JPMorgan (JPM +5.4%) CIO Risk Manager Irvin Goldman has resigned in response to major trading...


JPMorgan (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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Comments (9)
  • montanamark
    , contributor
    Comments (1456) | Send Message
     
    LOL cnbc screaming this is a turning point for banks
    wonderful news
    13 Jul 2012, 02:43 PM Reply Like
  • montanamark
    , contributor
    Comments (1456) | Send Message
     
    other banks studying right now how to emulate JP
    13 Jul 2012, 02:44 PM Reply Like
  • Whitehawk
    , contributor
    Comments (3121) | Send Message
     
    The article to the right on PFGBest calls for traders to short all financials on rampant fraud........
    13 Jul 2012, 02:50 PM Reply Like
  • WMARKW
    , contributor
    Comments (10803) | Send Message
     
    Hey.....naked shorting of JPM. Wouldn't that be a "turn about is fair play" for them. BTW....is there still a law in effect about shorting certain financial stocks (as there was during the financial crisis)?
    13 Jul 2012, 03:21 PM Reply Like
  • deercreekvols
    , contributor
    Comments (9717) | Send Message
     
    JPM's CIO "takes one for the team." When does the "Uber-Intelligent" Jamie Dimon do the same thing?

     

    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?
    13 Jul 2012, 04:34 PM Reply Like
  • casselp_2000
    , contributor
    Comments (96) | Send Message
     
    Any smaller bank would get hosed- let's see some parity here.
    13 Jul 2012, 05:00 PM Reply Like
  • WMARKW
    , contributor
    Comments (10803) | Send Message
     
    Seems like this is a moving target:

     

    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."
    13 Jul 2012, 06:34 PM Reply Like
  • deercreekvols
    , contributor
    Comments (9717) | Send Message
     
    I saw the same numbers in another article on Bloomberg.

     

    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?
    14 Jul 2012, 08:47 AM Reply Like
  • WMARKW
    , contributor
    Comments (10803) | Send Message
     
    For some reason I hear the Brady Bunch tune jingling in my head?
    14 Jul 2012, 11:56 PM Reply Like
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