Scandal-tainted megabank JPMorgan Chase is losing legal ground in the wake of its multi-year crime wave. But in the wake of its tentative $13 billion settlement with the federal government, it may be on the verge of winning at least one battle -- in the court of public opinion.
Big bank executives are finally starting to sweat. Having gotten away for many years with relatively tiny, slap-on-the-wrist fines where they got exemption from any future legal action, a big $13 billion fine with no criminal side settlement is a different ballgame entirely.
I'll stick to a simple rule of thumb. If someone won't put a questionable instruction in writing and there are no clear policies or guidelines to support that instruction, then I'll let my moral compass guide me.
The few companies with robust capacities for leveraging their reputational strategy share a common DNA. Every decision is made through a prism and reflects the concerns of the stakeholders who provide it with its sustenance and success.
The perception is that trust has been abused. Reputation has been damaged. And now, if the bank can get this behind them, there is the opportunity to start down the long road and rebuild trust and reputation.
The shutdown is the story of the moment. But there are also other real things going on in the real world that have huge consequences for, yes, real people -- and the media shouldn't ignore those other stories.
There is no amount of money, fines, settlements or payments that is commensurate with the hardship that the arrogance, unethical and fast dealing behaviors of banks and their leaders have caused.
Is $4 billion in taxpayer money better spent subsidizing JPMorgan's alleged criminal activity or funding the federal agency charged with defending consumers from dangerous financial products?
Rampant, unregulated Wall Street speculation by taxpayer-backed too-dangerous-to-fail megabanks must not be allowed to wreck another market and inflict more pain on Main Street.
I've been a fierce critic of Wall Street and especially the Wall Street bailouts. If you study my writing over the years, there is one bank that get...
The Obama Administration is transporting Wall Street logic into higher education by proposing to measure the value of a college by the earnings of its graduates. This conceptual coup may be the best news for Wall Street since the abolition of Glass-Steagall.
As if one were needed, the news that JP Morgan Chase & Co. has been embroiled in yet another banking scandal is a reminder that the world of finance long ago hocked its cracked and dented moral compass to the pawnbroker.
Surprisingly, a few days later Warren Buffett made the same observation. He said "the Fed is the greatest hedge fund in history." For Warren, this is great. He is on the receiving end of the biggest transfer of wealth in history from workers and savers to borrowers and speculators.
It's a serious matter to demonstrate lack of good faith in statements to investors and to the public. It's particularly cavalier five years after the United States bailed out TBTF banks with hundreds of billions in cash and trillions in ongoing subsidies, guarantees, and funding.
Why are we not surprised that Obama has done nothing to break up the too-big-to-fail banks, the biggest now being Dimon's? Don't be fooled by the occasional fines; the banks have used the interest-free money to grow ever larger and more unaccountable in their behavior.
Jamie Dimon still has an annual salary of $1.5 million in cash and $10 million in stock. He still has the confidence and respect of people who matter. Not people like me.