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Occupy Buffalo convinces city to withdraw $45 million from JPMorgan
Buffalo City Comptroller Mark J.F. Schroeder announced on Thursday that the city would be pulling $45 million in funds from an account with JPMorgan Chase, following concerns raised by members of the Occupy Buffalo movement. BuffaloNews.com reported that the Buffalo Sewer Authority funds will be deposited into a higher-yielding account…
U.S. regulators tell lawmakers of JPMorgan probes
WASHINGTON — Two US market regulators confirmed Tuesday they were investigating JPMorgan Chase’s $2 billion-plus trading loss in derivatives. In a Senate hearing on systemic risk in the vast market for derivatives, Gary Gensler, chairman of the US Commodity Futures Trading Commission, said the CFTC was pursuing a preliminary investigation…
Boehner on regulation: JPMorgan ‘held accountable by the market’
House Speaker John Boehner (R-OH) on Sunday dismissed financial regulations that could have stemmed $3 billion or more in losses on derivatives by JPMorgan Chase & Co. because the company “should be help accountable by the market.” “There’s no law against stupidity, no law against stupid trades,” Boehner told ABC’s…
Senate to ask JPMorgan chief to testify
WASHINGTON — JPMorgan Chase’s embattled chief executive Jamie Dimon will be invited to testify before the Senate Banking Committee to discuss the huge trading losses announced by the largest US bank, a lawmaker said Thursday. Banking Committee chairman Senator Tim Johnson expressed his intent to call Dimon as a witness…
Romney: JPMorgan’s $3 billion loss is ‘the way America works’
Presumptive Republican presidential candidate Mitt Romney on Wednesday defended a shocking $3 billion loss on derivatives by JPMorgan Chase & Co. by saying it was just “the way America works.” “I would not rush to pass new legislation or new regulation,” Romney said during a Wednesday interview with Hot Air…
JPMorgan hit with shareholders lawsuit over loss
NEW YORK — US fund manager Saratoga Capital Management, filed a class-action lawsuit against JPMorgan Chase Wednesday after the nation’s largest bank lost more than $2 billion in derivatives trading. The suit accuses the bank; Jamie Dimon, chief executive and chairman; and Douglas Braunstein, chief financial officer, of fraudulently hiding…
JPMorgan’s Dimon faces investors after big loss
JPMorgan Chase chief executive Jamie Dimon will face shareholders’ wrath Tuesday after admitting that the top US bank lost $2 billion in derivatives trading in just six weeks. A day after JPMorgan let its chief investment officer go in the wake of the huge loss and the bank’s shares took another sharp fall on the…
White House urges bank reforms after JPMorgan loss
WASHINGTON — The White House stepped up pressure for tighter bank regulation Monday after JPMorgan Chase’s $2 billion derivatives loss, as the bank said the top official responsible for the loss had resigned. Pressing a policy line that JPMorgan chief Jamie Dimon had strenuously fought, the White House said the…
Calls for tougher regulation follow JPMorgan $2 billion derivatives loss
JPMorgan Chase’s stunning $2 billion derivatives trading loss brought new calls Friday for tougher regulation of banks, with lawmakers blasting JPMorgan’s chief executive Jamie Dimon for fighting tighter rules. A day after the top US bank revealed the losses on trading its own financial portfolio, powerful Senate veteran Carl Levin…
JPMorgan reveals shock losses
NEW YORK — US banking giant JPMorgan Chase on Thursday revealed that it would incur losses that could run into the billions as a result of bad bets on derivatives. In a unscheduled conference call, chief executive Jamie Dimon reported the trades cost the company around $2 billion in recent…
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