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JP Morgan investigation find reason to question integrity of officers. (DUH!)

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-14-12 03:27 AM
Original message
JP Morgan investigation find reason to question integrity of officers. (DUH!)
Edited on Sat Jul-14-12 03:46 AM by No Elephants
No one here is old enough to remember the days when bankers were actually respecteed. i think they may have slipped below televangelists at this point. But, we still have Congress bringing up the rear.

Speaking of which, I believe that JP Morgan CEO Dimon still holds an honored position in the Obama administration, despite the drip, drip of this saga.

Seems as though his strategy is the classic one of passing the buck down to the lowest possible level, rather than having any higher ups take responsiblity.

We've seen that before--Lynndie Englund taking almost the entire fall for Abu Ghraib, April Glasbie taking the entire fall for tell Hussein that the U.S. had no interest in what he did about the border dispute between Iraq and Kuwait and so on. Thousands of examples in government and private business, but those two are the first to leap to mind on only two sips of coffee (so far).

That's why, whatever you may think of Harry Truman for things like dropping the atom bomb, starting the Korean War and starting our monetary involvement in Vietnam, ya gotta love him for asking to have this sign made for his desk in the Oval Office.



Also for his honesty and all his great quotes.



Jul 13, 5:31 PM EDT

JPMorgan traders may have sought to conceal losses

By PALLAVI GOGOI and DANIEL WAGNER
AP Business Writers


NEW YORK (AP) -- JPMorgan Chase said Friday that its traders may have tried to conceal the losses from a soured bet that has embarrassed the bank and cost it almost $6 billion - far more than its CEO first suggested.

The bank said an internal investigation had uncovered evidence that led executives to "question the integrity" of the values, or marks, that traders assigned to their trades.

JPMorgan also said that it planned to revoke two years' worth of pay from some of the senior managers involved in the bad bet, and that it had closed the division of the bank responsible for the mistake.

"This has shaken our company to the core," CEO Jamie Dimon said.

The bank said the loss, which Dimon estimated at $2 billion when he disclosed it in May, had grown to $5.8 billion, and could grow larger than $7 billion if financial markets deteriorate severely.


http://hosted.ap.org/dynamic/stories/U/US_JPMORGAN_CHAS...

Friday news dump.
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