A few months ago, JPMorgan thought there was a chance that the payroll tax holiday would be extended as part of a fiscal cliff deal. Now it doesn’t think the tax cut stands a chance of surviving—to the serious detriment of the economy next year. “We are no longer of the belief that the payroll… Read more »
Posts Tagged: JPMorgan
JPMorgan: There may have been a ‘London Whale’ cover-up
JPMorgan revealed Friday morning that its traders may have lied about the value of their positions to hide the losses incurred by its Chief Investment Office. The bank now estimates that the so-called “London Whale” trades dealt the bank a $ 5.8 billion loss in the year to date — more than three times the… Read more »
Explainer: Why the LIBOR scandal is a bigger deal than JPMorgan
Last week, Barclay’s admitted to rigging the London InterBank Offered Rate (LIBOR) and agreed to pay U.S. and British regulators $ 450 million dollars in penalties to settle the case. Then the heads began to roll: On Tuesday, its CEO, Bob Diamond, and COO Jerry del Missier resigned, and yesterday Diamond told a British parliamentary… Read more »
How JPMorgan exploits Washington’s revolving door
The Project on Government Oversight points out that JPMorgan frequently dispatches former government officials to lobby current regulators who are writing the rules for Dodd-Frank: In a November discussion with Treasury officials, its team included a former assistant secretary of the Treasury, according to government records. In at least four meetings or conference calls with Federal Reserve staff since December, its representatives included… Read more »