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Street Without Joy

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Tag: Jpmorgan Chase


The Last Gasp of Climate Change Liberals

The upcoming climate change march in New York is the last gasp of conventional liberalism. The time for reform and accommodation has ended. We will build a radical movement or be extinguished in a climate inferno. 

Posted on Aug 31, 2014 READ MORE



America’s Most Hated Banks

In a list of major banks reviled by Americans in order of volume of complaints, Bank of America takes first place, followed by Wells Fargo, JPMorgan Chase and Citibank.

Posted on Aug 1, 2014 READ MORE



JStone / Shutterstock.com

L.A. Sues America’s Biggest Bank Alleging Predatory Lending

On Friday, the city of Los Angeles filed a lawsuit against JPMorgan Chase accusing it of pushing minority borrowers to take on risky home loans that would ultimately cost the city at least $1.7 billion in lost revenue and maintenance.

Posted on Jun 2, 2014 READ MORE



The Global Banking Game Is Rigged, and the FDIC Is Suing

Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps. And the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it.

Posted on Apr 13, 2014 READ MORE



Top Chinese JPMorgan Exec Leaving Amid Probe

One of JPMorgan Chase’s top Chinese executives will resign, according to a bank memo, as regulators probe whether the financial giant violated anti-bribery laws in Asia.

Posted on Mar 25, 2014 READ MORE



The Inevitability of Income Inequality

Inequality is endemic to the core structure of an America that operates more as a plutocracy than a democracy. It is an inherent result of the consolidation of a substantial amount of both financial power and political influence in the hands of a few families.

Posted on Mar 11, 2014 READ MORE



The Stone That Brings Down Goliath? Richmond and Eminent Domain

Gayle McLaughlin, the bold mayor of Richmond, California, has gone where no woman dared go before, threatening to take underwater mortgages by eminent domain from Wall Street banks and renegotiate them on behalf of beleaguered homeowners.

Posted on Mar 3, 2014 READ MORE



Enough Is Enough: Fraud-Ridden Banks Are Not L.A.’s Only Option

JPMorgan Chase has been involved in more than a dozen felonies. Why are we still doing business with it?

Posted on Jan 30, 2014 READ MORE



PaulSteinJC (CC BY-SA 2.0)

Truthdigger of the Week: Reverend Billy

The leader of the Church of Stop Shopping faces a year in prison for a 15-minute musical protest he and his choir staged in a Chase Bank in Manhattan in September.

Posted on Nov 30, 2013 READ MORE



Fortune Live Media (CC BY-ND 2.0)

Is JPMorgan Chase About to Buy Its Way Out of Another Prosecution?

On the heels of an anticipated $13 billion fine to make its responsibility go away in the mortgage meltdown, the storied bank reportedly is in talks for a “deferred prosecution agreement” over its handling of some of Bernie Madoff’s Ponzi money. Short version: Pay a fine, and the bank avoids criminal charges. So in addition to being “too big to fail,” now we have “too big to be guilty.”

Posted on Oct 24, 2013 READ MORE



Damian Gadal (CC BY 2.0)

JPMorgan Chase on Verge of $13 Billion Deal on Bad Mortgages

The U.S. Justice Department and the mega-bank have struck a tentative $13 billion deal to settle investigations into bad mortgage loans JPMorgan sold to investors in the lead-up to the financial crisis, a person close to the talks said Saturday.

Posted on Oct 20, 2013 READ MORE



Saint Huck (CC BY-NC 2.0)

Government’s Keeping the Student-Debt Crisis Alive and Well

Just because JPMorgan Chase will no longer offer student loans doesn’t mean the student debt bubble will burst any time soon, if ever. We have none other than the U.S. government to thank for that.

Posted on Sep 7, 2013 READ MORE



KJGarbutt (CC BY-ND 2.0)

U.S. Considering Arrests in ‘London Whale’ Case

U.S. authorities may arrest two former JPMorgan Chase employees in connection with their alleged role in hiding $6.2 billion in losses in what became known as the “London Whale” scandal, two people familiar with the situation say.

Posted on Aug 10, 2013 READ MORE



Fortune Live Media (CC BY-ND 2.0)

JPMorgan Chase Examined for Mortgage Wrongdoing

In a quarterly regulatory filing Wednesday, the nation’s biggest bank revealed that it faces a criminal and civil investigation into “whether it sold shoddy mortgage securities to investors in the run-up to the financial crisis” between 2005 and 2007.

Posted on Aug 8, 2013 READ MORE



Kheel Center, Cornell University (CC BY 2.0)

Recurring Nightmares? Wake Up and Take Action

The weekly news is like a recurring bad dream that is becoming an even worse nightmare. While the investor class cheers a rising stock market, the rest of us sink. The headline that jumped out at us this week came from Bloomberg News: “CEO Pay 1,795-to-1 Multiple of Wages Skirts U.S. Law.”

Posted on May 17, 2013 READ MORE



peasap (CC BY 2.0)

More Than $100 Billion in Subsidies for Too Big to Fail Banks

A Bloomberg Markets magazine study estimates that dirt-cheap borrowing programs and other benefits have saved the nation’s six largest banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley—$102 billion since 2009.

Posted on May 10, 2013 READ MORE


Bill Moyers Has a Problem With Obama’s SEC Nominee

The broadcaster points out that President Obama, just like George W. Bush, is pushing his nominees through the revolving door between regulatory agencies and the banks they’re supposed to oversee.

Posted on Mar 12, 2013 READ MORE



Flickr/Thomas Hawk

Big Banks Have Found Another Way to Rip You Off

Meet the major banks’ newest partner: payday lenders, the owners of those check cashing stores that offer short-term loans with interest rates that sometimes exceed 500 percent.

Posted on Feb 24, 2013 READ MORE



Bachmann Accused of FEC Violations, Fox News Hires Kucinich, and More

A look at the day’s political happenings, including Jamie Dimon’s “punishment” for a massive trading loss and Jimmy Kimmel spoofs the gun control debate.

Posted on Jan 16, 2013 READ MORE



hans.gerwitz (CC BY-SA 2.0)

Inside the Sham Foreclosure Review Process

Companies hired to spot wrongful foreclosures made more than $1 billion in a review process that was ultimately scuttled. Meanwhile, banks prepare to divide a $3.3 billion settlement between nearly 4 million borrowers without identifying who needs the money most.

Posted on Jan 11, 2013 READ MORE



Screenshot

Giffords Aide Wins, Jamie Dimon Testifies and More

A look at the day’s political events, including the Arizona special election winner, JPMogran Chase CEO Jamie Dimon heckled and Sheldon Adelson’s latest multimillion-dollar donation.

Posted on Jun 13, 2012 READ MORE



AP/Mark Lennihan

Obama Can’t Knock the Hustle

How did we end up with such smart scoundrels? Even after it was known that Jamie Dimon’s bank blew more than $2 billion, Barack Obama still had praise for the intellect of his political backer.

Posted on May 17, 2012 READ MORE


Paul Volcker and His Rule

JPMorgan Chase CEO Jamie Dimon may be less concerned with the actual $2 billion his bank lost than the credence it lends to calls for tougher regulation.

Posted on May 16, 2012 READ MORE


‘Left, Right & Center’: Gay Marriage: State or Civil Right?

President Obama says he thinks gay marriage should be legal, but isn’t looking to legislate. JPMorgan Chase, the “best of the banks,” loses a $2 billion bet and reignites the debate over bank regulation. The French election has austerity hawks worrying about a resocialized euro, and Indiana Sen. Richard Lugar’s primary loss could usher in a new era of ideological warfare.

Posted on May 12, 2012 READ MORE



Jon Wade (CC-BY)

Citigroup and 3 Other Banks Can’t Take the Stress

Despite hefty bailouts and infinitesimal interest rates, Citi, Ally Financial, MetLife and SunTrust were not able to pass the latest round of stress tests designed and measured by the Federal Reserve.

Posted on Mar 13, 2012 READ MORE



AP / Susan Walsh

Will Mortgage Settlement Avoid Repeating Obama’s Foreclosure Failures?

On Feb. 9, administration officials stood alongside state attorneys general to announce a $25 billion mortgage settlement reminiscent of deal made three Februarys ago. Three years later, that program is widely considered a failure.

Posted on Feb 11, 2012 READ MORE


Paulson Congress
AP / Lauren Victoria Burke

Paulson Tipped Hedge Funds About Market Meltdown

Back in July of 2008, when most of us were still blissfully ignorant about the approaching economic apocalypse, then-Treasury Secretary Henry Paulson was very aware of some important market distress signals, and he chose to share some of those with an elite group of financial executives, Bloomberg reported Tuesday.

Posted on Nov 29, 2011 READ MORE



Flickr / woodleywonderworks (CC-BY)

Government Lawsuits Against Big Banks Are a Go

Federal regulators filed lawsuits against 17 financial institutions Friday afternoon for allegedly misrepresenting the poor quality of mortgage securities they sold to Fannie Mae and Freddie Mac at the height of the housing bubble. (more)

Posted on Sep 3, 2011 READ MORE



Flickr / respres (CC-BY)

U.S. Agency Set to Sue Big Banks on Mortgage Deals

The Federal Housing Finance Agency is set to file lawsuits against more than a dozen big banks for allegedly misrepresenting the quality of mortgage securities they were assembling and peddling at the height of the housing bubble. (more)

Posted on Sep 2, 2011 READ MORE


Madoff pleads guilty
AP / Louis Lanzano

JPMorgan Chase Execs Doubted Madoff Before the Fall

It appears that some higher-ups at JPMorgan Chase were on to fraudster Bernie Madoff nearly two years before the catastrophic implosion of his Ponzi scheme, but said execs didn’t take this knowledge as reason enough to stop doing business with him.

Posted on Feb 3, 2011 READ MORE



White House / Chuck Kennedy

Hogwash, Mr. President

What is the state of the union? You certainly couldn’t tell from that platitudinous hogwash that the president dished out.

Posted on Jan 26, 2011 READ MORE



Flickr / John Lewis (CC-BY)

Obama’s New Chief of Staff Makes $8.3 Million From Wall Street Gig

In preparation for his new White House job, William Daley sold $8.3 million of JPMorgan Chase stock. Thanks to government regulations, Daley can postpone paying the capital gains on that haul until he leaves public life, which, given how fast the door between Obama’s White House and Wall Street spins, shouldn’t be too long.

Posted on Jan 20, 2011 READ MORE



AP / Charles Dharapak

Obama Pulls a Clinton

Here we go again. When Bill Clinton suffered an electoral reversal after his first two years in office, he abruptly embraced the corporate money guys who had financed his congressional opposition in an effort to purchase a second term.

Posted on Jan 19, 2011 READ MORE



AP / Carolyn Kaster

Perps in the White House

While it is widely recognized that the banking meltdown has left enormous economic pain and political upheaval in its wake, it is amazing that the folks who created this mess are rewarded with ever more important positions in our government.

Posted on Jan 12, 2011 READ MORE



YouTube

Daley Tapped to Be Obama’s Chief of Staff

For his next act, President Obama has made a replacement for former Chief of Staff Rahm Emanuel appear, and it’s none other than William Daley, another member of Chicago’s Daley political dynasty—and one with close ties to Wall Street.

Posted on Jan 6, 2011 READ MORE



Flickr / TheTruthAbout (CC-BY)

Gag Me With a Banker

Having learned nothing from his midterm drubbing, President Obama is reportedly considering making JPMorgan Chase executive William Daley his chief of staff. Because what this administration needs is more sympathy for the hooligans on Wall Street.

Posted on Jan 4, 2011 READ MORE



AP / Paul Sakuma

Invasion of the Robot Home Snatchers

How do you foreclose on a home when you can’t figure out who owns it because the original mortgage is part of a derivatives package that has been sliced and diced so many ways that its legal ownership is often unrecognizable?

Posted on Oct 12, 2010 READ MORE


Foreclosure
Flickr / respres

No Moratorium on Foreclosures

The Obama administration isn’t ready to help homeowners stay in their homes by imposing a moratorium on repossessions, even though some banks are stopping foreclosures and resales of foreclosed homes and concerns about mortgage fraud are growing. 

Posted on Oct 12, 2010 READ MORE



Flickr / John Lewis (CC-BY)

Too Big to Fail, Except Online

JPMorgan Chase is America’s second biggest bank, further fattened from gobbling up the carcasses of Bear Stearns and Washington Mutual, so it stands to reason that millions of Americans have been inconvenienced by the inexplicable meltdown of the company’s website.

Posted on Sep 15, 2010 READ MORE


Kohn
Wikimedia Commons / Federal Reserve

Fed’s Second in Command to Step Down

The Federal Reserve’s vice chairman, Donald L. Kohn, is ready to leave the building. Providing what could be a substantial opportunity for the Obama administration to change the central bank’s course, Kohn announced Monday that he’ll retire June 23, the official end date of his four-year term at the Fed.

Posted on Mar 1, 2010 READ MORE



AP / Petros Giannakouris

It’s Greek to Goldman Sachs

“What is this Goldman Sachs and why has it caused us so much grief?” is a question they must be asking in even the most remote of Greek villages, as they are throughout much of this economically troubled world.

Posted on Feb 17, 2010 READ MORE


Wall Street
Wikimedia Commons / Martin St.-Amant

Wall Street Fat Cats Revolt, Send Money to GOP

In case it wasn’t made perfectly clear in recent months how the American political system actually operates on its uppermost levels, here we have an object lesson to consider: Upset by the notion that the Obama administration might be working on regulating the financial industry next, some of Wall Street’s bigwigs are now focusing their funding efforts on the GOP.

Posted on Feb 8, 2010 READ MORE



about.com

TARP Turns Its Attention to Small Banks

The government-run TARP program is preparing to shift its focus from large banks—such as Citigroup, JPMorgan Chase and Bank of America—to smaller banks, noting that small businesses are still struggling to get access to credit.

Posted on Oct 23, 2009 READ MORE


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