Josh Rosner has done a yeoman’s job looking closely at JPM’s finances, regulatory violations, and trading losses. I found much of what he wrote surprising.
In particular, I was surprised to learn that JPM:
-Had many similar anti money laundering laws violations as HSBC;
-Failed to Segregated Accounts ala MF Global
-Engaged in Risky trading behavior that cost them over $8B
-Demanded that the FDIC cover WAMU’s losses despite their purchase of them;
-Paid more than $8.5 billion in regulatory and legal settlements –almost 12% of 2009-12 net income!
Prior installments are here:
Intro Poor Risk Controls
part 2: JPM wants FDIC (read taxpayer)to cover WaMu’s mortgage losses
part 3 Segregated Accounts
part 4 London Whale
part 5 (tonite)
Complete Report PDF (Friday am)
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.