states: “The locator and the redeemer will be free from criminal offense and be duly covered by complete immunity, documented for safety all parties concerned.”

Don’t believe it for a moment.

We’ll continue to work at getting those photos up.