Chase on Gov’s sh*t list
It seems that JP Morgan Chase has gone from government darling to heavy regulatory scrutiny since the London Whale incident, as this article from the Wall Street Journal shows (J.P Morgan Under Regulatory Fire, WSJ 5/3/13).
Burned customers have known for years that Chase isn’t the prim and proper corporate citizen it claims to be (just read this blog for many many infractions against customers). Among the concerns:
Regulators also presented Mr. Dimon and the board with an annual report card that was critical of compliance, audit and risk …
That covers pretty much everything an investment bank does. Some of the specifics they are accused of are:
The Federal Energy Regulatory Commission has served J.P. Morgan with a Wells notice accusing the bank of misrepresenting prices of electricity contracts with California and Michigan that resulted in over payments. It also alleges commodities chief Blythe Masters and three other traders had false representations under oath about trading schemes and the strategies behind the schemes.
Regulators are also examining whether customers were charged for services but didn’t receive the actual benefit and whether the bank provided adequate warnings about the fraud of Bernard Madoff, said people familiar with the bank’s discussions with regulators. J.P. Morgan and the OCC declined to comment.
Some good news for Chase customers as regulators appear poised to increase scrutiny of Chase’s consumer banking:
Regulators are making it harder for J.P. Morgan to enter new markets or introduce new products, and they are preparing to hit the bank with more enforcement actions highlighting past missteps in the bank’s consumer operations.
It seems that Chase has irked regulators by blowing them off in the past.
Regulators emphasized their lack of trust in management and their view that past guidance had not been heeded.
Oops!
Legal & regulatory | admin May 3, 2013
By Double-Dipping Dimon, May 11, 2013 @ 9:53 am
Jamie “Demon” Dimon is double-dipping, as he is both CEO and on the Board of Directors whose decisions have direct influence on his own financial compensation. It’s complete and utter bullshit. He needs to be demoted or, better yet, kicked out of JPMC.
And if that wasn’t enough, JPMorgan Chase is now dabbling in ENERGY which has resulted in California is suing JPMC over their recent involvement / manipulation in Energy costs.
http://marketdailynews.com/2013/05/07/5-biggest-scandals-at-jpmorgan-chase-co-jpm/
By Double-Dipping Dimon, May 11, 2013 @ 9:56 am
Breaking Bullshit News
JPMorgan directors defend Jamie DEMON Dimon
Lee Raymond, the leading independent director at JPMorgan Chase, warned shareholders against a “disruptive” vote to strip Jamie Dimon of his chairmanship in a robust letter ahead of a crucial annual meeting in two weeks.
It was the first public intervention from Mr Raymond during a tumultuous period at the bank, with investor advisory groups calling for Mr Dimon to lose his role as chairman, in part because of the “London Whale” trading fiasco.
http://link.ft.com/r/6NPSBB/GYUCV8/BAHZO/B52LAG/LSVUAE/E4/h?a1=2013&a2=5&a3=10
By admin, May 11, 2013 @ 12:31 pm
I had to laugh the other day when I came across a Marketplace podcast from last year titled something like Warren Buffet talks about Jamie Dimon as Treasury Secretary. Hard to believe he was even considered for the position. How the mighty have fallen … good to see.
By JPMoreGain, May 13, 2013 @ 6:47 pm
It will be an interesting 2013 Annual Shareholders Meeting where Jamie will once again visit the Tampa Florida campus on Highland Manor Drive 33610
By Jay Pemsee, May 13, 2013 @ 10:17 pm
Jamie will once again be at the Highland Manor Drive JPMC Tampa campus for their 2013 Annual Shareholders Meeting. In 2012, they had snipers on the roof, since it was shortly after the London incident. A year later and Jamie’s in even deeper shit.