Ⓐnarcho Queer • Posts Tagged ‘JP Morgan’

Occupy Protestors Convince City Of Buffalo To Move Its Money From JP Morgan

The Buffalo News reports that Occupy Buffalo protesters have convinced city officials to move $45 million out of an account with JP Morgan Chase, and to transfer the money to First Niagara Financial Group.

“Not only will the funds earn more interest with First Niagara, a major local employer headquartered in Buffalo, but it also sends a crystal-clear message to JPMorgan Chase that the City of Buffalo is not happy with their business practices,” said city comptroller Mark Schroeder said.

Activists have convinced leaders of several cities and churches to move their money from the nation’s biggest banks to smaller community banks.

Source

Romney: JPMorgan’s $3 Billion Loss Is ‘The Way America Works’ Presumptive Republican presidential candidate Mitt Romney on Wednesday defended a shocking $3 billion loss on derivatives by JPMorgan Chase & Co. by saying it was just “the way America works.” “I would not rush to pass new legislation or new regulation,” Romney said during a Wednesday interview with Hot Air blogger Ed Morrissey. “This is, in the normal course of business, a large loss but certainly not one which is crippling or threatening to the institution.” “This was not a loss to the taxpayers of America; this was a loss to shareholders and owners of JPMorgan and that’s the way America works,” the former Bain Capital executive explained. “The $2 billion JPMorgan lost, someone else gained.” JPMorgan CEO Jamie Dimon announced last week that his firm had lost $2 billion gambling on derivatives, but by Wednesday, experts said the losses had surged to at least $3 billion. Source
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Romney: JPMorgan’s $3 Billion Loss Is ‘The Way America Works’

Presumptive Republican presidential candidate Mitt Romney on Wednesday defended a shocking $3 billion loss on derivatives by JPMorgan Chase & Co. by saying it was just “the way America works.”

“I would not rush to pass new legislation or new regulation,” Romney said during a Wednesday interview with Hot Air blogger Ed Morrissey. “This is, in the normal course of business, a large loss but certainly not one which is crippling or threatening to the institution.”

“This was not a loss to the taxpayers of America; this was a loss to shareholders and owners of JPMorgan and that’s the way America works,” the former Bain Capital executive explained. “The $2 billion JPMorgan lost, someone else gained.”

JPMorgan CEO Jamie Dimon announced last week that his firm had lost $2 billion gambling on derivatives, but by Wednesday, experts said the losses had surged to at least $3 billion.

Source

Source: occupyallstreets

JP Morgan Chase Closes Vatican Bank Account

shanksinatra:

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Reports Philip Pullella and Lisa Jucca on Reuters:

JP Morgan Chase is closing the Vatican bank’s account with an Italian branch of the U.S. banking giant because of concerns about a lack of transparency at the Holy See’s financial institution, Italian newspapers reported. The move is a blow to the Vatican’s drive to have its bank included in Europe’s “white list” of states that comply with international standards against tax fraud and money-laundering.

The bank, formally known as the Institute for Works of Religion (IOR), enacted major reforms last year in an attempt to get Europe’s seal of approval and put behind it scandals that have included accusations of money laundering and fraud.

Italy’s leading financial daily Il Sole 24 Ore reported at the weekend that JP Morgan Chase in Milan had told the IOR of the closing of its account in a letter on February 15. The letter said the IOR’s account in Italy’s business capital would gradually be phased out starting on March 16 and closed on March 30.

In Milan, JP Morgan Chase declined to comment and the Vatican also had no comment. It was not possible to contact IOR officials because Monday was a holiday in the Vatican. Il Sole said JP Morgan Chase informed the IOR that the account was being closed because the bank’s Milan branch felt the IOR had failed to provide sufficient information on money transfers…

Read More: Reuters

A whistleblower exposes insider trading program at JP Morgan. “A confidential memo obtained by Wikileaks shows that not only has the U.S. Securities and Exchange Commission created an insider trading loophole big enough to drive a truck through, but that Wall Street is taking full advantage of it, establishing ‘how-to’ programs and even client service divisions to help well-heeled clients circumvent insider trading regulations.” Read about the leaked documents on WikiLeaks.
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A whistleblower exposes insider trading program at JP Morgan.

“A confidential memo obtained by Wikileaks shows that not only has the U.S. Securities and Exchange Commission created an insider trading loophole big enough to drive a truck through, but that Wall Street is taking full advantage of it, establishing ‘how-to’ programs and even client service divisions to help well-heeled clients circumvent insider trading regulations.”

Read about the leaked documents on WikiLeaks.

Source: occupyallstreets

Big Bank Profile: JPMorgan Chase

Federal taxpayer bailout received:                                  $94.7 billion

Lobbying fees in 9 months after bailout:                           $4.2 million

Campaign contributions in 2008 federal elections:               $6.0 million

Profits for 1998-2008:                                                   $97.6 billion

Profits for the first half of 2009:                                      $4.86 billion

Bank fees for first half of 2009:                                       $3.45 billion

Change in bank account fees (2003-08):                          +249.5%

Percent of first half 2009 profit from fees:                          71%

Credit card income for first half of 2009:                            $3.56 billion

Median JPMorgan Chase bank teller wage:                          $10.58/hour

2008 CEO Jamie Dimon pay:                          $19.7 million (893 times teller wage)

2008 bonus pool:                                                           $8.7 billion

First half 2009 bonus and compensation pool:                      $14.5 billion

Cash bonuses (top 5 execs) last 10 years:                          $254.9 million

Effective tax rate in 2008:                                               -33.4%

Offshore subsidiaries in tax havens:                                    53

Source

Source: occupyallstreets

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