Money and Finance
- Public Information And Libor Manipulation
Thanks to Bill for passing this along. It appears the Libor Manipulation story has a lot more to it than just the recent headlines. On August 25, 2011, Charles Schwab Bank and Charles Schwab Corporation filed suit alleging 12 banks conspired to manipulate...
- Satyajit Das On Jp Morgan’s $2 Billion Loss
Having benefitted from risk management failures of others such as investment bank Bear Stearns and hedge fund Amaranth, JP Morgan (“JPM”) appears to have made an “egregious” and “self inflicted” hedging error. The bank would have done well...
- Buffett Awards Wall Street-sized Pay Praised By Dimon
Berkshire Hathaway Inc. (BRK/A) Chief Executive Officer Warren Buffett, who has said banker greed helped deepen the U.S. financial crisis, attracts the workers he wants with compensation that competes with Wall Street awards. Berkshire gave $17.4 million...
- Curse The Geniuses Who Gave Us Bank Of America - By Jonathan Weil
Ask anyone what the most immediate threats to the global financial system are, and the obvious answers would be the European sovereign-debt crisis and the off chance that the U.S. won’t raise its debt ceiling in time to avoid a default. Here’s one...
- Hussman Weekly Market Comment: Earning More By Setting Aside Less
Meanwhile, it is notable that the "favorable" earnings reported by J.P. Morgan and Bank of America in the first quarter were due to reduced provisions for credit losses - charges that are largely discretionary. In the fourth quarter of 2009, J.P. Morgan...
Money and Finance
JPMorgan Trading Loss May Reach $9 Billion
Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.
When Jamie Dimon, the bank’s chief executive, announced in May that the bank had lost $2 billion in a bet on credit derivatives, he estimated that losses could double within the next few quarters. But the red ink has been mounting in recent weeks, as the bank has been unwinding its positions, according to interviews with current and former traders and executives at the bank who asked not to be named because of investigations into the bank.
- Public Information And Libor Manipulation
Thanks to Bill for passing this along. It appears the Libor Manipulation story has a lot more to it than just the recent headlines. On August 25, 2011, Charles Schwab Bank and Charles Schwab Corporation filed suit alleging 12 banks conspired to manipulate...
- Satyajit Das On Jp Morgan’s $2 Billion Loss
Having benefitted from risk management failures of others such as investment bank Bear Stearns and hedge fund Amaranth, JP Morgan (“JPM”) appears to have made an “egregious” and “self inflicted” hedging error. The bank would have done well...
- Buffett Awards Wall Street-sized Pay Praised By Dimon
Berkshire Hathaway Inc. (BRK/A) Chief Executive Officer Warren Buffett, who has said banker greed helped deepen the U.S. financial crisis, attracts the workers he wants with compensation that competes with Wall Street awards. Berkshire gave $17.4 million...
- Curse The Geniuses Who Gave Us Bank Of America - By Jonathan Weil
Ask anyone what the most immediate threats to the global financial system are, and the obvious answers would be the European sovereign-debt crisis and the off chance that the U.S. won’t raise its debt ceiling in time to avoid a default. Here’s one...
- Hussman Weekly Market Comment: Earning More By Setting Aside Less
Meanwhile, it is notable that the "favorable" earnings reported by J.P. Morgan and Bank of America in the first quarter were due to reduced provisions for credit losses - charges that are largely discretionary. In the fourth quarter of 2009, J.P. Morgan...