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JP Morgan Chase faces regulatory action over energy price manipulation in California, Michigan
JP Morgan Chase faces federal regulatory action over a scheme which manipulated energy prices in two US states, the New York Times reported Friday. The Times said it had seen a 70-page government document which indicated staff from the Federal Energy Regulatory Commission intended to recommend action over the bank’s…
Geithner: ‘We don’t know’ about U.S. banks’ role in Libor-fixing scandal
Treasury Secretary Timothy Geithner on Thursday said he did not know whether three major US banks were involved in the manipulation of a key benchmark borrowing rate. Answering Senate Banking Committee questions about Bank of America, Citibank and JP Morgan Chase’s possible roles in the global Libor fixing scandal, Geithner…
DOJ launches probe into JP Morgan Chase’s $2 billion loss
The Department of Justice (DOJ) announced Tuesday afternoon that it will launch an investigation into JP Morgan Chase’s $2 billion derivatives trading loss, according to a law enforcement official. The official, who according to Reuters spoke on the condition of anonymity since the decision was originally private, said the investigation…
JP Morgan CEO: Banks aren’t acting ‘too risky’ despite our mistake
Despite his company losing $2 billion for risky derivatives trading, JP Morgan Chase CEO Jamie Dimon told NBC Sunday morning that he did not think the nation’s largest financial institutions were still engaging in reckless practices. In an interview with Meet The Press host David Gregory, Dimon acknowledged that his…
Calif. county rebukes JP Morgan, Bank of America over fraud settlements
Officials in Santa Cruz county, California, have cut all ties with Bank of America and JP Morgan Chase after an examination of both organizations’ histories of cash settlements over fraud allegations. Santa Cruz Treasurer-Tax Collector Fred Keeley said Thursday evening that the banks, which were handling some of the county’s…
Four ‘Occupy Wall Street’ protestors arrested
NEW YORK — New York police arrested four people Wednesday during an Occupy Wall Street rally outside a skyscraper housing JP Morgan Chase bank. About 100 people took part in the protest, chanting “we are 99 percent” and “tax the rich!” The protest quickly dispersed after the arrests, an AFP…
‘Occupy Wall Street’ plans to march on Koch, Murdoch mansions
The protesters who have been inhabiting lower Manhattan’s Zuccotti Park for nearly four weeks are reportedly planning an uptown jaunt — to “occupy” the sidewalks outside the homes of Wall Street power brokers such as David Koch, JP Morgan Chase CEO Jamie Dimon and embattled News Corporation CEO Rupert Murdoch.…
U.S. government to sue major banks over mortgages: report
The United States plans to file lawsuits against more than a dozen big banks over mortgage-backed securities seen to have fueled the 2008 economic crisis, the New York Times said. The lawsuits are set to be filed Friday or early next week against Bank of America, JP Morgan Chase, Goldman…
CNBC predicts Congress will retroactively legalize foreclosure fraud
Congress will pass a bill to “forgive” banks the potentially criminal errors made in foreclosure proceedings, a senior CNBC editor predicts. In a blog column Friday, John Carney argues that lawmakers in DC won’t allow the country’s largest issuers of mortgages to suffer financial losses following revelations of numerous mishandled…
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