JPMorgan Chase stands accused of essentially funneling funds to Wen Jiabao's only daughter to win business in China, bringing a federal probe. Yet the takeaway here merely reinforces a truth that has long been evident to those paying attention to the pungent interplay of money and power in China: Despite the prattling of global business leaders that their presence in China is a wholesome boon to justice and right, they have frequently enriched themselves by engaging in the very dirty doings they claim to disdain.
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...
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.
Hamlet was notoriously indecisive. He wasn't sure whether it was best to live or die, but lots of people waffle about lesser issues. One of them is w...
There are simply too many questions about the ethics of this bank and its CEO to be ignored anymore. At the very least, a major house cleaning should be on the agenda to move forward.
Given the excesses of today's banking institutions, Wall Street and the crony capitalism that is swallowing American initiative and the American dream, the following is a clarion call to our governing class to take heed and to answer the call.
Amazon, PayPal and the other disruptive businesses started by our new Heroic Capitalists were birthed by the ability and willingness of venture firms -- not traditional banks -- to see their vision and invest behind it.
Hello Congress, Federal Reserve, Commodities Futures Trading Commission, Federal Trade Commission, Department of Justice, 1600 Pennsylvania Avenue, is anybody listening? Or do the Big Boys just get to play while we pay and pay!?
Commodity market manipulation is fundamentally different and far more dangerous than the garden-variety manipulation of financial markets such as in single stock pump and dump schemes, or even the brazen manipulation of LIBOR. Nobody eats LIBOR.
Did the London Whale revelations result in protections for bank customers -- and their federal insurers -- from this kind of gambling?
Perhaps the greatest success of the bank lobby has been its success in pitting the right and the left against each other to undermine a broader understanding that the status quo is neither in the public interest nor necessary for an effective financial system.
Unless Americans step up the way Cypriots did and demand real regulation, as well as send the message that they don't trust Wall Street by moving their money to community banks and credit unions, they can bank on being bilked. Again.
JP Morgan has finally, finally been brought up to account in the congressional hearings yesterday. Senators Levin and McCain could barely contain their disdain and outrage suffering the self-serving and evasive responses to their incisive and deeply prepared questioning.
That regulators condone the continued use of VAR models and get pushed around on tougher capital and liquidity limits can only mean one thing: they have concluded that it's simply too dangerous to the system to reveal that the emperor has no clothes.
Banks today have become self-serving profit machines whose primary goals are misaligned with our nation's larger interests, and are a far cry from the friendly neighborhood institutions that once made the American dream possible.
In case you were looking for it, here's the link to JPMorgan Chase's report on the London Whale trading debacle.