From Forbes: "...The steady stream of negative news, congressional
appearances and scathing Senate reports
is something more familiar to the likes of Bank of America, Citigroup and
Goldman Sachs than JPM; but now Dimon & Co. are forced to play defense much
more often.
“….It’s the
tone-deafness of comments like Dimon’s ‘tempest in a teapot’ remark that is
staggering,” says Cornelius Hurley of Boston University’s Center for Finance,
Law & Policy.
"It’s not just its massive London Whale trading loss that has
JPM in a funk. Consider yesterday’s $107.5 million settlement with MF Global
trustee, James W. Giddens. JPM was MF Global’s clearing bank before it failed
and lost $1.6 billion in client money in October 2011. Giddens threatened to
sue JPM last year if it didn’t return funds that belonged to MF Global
customers which he said the bank received in the final days before the
bankruptcy. The pact with MF Global
customers clears up one of JPM’s bigger legal problems but as Steve Schaefer
points out it’s just one of many headaches for Dimon’s behemoth bank these days….."
Wait…wait…there’s more at http://www.forbes.com/sites/halahtouryalai/2013/03/21/is-jpmorgan-chase-americas-new-bad-bank/
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