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JPMorgan (JPM +5.4%) CIO Risk Manager Irvin Goldman has resigned in response to major trading...
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Friday, July 13, 2012, 2:32 PM ETJPMorgan (JPM +5.4%) CIO Risk Manager Irvin Goldman has resigned in response to major trading losses and a criminal investigation. Bank stocks continue to shoot higher (XLF +2.4%), as the Street gives a thumbs-up to JPMorgan and Wells Fargo's (WFC +3.1%) Q2 reports (I, II). (more on JPM)
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wonderful news
Leadership is watching your subordinates resign while you chat with Senate Committees and conquer the financial world, so it seems.
No doubt that Jim Cramer will be shouting about how the financials are "looking positive" following JPM "beating" forecasts.
It is tough to find a more corrupt section of the stock market, in my opinion. They TBTF banks even get to declare upgrades and downgrades of other companies. What a scam! Don't get me started on Goldman Sachs...
Where is Jon Corzine?
By David Henry and Aruna Viswanatha
Fri Jul 13, 2012 5:55pm EDT
(Reuters) - "U.S. federal investigators are looking at whether JPMorgan Chase & Co traders hid trading losses that have since grown to $5.8 billion, according to a person familiar with the matter, after the bank said its own probe found reason for suspicion.
JPMorgan, the largest U.S. bank, said it believes it will lose at most another $1.7 billion from the bad credit trades. Problems at the group that made the bets, the Chief Investment Office, have been fixed, said Chief Executive Jamie Dimon. CIO traders had used derivatives to bet on corporate debt."
Funny how JPM reported a "$4B loss" and a few hours later it has grown to $5.8B with a possible $2B more to come.
It seems that the early reports of $9B weren't too far off. Mr. Dimon should allow outside media members run the JPM books, as their numbers have been closer to real losses.
Market Current this morning stating Jamie Dimon does not have a grasp on how internal controls (there is poem in this somewhere) have failed him and JPM.
I expect to see more resigninations. These "team players" are taking the heat off Mr. Dimon and getting wonderful going away packages, I am sure.
Goldman Sachs has "the best and the birghtest on Wall Street" while JPM has Jamie Dimon. Not sure which company to draft in:
Financial Fantasy-Who Will Break More Laws and Lose More Investor Money
Where is Jon Corzine?