JPMorgan Chase

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Big Banks Decide Against Debit Card Fees

Chase, Citigroup not following Bank of America's lead

(Newser) - It looks like many of the big banks are backing down from threats to raise debit card fees , reports the Wall Street Journal . After Bank of America was pounded over its decision to slap debit card users with a $5 monthly fee , JP Morgan Chase, US Bancorp, Citigroup, PNC Financial...

Tony Blair Lobbied Gadhafi for JP Morgan: Telegraph

Monster or treasure trove?

(Newser) - Villain-of-the-hour Moammar Gadhafi apparently wasn't too much of a monster for at least one US investment bank. The Telegraph is reporting that former PM Tony Blair lobbied Gadhafi and his family for business on behalf of JP Morgan. Blair was one of three "prominent Western businessmen," including...

Global Bank Rules 'Anti-US': JPMorgan CEO

Jamie Dimon suggests US exit Basel group

(Newser) - A new set of international banking regulations are “anti-American,” the CEO of JPMorgan Chase tells the Financial Times —so much so that the US should seriously consider quitting the regulatory group that set the rules. The Basel group’s new regulations require banks to balance risk-taking by...

States Offer Banks Immunity From Mortgage Lawsuits

In exchange for up to $25B payoff

(Newser) - State prosecutors are offering big banks an expensive Get Out of Lawsuits Free card. Prosecutors have offered a variety of banks caught up in the “robosigning” scandal immunity from some litigation in exchange for a total of $10 billion to $25 billion in penalties, the Financial Times reports. Some...

Feds Poised to Sue Banks Over Mortgages


 Feds Sue 
 Big Banks 
 Over Mortgages 
UPDATED
Sep 2, 2011 4:18 PM CDT

Feds Sue Big Banks Over Mortgages

US accuses them of dodging due diligence as crisis fallout spreads

(Newser) - The Federal Housing Finance Agency—the agency behind Fannie Mae and Freddy Mac—has filed suit against more than a dozen big banks for their role in the mortgage meltdown mess. The feds, seeking billions in compensation, accuse the banks of misrepresenting the quality of mortgage securities, reports the New ...

Ex-Citigroup VP Charged With Embezzling $19.2M

He allegedly stole more than $19M

(Newser) - Former Citigroup vice president Gary Foster has been charged with embezzling more than $19 million from the company. Foster, 35, was nabbed yesterday at JFK airport in New York, after arriving on a flight from Bangkok, Reuters reports. Prosecutors say that between May 2009 and December 2010, Foster funneled the...

JP Morgan Coughs Up $153M to Settle Fraud Case

Investors misled about shoddy securities

(Newser) - JP Morgan has paid $153.6 million to settle SEC charges that it misled investors as it scrambled to offload mortgage-backed securities before the 2007 collapse in the housing market, reports Reuters . " We are soooo pregnant with this deal," wrote an exec in a 2007 email, referring to...

Banks Duped Credit Unions Into Deadly Bonds: Feds

JP Morgan, Royal Bank knew investments were risky: suits

(Newser) - In one of the most aggressive such actions to date, the feds are suing two financial institutions for talking credit unions into bad-risk bonds that ended up destroying the companies. JP Morgan Chase and the Royal Bank of Scotland talked five credit unions into investing in $3 billion in mortgage...

Gadhafi Stashed Cash on Wall Street

Deals appear to have been legal

(Newser) - Moammar Gadhafi has a hefty chunk of Libya's money parked right here on Wall Street. The advocacy group Global Witness has released a document revealing that Libya’s sovereign wealth fund has invested $53 billion with help from Goldman Sachs, JP Morgan, HSBC, and European bank Société Gé...

Big Banks Try to Steal PayPal's Thunder

Google meanwhile to let you pay with swipe of the phone

(Newser) - Big changes could be afoot in the way Americans pay for stuff. Bank of America, JPMorgan Chase, and Wells Fargo are introducing a new service that will let customers easily transfer money from their checking account to someone else’s, the Wall Street Journal reports. The banks are hoping the...

Audits: Top Mortgage Firms Defrauded Taxpayers

Confidential reports could lead to prosecutions

(Newser) - A set of confidential audits could lead to fraud prosecutions for five of America’s biggest mortgage lenders, officials briefed on the documents tell the Huffington Post . The scathing documents accuse Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial of defrauding taxpayers by making false claims about...

Banks to Pay SEC for Financial Crisis Fraud

They're near deal to settle allegations on mortgage-bond deals

(Newser) - A number of top Wall Street banks are on the verge of settling fraud allegations with the SEC for the mortgage-bond shenanigans that led to the financial crisis, sources tell the Wall Street Journal . The cases are being handled individually, since each bank faces substantially different charges, with the first...

JPMorgan CEO Gets 1500% Raise

Plus, see what other CEOs made in 2010

(Newser) - Jamie Dimon had a pretty decent year: The JPMorgan CEO, who steered his bank through Wall Street's meltdown and saw it emerge as arguably the healthiest US bank, took home $20.8 million last year. That's up roughly 1500% over his $1.3 million compensation package the year before, notes...

JPMorgan Eyeing Twitter Stake
 JPMorgan Eyeing Twitter Stake 
Feb 28, 2011 5:49 AM CST

JPMorgan Eyeing Twitter Stake

New $1.2B fund targeting social media

(Newser) - Investment giant JP Morgan is seeking to snap up a slice of Twitter, insiders tell the Wall Street Journal . The firm's new $1.2 billion Digital Growth Fund is in talks to acquire a minority stake in the microblogging site in a deal that would value Twitter at around $4....

Trustee: JPMorgan Knew of Madoff's Ponzi Scheme

Lawsuit: Bank had warnings for years

(Newser) - Newly revealed court documents in the Bernie Madoff case show that JPMorgan Chase had serious doubts about the con man's investments more than a year before the bottom fell out—but kept right on letting him move billions in investor cash through his accounts, reports the New York Times . Consider...

Did Bankers Go to Jail for Causing Great Depression?

No, although a couple were charged and some were embarrassed

(Newser) - The government could soon prosecute a few Wall Streeters who allegedly played a role in the financial crisis, and the commission that uncovered those at fault was modeled on a similar probe after the Great Depression. So did anyone who precipitated that collapse ever go to jail? Nope, writes Brian...

Banks Expected to Dole Out Dividends Again

Rising profits should lead to 'milestone' soon: Analysts

(Newser) - America’s top banks are expected to report yet another quarter of profits, putting them in prime position to start paying dividends again, analysts tell the New York Times . JPMorgan got things rolling today by reporting a 47% increase in profits, notes the Wall Street Journal . It will be followed...

Obama Eyes William Daley as Rahm Replacement

The JPMorgan Chase exec has pro-business reputation

(Newser) - President Obama is considering bringing on Clinton-era Commerce Secretary William Daley as his new chief of staff, or slotting him into some other high-level White House job, sources tell the Wall Street Journal . The appointment would send a powerful message to the business world, where Daley, a champion of free...

Why JP Morgan Looks So Mean
Why JP Morgan
Looks So Mean
Jan 2, 2011 11:34 AM CST

Why JP Morgan Looks So Mean

He got ticked off at the photographer shooting it

(Newser) - The photograph that's become the defining image of 19th-century financial titan JP Morgan makes him look almost a caricature of a hard-hearted robber-baron. As Smithsonian magazine explains, part of the reason is simple: After the young photographer shot a photo of Morgan in his usual pose, he had the nerve...

Big Banks Up Their Lending to Businesses

Moody's estimates 0.2% growth in fourth quarter

(Newser) - We may be on our way to clearing one hurdle on the path to economic recovery: We're seeing the first quarterly increase in commercial and industrial lending in two years, reports the Wall Street Journal , compliments of big banks like JPMorgan Chase and US Bancorp. Moody's Analytics estimates 0.2%...

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