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  • Phi Asset Managers 7:28 am on July 17, 2012 Permalink | Reply
    Tags: JPM   

    JP Morgan Chase – In The Company of Liars 

    Ideas From the Edge

    Okay, now I have heard it all. JP Morgan Chase had a 6 billion dollar “loss” and didn’t know it. If you believe that story then you are an idiot. How does a bank “lose” 6 billion dollars? I don’t know. Help me understand because I am curious. I have seen companies’ fire people over small petty cash or expense report infractions. This was an out and out criminal collusion. You don’t just lose 6 billion dollars and no one notices.  It takes a team of people to cover up this loss.

    Obviously, Chase does not foster a culture of integrity or ethics. Oh no, everyone wanted to jump on this gravy train. I am so happy to see that CEO Jamie Dimon is going to implement some additional oversight and accounting controls. This would solve the problem if the whole financial system was not full of criminals. When the…

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  • Phi Asset Managers 7:16 am on July 17, 2012 Permalink | Reply
    Tags: JPM   

    JPMorgan banking scandals worse and worse 

    Dear Kitty. Some blog

    JPMorgan Chase meeting, cartoon

    By Andre Damon and Barry Grey in the USA:

    JPMorgan scandal: The tip of the iceberg

    17 July 2012

    JPMorgan Chase, the biggest US bank by assets, announced Friday that the trading loss from derivatives bets made by its Chief Investment Office (CIO) had reached $5.8 billion, nearly three times the amount the company had revealed in May. It added that the bad bets could result in an additional $1.7 billion in losses over the rest of the year.

    In its second quarter filing with the Securities and Exchange Commission (SEC), the bank admitted that it had failed to report $459 million in losses from the trades in its first quarter report, released April 13. CEO Jamie Dimon and other top executives attempted to lay the blame on “certain individuals” who “may have been seeking to avoid showing the full amount of the losses being incurred in the…

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  • Phi Asset Managers 4:02 pm on July 14, 2012 Permalink | Reply
    Tags: JPM   

    JPM Chase under Federal criminal investigation? 

    CanadaNewsLibre

    “By late afternoon on July 12 Reuters was reporting, from anonymous sources, that JPM Chase was under Federal criminal investigation.” LaRouchePAC (1)

    The sequence of financial scandals must be noted.It is difficult to discern exactly the forces behind the sequence of cases, but the chain of dominos on effects is intense and blatant. This chain will continue until a systemic collapse is visible to expert and commoner alike. The LIBOR scandal is the latest link in the chain.The corruption channel is full. The exposure is glaring.The fan to distribute shame is revved up. The scandal is widening.  The pressure is mounting.The bankers have never been on the defensivethis much for alleged corruption, accused corruption, and admitted corruption. Their most vulnerable points are under attack.”

    “The events will continue to occur in a sequence, probably managed much more than we are told.My…

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  • Phi Asset Managers 8:43 am on July 13, 2012 Permalink | Reply
    Tags: , , JPM   

    Did Not See That Coming 

    May 17, 2007 (Bloomberg) — Bank of Montreal, stung by the biggest trading loss in Canadian history, said the debacle will cost at least 50 percent more than originally forecast and started an investigation into potential “irregularities.”

    May 17, 2012 JPMorgan’s Trading Loss Is Said to Rise at Least 50%. The trading losses suffered by JPMorgan Chase have surged in recent days, surpassing the bank’s initial $2 billion estimate by at least $1 billion, according to people with knowledge of the losses.

     
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