JPMorgan Chase

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States Asked for Foreclosure Probe—3 Years Ago

Federal regulators turned down request, put off matter

(Newser) - State regulators suspected that there was something fishy about banks' foreclosure procedures as far back as three years ago, but federal regulators forbid them to take action, the Washington Post reports. The federal comptroller told the states his office was already planning an investigation, and that banks should only respond...

Investors Flee Banks Over Mortgage Mess

Analysts estimate huge losses

(Newser) - Investors sent bank stocks plunging yesterday, as they finally started to worry about the mortgage robo-signing scandal. Up until now, investors have mostly assumed the crisis would blow over. But on Wednesday, 50 states announced investigations into mortgage servicing practices, and yesterday a San Francisco hedge fund circulated a report...

Foreclosure Scandal Messing Up Home Sales
Foreclosure Scandal Messing Up Home Sales
UPDATED
Oct 8, 2010 9:41 AM CDT

Foreclosure Scandal Messing Up Home Sales

Thousands of sales thrown into limbo

(Newser) - Hundreds of thousands of foreclosures have been thrown into limbo in the wake of revelations that major lenders didn’t properly review the foreclosure documents, creating a big mess for people trying to buy those homes, the New York Times reports. JPMorgan and GMAC have suspended foreclosures in the 23...

Foreclosure System in Chaos—Which Might Be Good

It could eventually help housing prices stabilize

(Newser) - The nation's foreclosure system is coming to a virtual standstill in the wake of news that two big home lenders may have done shoddy work processing them. The New York Times weighs in on the mess and finds a silver lining: This could actually help the housing market in the...

JPMorgan Chief's Summer Reading for Interns

Notably absent: the classics and anything on derivatives

(Newser) - Jamie Dimon, the CEO of JPMorgan, has sent around a recommended reading list for the bank's summer interns. It includes many standard recent business books such as Built to Last and The World is Flat along with such spellbinders as Double Your Profits in 6 Months and Only the Paranoid ...

Another Bank Has Problem With Too-Hot Banker

Debrahlee Lorenzana in hot water with JPMorgan Chase, too

(Newser) - Too-sexy-for-Citibank Debrahlee Lorenzana is now in hot water with a second bank…but not for looking too hot at work. Lorenzana claims current employer JPMorgan Chase isn’t happy she spoke out against her last employer—who she says fired her for being too attractive . “They're circling the wagons...

Lehman Estate Sues JPMorgan for Billions

Suit: Firm 'held gun' to Lehman in massive ripoff

(Newser) - Lehman Brothers' bankruptcy estate has launched a huge lawsuit against JPMorgan Chase, accusing the bank of abusing its position to siphon off billions of dollars in Lehman's dying days. The suit alleges that JPMorgan used its inside knowledge of Lehman's troubles to hold a "financial gun" to its head,...

Liberals Push to Toughen Bank Bill

See Goldman troubles as opening to break up banks, restore firewall

(Newser) - The Left is suddenly playing offense in the push for financial reform legislation, with liberal senators preparing a barrage of amendments to beef up the bill. One would break up the nation's six largest banks—Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citigroup, and Morgan Stanley—whose combined assets...

Senators Swarmed by Lobbyists Fighting Finance Overhaul

Regulating derivatives could cost the banks billions

(Newser) - Proponents of greater financial regulation are facing fierce opposition from a swarm of lobbyists, lawyers, and bankers who have descended on the Senate committee whose chair, Blanche Lincoln, introduced the bill to overhaul the derivatives market. It's not the finance but the agriculture committee, the New York Times reports, and...

Other Wall St. Banks as Guilty as Goldman

Many engaged in same activities SEC is now calling fraudulent

(Newser) - The SEC's fraud suit against Goldman Sachs might be just the tip of the iceberg, because other investment banks engaged in exactly the same sleight of hand, Pro Publica reports. Goldman is accused of failing to disclose that a hedge fund was both helping to create, and betting against, the...

Democrats Defy Wall Street, GOP on Bank Reform

Banks trying mightily to kill restrictions on derivatives

(Newser) - Democrats defied Wall Street lobbyists’ push to kill new reforms on derivative trading yesterday, and got an earful from Republicans for their troubles. Goldman Sachs, JPMorgan, and Morgan Stanley have been leaning heavily on Blanche Lincoln’s Agriculture Committee to scrap a plan to force derivatives—which, incidentally, played a...

WaMu 'Poisoned' Financial System: Senate Report

Senate panel says lender knowingly built 'mortgage time bomb'

(Newser) - Washington Mutual made subprime loans it knew would go bad, then packaged them into risky securities, creating a “mortgage time bomb,” according to a Senate report. The permanent investigations subcommittee is grilling former WaMu execs this morning. The report also says the bank packaged and sold loans it...

Pay Czar to Examine Salaries at Bailed-Out Firms

Feinberg to review compensation for top 25 executives

(Newser) - The "pay czar" will review salaries and bonuses of executives at financial firms that have received government help. Kenneth Feinberg will examine the compensation of the top 25 executives at Goldman Sachs, Citigroup, JPMorgan Chase, and 417 other firms that took TARP money. If he finds evidence of risky...

Bomb in Greece Hits JPMorgan Chase

No injuries; bomber warned newspaper in advance

(Newser) - A bomb exploded at the offices of JPMorgan Chase in Athens this evening. No injuries were reported, and damage was relatively minor. The blast occurred in an upscale area of central Athens, following a warning call to a local newspaper. No group has claimed responsibility, but banks and foreign firms...

Wall St.'s Top Bonuses Go to No-Names

Lloyd Blankfein's pay looks puny compared to John Stumpf's

(Newser) - In the public imagination, Goldman Sachs gives the biggest bonuses around, but this year CEO Lloyd Blankfein’s $9.6 million payday doesn’t even crack the top 10 in the financial industry. Instead, the top spot is occupied by decidedly less famous Wells Fargo CEO John Stumpf, who pulled...

Obama OK With Fat Bonuses for Blankfein, Dimon

Compares bank CEOs to overpaid baseball players

(Newser) - Barack Obama says he’s down with the combined $26 million in bonuses that the CEOs of Goldman Sachs and JPMorgan are getting paid this year. “I know both those guys; they are very savvy businessmen,” Obama tells Bloomberg. “I, like most of the American people, don’...

Goldman Sachs Gives Blankfein $9M Bonus

CEO receives units of stock that can't be sold for 5 years

(Newser) - Lloyd Blankfein's bonus for 2009 is $9 million, Goldman Sachs said today—a nice bump from last year's zero, but a far cry from the $67.9 million the CEO scored in 2007 and from the $100 million he was reportedly expecting. " The firm produced very good results for...

Dow Falls 101 in 2010's Worst Day
 Dow Falls 101 
 in 2010's Worst Day 
MARKETS
Jan 15, 2010 3:22 PM CST

Dow Falls 101 in 2010's Worst Day

Intel, JP Morgan earnings, though positive, stoke worry

(Newser) - Stocks started the day with losses and failed to recover, with financials leading the slide. JPMorgan Chase dragged down the sector thanks to its quarterly report, which showed strong earnings but hinted at continued weakness in consumer loans, the Wall Street Journal reports.
  • The Dow fell 100.90 points to
...

Crisis Probe Bares Fools' Guilt-Free Fantasy
Crisis Probe Bares Fools' Guilt-Free Fantasy
PAUL KRUGMAN
Jan 15, 2010 2:37 AM CST

Crisis Probe Bares Fools' Guilt-Free Fantasy

Deregulation, greed made crash inevitable

(Newser) - The Financial Crisis Inquiry Commission hasn't extracted admissions of wrongdoing from top bankers, but it has exposed stunning cluelessness among the captains of American finance, writes Paul Krugman. The honchos testified that a financial crisis is something that just happens from time to time, Krugman writes in the New York ...

US Banks Paid Employees Record $145B in 2009
US Banks Paid Employees Record $145B in 2009
ANALYSIS
Jan 14, 2010 9:41 PM CST

US Banks Paid Employees Record $145B in 2009

Haul breaks mark set in pre-bust 2007

(Newser) - Employees at the major US banks were paid about $145 billion in 2009—a total that, despite the financial crisis and public outcry over compensation in the industry—breaks a record set in pre-bust 2007. A Wall Street Journal analysis finds that 2009 revenue will be $450 billion, up 25%...

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