Tag Archives: JPM Chase

Go Canadians!

Posted on February 21, 2015 by Devin Smith | 9 comments

Canadian whistleblower’s testimony leads to multi-billion dollar settlement

Article by Krysia Collyer and cross posted from globalnews.ca

For more than five years –big U.S. banks have been under scrutiny for their part in the 2007-2008 financial crisis.

JPMorgan Chase & Co. – America’s largest bank- is no different. For its part in the crash – the bank made an agreement with the U.S. Department of Justice to payout $13 billion to atone for misleading investors.

“I was completely caught off guard by the settlement,” says a former JPMorgan employee.

That’s Canadian-born, Alayne Fleischmann. She worked for JPMorgan as a transaction manager. Her job was to review and find the red flags in home loans the bank wanted to purchase from a mortgage lender.

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Posted in Cross Posting

Tagged banksters, Financial crisis, JPM Chase

Jamie Dimon: U.S. Must Create a “Safe Harbor” Where JPM’s Corruption Is Not “Punished”

Posted on October 24, 2014 by William Black | 14 comments

By William K. Black

I want to give a hat tip to a recent Wall Street Journal article that brought to my attention two damning admissions by JPMorgan’s (JPM) CEO and Chairman of the Board, Jamie Dimon. The irony is that Dimon was lulled into making these admissions because he was basking in the perfect calm created by the confluence of Sorkin’s and CNBC’s storied sycophancy at the one place on earth where elite bankers feel most loved, honored, and protected – the annual meeting of the ultra-wealthy in Davos, Switzerland. Sorkin was the only interviewer, so Dimon faced no risk of tough questions. It may well have been this perfect setting that caused Dimon to let slip the mask and reveal two illustrative sins of elite bankers reported in the WSJ article.

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Posted in William K. Black

Tagged Andrew Ross Sorkin, banksters, jamie dimon, JPM Chase

Jamie Dimon’s $10 Million Raise is a “Common Sense” Fraud Reward

Posted on February 1, 2014 by Devin Smith | 6 comments

By William K. Black

Andrew Ross Sorkin (and his “Deal Book” team at the New York Times) seemed to have built an insurmountable lead in the race to be declared the most unctuous panderer to the financial plutocrats who grew wealthy by leading the frauds that blew up our economy. As I wrote recently, Politico became my instant dark horse candidate for the Street’s sycophant-in-chief with Ben White’s fantasy that “In 2009, Washington went to war against big Wall Street banks.” I noted that the “war” consisted of the Treasury and the Fed dumping trillions of dollars on the biggest Wall Street banks and evoked Tevye in Fiddler on the Roof: “May the Lord smite me with [such a “war”]. And may I never recover!”

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Posted in William K. Black

Tagged jamie dimon, JPM, JPM Chase

Dimon Does Davos

Posted on January 24, 2014 by Devin Smith | 3 comments

By William K. Black

If, as an effort at satire, I had written the story that the New York Times’ “Deal Book” has just written about what JPMorgan’s board of directors has just actually done, people would have dismissed my piece as absurdly over the top. The board has decided to increase Jamie Dimon’s compensation substantially. The reason the board gives (in leaks to Deal Book) must have resonated with Deal Book because it is the theme song that Deal Book has been singing for months, another “‘somebody done Dimon wrong’ song.”

Recall that the title of Andrew Ross Sorkin’s country-western lament was that Dimon was the victim of “bloodlust” because Dennis Kelleher, the head of the NGO “Better Markets,” believed that Dimon should be fired for poor performance.

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