Jamie Dimon

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JPMorgan Might Dock Dimon's Bonus Over 'Whale'

He will likely no longer be top-paid banking executive as a result

(Newser) - He probably won't win a lot of sympathy for this, but it looks like JPMorgan's Jamie Dimon is going to lose bragging rights of being the nation's highest-paid banking exec. The board is expected to dock Dimon's 2012 bonus because of the disastrous "London whale"...

Tom Brady to Jamie Dimon: 'Hang In There'

CEO of America's biggest bank gets a profile in Vanity Fair

(Newser) - When the firestorm around JPMorgan's "London Whale" scandal was burning hottest, Jamie Dimon got a surprise call from Tom Brady. "Hang in there," the Patriots quarterback told him. "I was surprised he even knew who I was, to tell you the truth," Dimon says....

JPMorgan Trading Loss Worse Than Expected, But...
JPMorgan Trading Loss Worse Than Expected, But...

JPMorgan Trading Loss Worse Than Expected, But...

...It barely dented the firm's Q2 profits

(Newser) - JPMorgan reported a $4.4 billion trading loss this morning, a figure far worse than analysts were expecting, in the wake of the "London Whale" fiasco. That drove the bank's earnings down 8.7%, but still left it with $4.96 billion in profit for the second quarter,...

JPMorgan May Have Lost $9B
 JPMorgan May Have Lost $9B 

JPMorgan May Have Lost $9B

Losses staggeringly worse than estimated

(Newser) - Forget $2 billion ; JPMorgan's trading losses on its bad derivative bets could reach a jaw-dropping $9 billion, sources tell the New York Times , based on an internal company report. Jamie Dimon had warned investors that the $2 billion loss could double within a few quarters, but losses have gotten...

JPMorgan&#39;s Dimon: &#39;I Can&#39;t Justify&#39; the Loss
 JPMorgan's Dimon: 
 'I Can't Justify' the Loss 

JPMorgan's Dimon: 'I Can't Justify' the Loss

Jamie Dimon says hedge became 'something I can not publicly defend'

(Newser) - Jamie Dimon testified about JPMorgan's massive trading loss on Capitol Hill today, but the much-anticipated event was interrupted by protesters almost immediately, Reuters reports. "Jamie Dimon is a crook!" one man cried as the JPMorgan CEO approached the witness table, while another group chanted, "Stop foreclosures...

Jamie Dimon Will Apologize to Congress Tomorrow

JPMorgan Chase exec offering mea culpa for huge trading loss

(Newser) - JPMorgan Chase CEO Jamie Dimon plans to apologize before members of Congress tomorrow for a trading loss that has cost the bank more than $2 billion. He also will say that the bank has taken steps to make sure it does not happen again. "We have let a lot...

JPMorgan Execs Knew of 'Whale' Risks

Concerns about London unit raised years before $2B loss

(Newser) - Top JPMorgan execs weren't as blindsided as you might have thought about the risky trades that cost the bank a couple of billion dollars , the Wall Street Journal finds. Insiders in the unit responsible for the losses say that worries about risk-taking by London traders—including the one known...

JPMorgan Sold $25B in Securities to Mask Loss

But analysts say it was a dumb move

(Newser) - In order to soften the Q2 earnings blow inflicted by its more than $2 billion loss , JPMorgan is "dipping into the cookie jar," Reuters reports. Earlier this month CEO Jamie Dimon revealed that the bank had sold securities that generated $1 billion in gains, and a Reuters analysis...

Other Banks Get Rich Quick in JPMorgan Debacle

They were the winning side in the London Whale's losing bets

(Newser) - The rest of Wall Street isn't exactly broken up about JPMorgan's multibillion dollar trading loss —because it's profiting handsomely off it. Goldman Sachs and Bank of America, for instance, have together made somewhere between $500 million and $1 billion off of JPMorgan, the Wall Street Journal...

JPMorgan: Dimon Will Testify
 JPMorgan: Dimon Will Testify 

JPMorgan: Dimon Will Testify

Congressional panel invites CEO

(Newser) - It’s not a trial , but JPMorgan CEO Jamie Dimon will testify before Congress with regard to the bank’s $3 billion trading loss . "As always, we will continue to be open and transparent with our regulators and Congress," says a spokesman who confirms Dimon will appear before...

JPMorgan Loss Passes $3B
 JPMorgan Loss Passes $3B 

JPMorgan Loss Passes $3B

Bank bleeds a billion after rivals cash in on its bad bets

(Newser) - JPMorgan's $2 billion trading loss has become a $3 billion-and-counting loss with dizzying speed, insiders tell the New York Times . CEO Jamie Dimon predicted that the loss could double within a few quarters, but the extra billion in trading losses has come in just four trading days as hedge...

Justice Department Opens JPMorgan Probe

Meanwhile, Jamie Dimon survives shareholder vote

(Newser) - Maybe Jamie Dimon will go on trial after all? That's getting way ahead of things, but the Justice Department has opened an inquiry into the JPMorgan trading scandal, sources tell the Wall Street Journal . It's currently unclear what legal violations it's looking into, but the probe will...

JPMorgan Ignored Scads of Red Flags

Jamie Dimon on hot seat as shareholders meet today

(Newser) - There is likely some hell yet to be paid at JPMorgan after the bank lost $2 billion on bets that were supposed to be hedges. The firm's shareholders are meeting today, and many want to knock CEO Jamie Dimon out of the chairman post, Reuters reports—including the California...

Jamie Dimon Should Be on Trial

 Jamie Dimon 
 Should Be 
 on Trial 

Jamie Dimon Should Be on Trial

JPMorgan boss should face public questioning: Alex Pareene

(Newser) - JPMorgan lost $2 billion last week, and it's time for the bank's CEO to answer for it. Congressional questioning isn't enough: Jamie Dimon should be required, ideally on prime-time TV, "to answer questions plainly and clearly, to an unfriendly audience of non-Davos people," Alex...

Heads Roll at JPMorgan Over $2B Trade Loss

CEO Jamie Dimon will accept at least three resignations

(Newser) - JPMorgan's disastrous $2 billion trading loss has officially claimed its first casualty. Chief Investment Officer Ina R. Drew, a 30-year veteran of JPMorgan and one of Wall Street's most prominent women, retired today, the AP reports. Drew was responsible for overseeing the disastrous trades. Executives say she ordered...

RNC Chair: Gays Deserve Dignity, Not Marriage
 RNC Chair: 
 Gays Deserve 
 Dignity, Not 


RNC Chair: Gays Deserve Dignity, Not Marriage

Reince Priebus says debate ought to be respectful, but marriage for one man, one woman

(Newser) - Gay marriage, a topic of some small amount of discussion this week, ruled the talk shows today, with RNC Chair Reince Priebus tackling the subject head-on : "People in this country, no matter straight or gay, deserve dignity and respect. However, that doesn't mean it carries on to marriage,...

JPMorgan CEO Dimon: We Were &#39;Dead Wrong&#39;
 CEO Dimon: 
 We Were 
 'Dead Wrong' 


JPMorgan CEO Dimon: We Were 'Dead Wrong'

Jamie Dimon apologizes for bank's 'stupid' behavior in $2B loss

(Newser) - Remember that endless line of Wall Street's elite giving their mea culpas over the financial crisis? Neither do we. But JPMorgan CEO Jamie Dimon today got on national television to apologize in no uncertain terms for his company's "egregious mistake" in losing $2 billion in six weeks...

JPMorgan Chase Pushed for Trading Loophole

What could possibly go wrong?

(Newser) - Jamie Dimon and other top executives at JPMorgan Chase personally pushed for loopholes in the nation's new regulatory laws allowing for the type of risky trading that resulted in the bank's new $2 billion loss , reports the New York Times . In fact, one meeting in February between bank...

JPMorgan: 'Sloppiness' Cost Us $2B in 6 Weeks

'London whale' loss stuns financial world, could trigger calls for more regs

(Newser) - JPMorgan Chase has stunned the financial world by disclosing trading losses of $2 billion since the beginning of April, caused by what CEO Jamie Dimon calls "errors," "sloppiness" and "bad judgment." The losses came from bad trades made by a unit that was supposed to...

Global Bank Rules 'Anti-US': JPMorgan CEO

Jamie Dimon suggests US exit Basel group

(Newser) - A new set of international banking regulations are “anti-American,” the CEO of JPMorgan Chase tells the Financial Times —so much so that the US should seriously consider quitting the regulatory group that set the rules. The Basel group’s new regulations require banks to balance risk-taking by...

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