Search Results for: Jamie Dimon

Jamie Dimon Gets a Personal Call from the Prez; Seniors Get Garnished

By Pam Martens and Russ Martens: September 12, 2014 Sometimes we have to pinch ourselves to make sure we are not sleepwalking in a Dickensian dream. Earlier this week we heard Senator Elizabeth Warren tell a Senate Banking session how JPMorgan’s CEO, Jamie Dimon, got a $8.5 million raise after craftily negotiating away all of the bank’s crimes with the payment of billions in shareholders’ money. (Two of those crimes, by the way, were felony counts for aiding and abetting Bernie Madoff in his Ponzi scheme – also craftily settled under a deferred prosecution agreement with the Justice Department, which effectively puts the bank on probation for two years.) Last night, the Wall Street Journal informed the public that, apparently, none of this criminal activity at JPMorgan has dulled President Obama’s fondness for its CEO Jamie Dimon, who has recently been undergoing treatments for throat cancer.  The Journal reported: “During … Continue reading

Elizabeth Warren: Jamie Dimon Gets $8.5 Million Raise for Illegal Conduct at JPMorgan

By Pam Martens and Russ Martens: September 10, 2014 Sparks were flying yesterday in what is typically a snooze-worthy Senate session. It felt like alien body snatchers had decided to remove the zombies and return the real U.S. Senators to their chairs on the Senate Banking Committee. Senators, right and left, asked tough, probing questions of the nation’s banking regulators, leaving many squirming in their chairs. The session was so unusual that Senator Elizabeth Warren, a Democrat from Massachusetts, and Senator Richard Shelby, a Republican from Alabama, closed out the session in complete agreement that there is something seriously broken about the justice system in America. Senator Warren told the hearing that in the past year, three of the nation’s largest banks — JPMorgan Chase, Citigroup and Bank of America — have admitted breaking the law and settled the claims for $35 billion. The Senator continued: “As Judge Rakoff of … Continue reading

Jamie Dimon: JPMorgan Employs 30,000 Programmers

By Pam Martens: April 22, 2014 There is now overwhelming evidence that Wall Street firms have entered a race to the bottom in high-tech trading wars. To grab the best programming talent, Wall Street firms are paying top dollar for the best and brightest coders and developers and potentially sapping the ability of other U.S. industries – those that make real products – to compete. Just this month, Jamie Dimon, CEO of JPMorgan, told the firm’s shareholders in his annual letter that JPMorgan employs “nearly 30,000 programmers, application developers and information technology employees who keep our 7,200 applications, 32 data centers, 58,000 servers, 300,000 desk-tops and global network operating smoothly for all our clients.” According to Anish Bhimani, Chief Information Risk Officer at JPMorgan Chase, in an interview published at the Information Networking Institute (INI) at Carnegie Mellon, JPMorgan has “more software developers than Google, and more technologists than Microsoft…we get … Continue reading

Jamie Dimon’s Top Women and Their Missing Licenses

By Pam Martens: April 15, 2014 In the past two years, two of the most senior, long-tenured and talented women at JPMorgan, Ina Drew and Blythe Masters, have bid adieu to the bank and its CEO, Jamie Dimon, under less than ideal circumstances. Questions are now emerging as to whether Dimon required that these senior supervisors hold proper industry licenses for the work they performed for the bank. Ina Drew, the former head of the Chief Investment Office, who supervised the traders responsible for losing $6.2 billion of the bank’s deposits in exotic derivatives trading in London, resigned from the firm over that firestorm on May 14, 2012. Drew had been with JPMorgan and its predecessor banks for 30 years. In Drew’s testimony before the U.S. Senate’s Permanent Subcommittee on Investigations on March 15, 2013, Drew told the hearing panel that beginning in 1999, she “oversaw the management of the … Continue reading

Jamie Dimon to JPMorgan Shareholders: Don’t Believe Your Lying Eyes

By Pam Martens: April 10, 2014 Too-big-to-fail Wall Street mega banks are now one part bank, one part legal defense and one part confidence-game. JPMorgan’s Chairman and CEO, Jamie Dimon, whose career has now survived more scandals in the past two years than most business titans ever see in a lifetime, has penned a masterful 32-page head-fake to shareholders. Dimon tells shareholders that the company has “consistently shown good financial performance” while distancing himself from the $30 billion the company has paid out in fines and settlements for a rash of misdeeds since January 2013. The word “fortress” appears five times in the letter with the oft-expressed “fortress balance sheet” morphing additionally into the “fortress control system” and the “fortress company.” Dimon’s photo appears alongside the letter, clad in a navy jacket and blue shirt. Next year he might want to complete the fortress analogy by donning a Knight’s metal … Continue reading

Have Jamie Dimon’s Interests Diverged from JPMorgan’s

By Pam Martens: October 22, 2013 It’s difficult to take a major newspaper seriously when its editorial page lives in the land of Oz. Reading “The Morgan Shakedown” yesterday in the editorial pages of the Wall Street Journal is the latest reminder of just how detached from reality these opinion writers are. The editorial attempted revisionist history for JPMorgan by misinforming the public that “Federal law enforcers are confiscating roughly half of a company’s annual earnings for no other reason than because they can and because they want to appease their left-wing populist allies.” It’s pretty hard for one editorial to get so many facts and the big picture so horribly wrong. First, left-wing populists will be happy with nothing less than Jamie Dimon losing his dapper worsted wools and presidential cufflinks for an orange jumpsuit. Second, JPMorgan’s earnings last year were $21.3 billion so a proposed “confiscation” of $13 billion … Continue reading

Jamie Dimon Has Become the JPMorgan Brand – And That’s a Problem

By Pam Martens: May 24, 2013  For five solid years, the highs and lows of JPMorgan’s Chairman and CEO, Jamie Dimon, have been splashed across the headlines of the business press. First he was the Wall Street hero who came through the 2008 financial crisis unscathed. He sprinkled the phrase “fortress balance sheet” throughout his media interviews. He lectured Washington against over-regulating big banks (despite the fact they had just collapsed the largest economy in the world). He called international plans to require more bank capital reserves “anti-American.” He was the reigning King of Wall Street and he relished the limelight.  And then, in an instant, the King’s crown was tarnished. His glib tongue uttered the immortal words “tempest in a teapot” over outsized bets by his derivatives traders in London, only to have to eat back that phrase, letter by letter, billion by billion in reported losses over the … Continue reading

Treasury Secretary Jack Lew Holds a Closed Door Meeting With Jamie Dimon and Hedge Fund Titans

By Pam Martens: May 6, 2013  U.S. Treasury Secretary Jack Lew, whose loan dealings with New York University and acceptance of $940,000 in bonus money from taxpayer bailout funds paid to the insolvent Citigroup in early 2009 rendered him a scandalous choice for the high treasury post in the Obama administration, is fully living up to his past reputation.  Last Thursday, May 2, the U.S. Treasury released its “Daily Treasury Guidance” which lets the public know what the U.S. Treasury Secretary will be doing each day on behalf of the taxpayer who is paying his salary and on whose behalf he is supposed to be working.  The guidance for last Thursday noted that Secretary Lew would be departing Washington for New York in the afternoon “where he will attend a roundtable with business leaders hosted by the Council on Foreign Relations (CFR) to discuss the state of the U.S. and global economies. This … Continue reading

Wall Street Journal De-Links Story That Jamie Dimon Will Meet the President at the White House Today

By Pam Martens: April 11, 2013  If President Obama is trying to make it clear that he reports to the 1 percent, not the average Americans who elected him, he’s earning an A+ on his report card.  At 6:46 p.m. last evening, the White House sent out the President’s schedule for today. One item on the agenda reads as follows: “Later in the morning, the President will meet with members of the Financial Services Forum as part of the organization’s daylong Spring Meeting. This meeting in the Roosevelt Room is closed press.” There is no mention in this press announcement that the President will be meeting with the CEOs of the too-big-to-fail banks – certainly a detail worthy of the public’s attention. Early this morning, the Wall Street Journal’s link on the front page of its web site to its story on the President’s meet-up with members of the Financial Services … Continue reading

Jamie Dimon’s Bogus Award for Best Investor Relations Raises Ghosts of the Past

By Pam Martens: March 26, 2013 The only entity less deserving of an Investor Relations award is the magazine that just gave one to JPMorgan’s Chairman and CEO, Jamie Dimon, last Thursday evening. Six days before the awards event hosted by IR Magazine (that stands for Investor Relations Magazine but could also stand for Insane Rationale Magazine) which went unattended by Dimon (likely out of fear he might trip over the people rolling on the floor at his award) the U.S. Senate Permanent Subcommittee on Investigations released a 307 page report and 98 exhibits proving beyond a shadow of a doubt that Dimon and his CFO at the time, Douglas Braunstein, either lied through their teeth to investors and investment analysts or were in the dark about what was going on within their own company when the Chief Investment Office churned $6.2 billion of bank deposits into pocket change. At … Continue reading