For the first time in over two years, and only the fifth time in a decade, JPMorgan Chase & Co. (NYSE: JPM) missed earnings forecasts when it posted first-quarter 2014 results Friday.
When it comes to big banks’ bad behavior and the fines they pay to settle “allegations” – which are actually civil charges and which would be criminal charges if applied to any other business or in any parallel universe – things aren’t even close to what they seem.
JPMorgan is once again hunting for primary CLO bonds.
I’ve said it before, and even though I’ve been threatened, in not so subtle ways, and been warned not to piss off certain people in power, I’m going to keep on saying it:
JPMorgan (NYSE: JPM) is a criminal enterprise.
Let’s address two tragedies today.
The first is how Jamie Dimon & Co. and all the guilty big banks get away with murder.
The second is something I want to share with you because 50 years ago today, President John Fitzgerald Kennedy was assassinated. It isn’t a conspiracy theory about who did it, but a likely theory about what happened and the conspiracy to cover that up.
The fact that this week’s $13 billion JPMorgan settlement was a record between a U.S. company and the government is not the most notable part of this deal…
What’s more shocking about this record-high settlement is that more than half of it could be tax-deductible.
It just so happens I have both a “trick” and a “treat” for you today.
First, the “trick.”
Wednesday the House passed a bill titled The Swaps Regulatory Improvement Act.
The trick is, it’s not about improving the who-really-knows-how-many trillions of dollars swaps (derivatives) market.
This week, the financial media has been up in arms about the record $13 billion fine levied on JPMorgan Chase & Co. (NYSE: JPM) for its connection with mortgage-backed securities.
The $13 billion settlement between JPMorgan Chase & Co. (NYSE: JPM) and the federal government shocked markets this week, as the fines would be a record paid by a Wall Street institution.
According to reports, the sum will amount to approximately half of the company’s 2012 profits.
Two of the largest U.S. financial institutions kicked off third-quarter results for big bank earnings today, giving us a peek at how they fared amid tough times for both firms.
Wells Fargo & Co (NYSE: WFC) is in the midst of slashing headcount in its mortgage unit by some 1,800, and JPMorgan Chase & Co (NYSE: JPM) is tangled up in settlement talks with the U.S. Justice Department.