Users Online Now:
GLP Poker Rooms
Donate To GLP
Back to Forum
Back to Thread
REPLY TO THREAD
THE ECONOMY & YOU # (Daily Updated Videos & Articles)
Ms Sans Serif
In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:RoXY:MV8xNTc4NDI2XzMyMjc5MzYyXzZGRUZDNDdB] [b]JPMorgan scandal: The tip of the iceberg[/b] by Andre Damon and Barry Grey July 17, 2012 [i]JPMorgan Chase, the biggest US bank by assets, announced Friday that the trading loss from derivatives bets made by its Chief Investment Office (CIO) had reached $5.8 billion, nearly three times the amount the company had revealed in May. It added that the bad bets could result in an additional $1.7 billion in losses over the rest of the year.[/i] In its second quarter filing with the Securities and Exchange Commission (SEC), the bank admitted that it had failed to report $459 million in losses from the trades in its first quarter report, released April 13. CEO Jamie Dimon and other top executives attempted to lay the blame on “certain individuals” who “may have been seeking to avoid showing the full amount of the losses being incurred in the portfolio during the first quarter” — an allusion to several traders in the London office of the bank’s CIO who have since been forced out of the firm. Bloomberg News reported that this explanation seemed implausible to former JPMorgan executives it interviewed, who said the company had mechanisms in place to make sure traders could not simply hide their losses. In fact, JPMorgan’s report to the SEC on Friday indicates that the bank recorded a $718 million loss from the London trades on its internal accounts, but did not report the loss in its first quarter earnings statement. In other words, JPMorgan deliberately falsified its first quarter report to the SEC in order to conceal its massive gambling losses. This is a crime — a violation of banking laws for which Dimon, as the CEO, is responsible. That Dimon was involved in a cover-up is underscored by the proof contained in Friday’s report to the SEC that he was already aware his bank had lost hundreds of millions if not billions when he told a conference call in April that reports of major losses by the bank’s CIO were “a tempest in a teapot.” The trading loss debacle is only one of many scandals engulfing JPMorgan Chase. [b]CONTINUE: http://globalresearch.ca/index.php?context=va&aid=31951[/b] [/quote]
Economic Armageddon and You
Wondering about the American economy? This animated video explains inflation, stagflation, recession and more, all in 5 minutes.
NB: UPDATES AT LAST PAGE
Pictures (click to insert)
Big Round Smilies
Aliens and Space
Friendship & Love
Misc Small Smilies
View All Categories
Next Page >>
Facebook Adds 'Satire' Tag to Fake News
Is California drought Setting the Stage for wave of earthquakes?
Volcanic Island in Japan may collapse and create Tsunami
Amnesty International Takes ‘Unprecedented’ Step in Sending Delegation to Ferguson
Boston Police Used Facial Recognition Software To Grab Photos Of Every Person Attending Local Music Festivals
‘Negro Spring’: Shots fired at police, media arrested, Nelly visits Ferguson (Photos, Videos)
Spy Tech "Stress Camera" Scans Crowds For Suicide Bombers
Early Use of Antibiotics Alters Immunity Later On
The Secret Science Boards of TED And The Question of Consciousness
How Various Law Enforcement Agencies Could Hack Your Computer Via YouTube Videos
AVERAGE PRICE OF GROUND BEEF HITS ALL-TIME HIGH
DOJ, COMMUNISTS, NEW BLACK PANTHERS HIJACK FERGUSON PROTESTS
How Much is $100 Really Worth in Your State? This Map Will Show You
GLPVC TheRawFeedLive - Wed Aug 27th 9pm est **Special Show** The Band "MADCO"
Hospital network hacked, 4.5 million records stolen – PA Included!
Eye Witness Audio of Mike Brown Shooting States: “Brown Doubled Back Toward POlice”
Woman Discovers Her Husband Is Married To Three Other Women After Finding Wedding Photos On Facebook
UFO caught by news crew in forest-fire coverage Startling phenomenon appears in TV footage
Actor Joe Piscopo is Leaving the Democrat Party because it has simply become too extreme.
Hidden Before Your Very Eyes. Don’t Underestimate The Creativity Of The Government
63% of Americans Actively Avoid Soda
A List Of Millions Of Americans That Will Be Subject To Detention During Martial Law
Your Smart Meter Knows What Shows You Watch On TV
Is Ferguson, Missouri A Preview Of What Is Coming To America?
Big Earthquake Looms for Chile
Disclaimer / Copyright Info
with questions or comments about this site.
"Godlike Productions" & "GLP" are registered trademarks of Zero Point Ltd.
Website Design Copyright © 1999 - 2014 Godlikeproductions.com
Page generated in 0.006s (12 queries)