JP Morgan gets to write off its $13 bill fine. Thanks to Congress, homeowners don't get to write off the help it provides.
Jamie Dimon Blackmailed His Own Bank—and Won
May 22, 2013
By threatening to resign as CEO, the JPMorgan honcho gave shareholders no choice but to keep him as chairman as well.
Guerrillas in the Boardroom
May 14, 2013
Shareholder activists are getting smarter—and could soon claim their biggest scalp.
Is Italy the Next Greece?
August 09, 2011
While the United States resolved its own (manufactured) brush with default last week, global stocks have continued to slide on the more legitimate threat posed by the sorry fiscal state of several European countries. Greece was the recipient of a major euro zone bailout at the tail end of July—but concerns over its financial stability remain. Spain and Portugal are also facing serious questions, as are Ireland and Iceland.
Tim Geithner's Small Circle of Friends
October 08, 2009
Over the past 30 years Wall Street captured the thinking of official Washington, persuading policymakers on both sides of the aisle not to regulate (derivatives), to deregulate (Gramm-Leach-Bliley), to not enforce existing safety and soundness regulations (VaR), and to stand idly by while millions of consumers were misled into life-ruining financial decisions (Alan Greenspan). This was pervasive cultural capture or, to be blunter, mind control. But when the crisis broke it was not enough. Having powerful people generally on your side is not what you need when all hell breaks loose in financia
Jamie Dimon Vs. Larry Summers
July 19, 2009
Jamie Dimon has won big. JP Morgan Chase now stands alone, both in financial position and political clout--including special access to the White House and, as explained in today's NYT, Rahm Emanuel's likely attendance at his next board meeting tomorrow. Dimon's semiotics have been brilliant throughout the crisis--it wasn't his fault, he was forced to take TARP money, and--in phrasing that will make the history books--bankers should not be "vilified." But now he has a problem. Larry Summers forcefully stated Friday that high recent profit levels for big banks (i.e., JPMorgan and Goldman) are b