November 19, 2013 |
NEW YORK - JPMorgan Chase has agreed to a $13-billion settlement with the government over selling shoddy mortgage investments, ending a legal battle that signals a tougher stance against Wall Street wrongdoing. The nation's largest bank admitted to knowingly peddling the toxic securities that helped lead to the housing bubble and the worst financial meltdown since the Great Depression. The settlement is the largest made by any single American company in history. California, slammed by 1 million foreclosures during the mortgage meltdown, will be a major beneficiary of the deal.
May 25, 2013
Re "Dimon retains role as chairman," Business, May 22 So, JPMorgan Chase & Co. lost $6 billion in an embarrassing trading episode on Jamie Dimon's watch as chairman and chief executive officer. JPMorgan shareholders, elect me as your chairman and CEO. Pay me double what you pay Dimon and I guarantee that JP Morgan will lose $12 billion under my watch. Alvin Y. Yoshida Long Beach ALSO: Letters: One 'scandal,' many goals Letters: Sexism and the Plan B debate Letters on letters: No excuse for not voting
August 14, 2013 |
NEW YORK - The bank's infamous "London whale" trades involved complex financial products, but prosecutors alleged that a cover-up by former JPMorgan Chase & Co. employees involved simple lies. The accusation was part of criminal charges filed against two mid-level JPMorgan employees accused of hiding massive trading losses, which ultimately cost the nation's largest bank more than $6 billion and rekindled fears of the financial crisis. Jamie Dimon, the bank's outspoken chief executive who has served as Wall Street's unofficial spokesman, initially called the losses a "tempest in a teapot" in early 2012.
October 19, 2013 |
Yes, $13 billion in penalties --the figure at the center of the JPMorgan mortgage settlement deal being reported Saturday--is eye opening. Yes, it's a record in a civil proceeding against a major corporation. But the most significant thing about JPMorgan's deal with the Department of Justice may be what it doesn't do. It doesn't resolve the ongoing federal criminal investigations of the bank's conduct in the residential mortgage securities business during the run-up to the 2008 financial crisis.
October 24, 2013 |
Jamie Dimon, arguably the nation's most powerful banker, has navigated intense scrutiny from Congress, the White House and regulators around the globe. But it's a federal prosecutor in Sacramento, far from the world's financial and political capitals, who pinned the chairman of JPMorgan Chase & Co. to the wall. U.S. Atty. Benjamin B. Wagner led the investigators who forced JPMorgan into talks now widely expected to produce a $13-billion settlement of fraud allegations. His team delivered key evidence revealing how JPMorgan misled investors while peddling bonds backed by subprime and "liar" loans from the housing bubble.
January 8, 2013 |
Investors sent stocks lower ahead of the release of corporate earnings that Wall Street will digest in coming weeks. The Dow Jones industrial average lost 48 points, or 0.4%, to 13,336 shortly after the opening bell. The broader Standard & Poor's 500 index lost seven points, or 0.5%, to 1,455. The Nasdaq was down nine points, or 0.3%, to 3,090. Earnings season unofficially begins with aluminum giant Alcoa Inc., which is to release earnings after the markets close Tuesday.
April 5, 2012 |
This is what passes for hard times in the executive suites of Wall Street - the compensation of Morgan Stanley's top executive fell to $13 million. The 2011 pay package of James Gorman, chief executive of the New York investment bank, decreased almost 15% from the $15.2 million he hauled in the previous year, according to a filing with the Securities and Exchange Commission on Thursday. His compensation included $800,000 in salary, a $2.7 million bonus, $5.9 million in stock awards and $3.5 million in stock options.
June 19, 2012 |
WASHINGTON -- A key financial regulator said the investigation of the more than $2-billion trading loss at JPMorgan Chase & Co. has found the bank apparently has "serious risk management issues" that might go beyond the office responsible for the losses. "We do believe as a preliminary matter that there are apparent serious risk management weaknesses at the bank," Comptroller of the Currency Thomas J. Curry told the House Financial Services Committee on Tuesday. The Office of the Comptroller of the Currency is the main regulator for JPMorgan Chase's banking operations and is "continuing to examine the root causes for those failures and whether there are other weaknesses" outside the firm's chief investment office, which conducted the trades that led to the losses.
CALIFORNIA | LOCAL
May 2, 2013 |
May Day protesters marched down streets across the country Wednesday, calling on lawmakers to provide a path to citizenship for the estimated 11 million immigrants who have entered the country illegally or overstayed their visas. The crowds numbered in the thousands, not the hundreds of thousands who turned out for the historic immigration marches of 2006. But with a major immigration package being debated in Washington, reform advocates wanted their voices heard. "Listen up, Obama: We are in the fight," people chanted in Spanish in Los Angeles and Chicago.
March 30, 2012 |
David Novak calls himself a “pretty informal guy.” He used to hand out employee recognition awards in the form of rubber chickens. He loves to teach. He's also the multimillionaire chief executive of Yum Brands Inc., the fast food company with the most stores in the world. This week, Novak, 59, swung through Los Angeles and briefly talked about leadership lessons, international expansion for brands such as KFC and Pizza Hut and why he thinks struggling Taco Bell will “go down in history” this year. Novak's new book dropped in January, its bright red back cover plastered with praise from the likes of Alan Mulally (chief executive of Ford Motor Co.)