French rogue trader launches appeal, blames bank (via AFP) French rogue trader Jerome Kerviel was back in court Monday arguing that he was a scapegoat and that Societe Generale must take responsibility for the billions of euros his gambles cost the bank. “I am not responsible for this loss,” he said as his appeal hearing…
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Was Facebook’s IPO actually a great sucker bet? – Pocono Record
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Was Facebook's IPO actually a great sucker bet?Pocono RecordFor Mark Zuckerberg, the founder of Facebook and its chief executive, it was a week of highs and lows. He celebrated his 28th birthday and his marriage along with an IPO that raised billio…
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JPMorgan Selling Off Tens of Billions in Securities to Cover Fail Whale Loss – Firedoglake
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New York TimesJPMorgan Selling Off Tens of Billions in Securities to Cover Fail Whale LossFiredoglakeReuters looks at the furious sell-offs JPMorgan Chase has engaged in over the last month: JPMorgan Chase & Co has sold an estimated $25 billion of …
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JPMorgan raids savings to make up for London losses – Vancouver Sun
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JPMorgan raids savings to make up for London lossesVancouver SunJPMorgan Chase & Co has sold an estimated $25 billion of profitable securities in an effort to prop up earnings after suffering trading losses tied to the bank's now-infamous "…
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Dear Diary: Mark Zuckerberg’s thoughts on the Facebook IPO – National Post
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Telegraph.co.ukDear Diary: Mark Zuckerberg's thoughts on the Facebook IPONational PostThe thoughts of Mark Zuckerberg over the past week of the Facebook IPO as imagined by Tristin Hopper Monday Twenty billion dollars and a new Mrs. Zuckerberg by my…
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JPMorgan Chase: Break Up the Big Banks Now. Here’s How. – Huffington Post (blog)
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USA TODAYJPMorgan Chase: Break Up the Big Banks Now. Here's How.Huffington Post (blog)When Jamie Dimon revealed that JPMorgan Chase had lost billions through risky and legally questionable trading, he said the losses would be about $2 billion and m…
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Learning from JPMorgan loss – Modesto Bee
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Wall Street JournalLearning from JPMorgan lossModesto BeeBefore bank officials announced they had suffered a stunning trading loss of at least $2.3 billion, JPMorgan Chase was widely viewed as one of the better-managed, less reckless banks. When so man…
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On FX and Worst Fears
by Bruce Krasting • • 0 Comments
Two market developments are worthy of note today (so far). Gold is up 2.5% (off a very cheap low) and USDYEN and EURYEN have made very significant 1.3% moves down.
Stuff like this scares me. It looks like acceleration in the flight to quality. The ne…
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Greek exit could cost euro zone 100s of billions| Reuters
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(Reuters) – A Greek exit from the euro zone could expose the European Central Bank and the currency bloc it seeks to protect to hundreds of billions of euros in losses, landing Germany and its partners with a crippling bill… …With most of Greek’s private creditors having taken heavy writedowns as part of the country’s…
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Embattled JPMorgan boss survives power challenge
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(via AFP) Under-fire JPMorgan Chase chief executive Jamie Dimon narrowly defeated a shareholder move to significantly curb his powers Tuesday, as his bank faced an FBI probe over a shock $2 billion loss. Days after revealing that a scheme to hedge risk had spectacularly backfired, costing billions, Dimon dodged…
