Search Results for: jpmc

By Pam Martens: July 11, 2012 On May 10 of this year, Jamie Dimon, Chairman and CEO of JPMorgan, announced that billions of insured deposits at his bank had been invested in high risk derivatives and had sustained at least a $2 billion loss.  The Department of Justice and FBI have commenced investigations.  Dimon is expected to announce the current extent of those losses this Friday in an earnings conference call. Following the May 10 announcement, there were numerous calls for Dimon to step down from the Board of Directors of the Federal Reserve Bank of New York.  That organization is the primary regulator of the firm. There was widespread public outrage that the CEO of a bank had no business serving on the governing body of his regulator.  (The New York Fed has a long history of such conflicts.) Now it has emerged that not only was Dimon conflicted … Continue reading →

By Pam Martens: June 14, 2012 If you want to trade securities at any brokerage firm in the U.S., you’ll need to study intensively for about three months, memorize dizzying rules and regulations, then take a six hour licensing exam. (The exam is so rigorous that it’s compared to the CPA exam. I don’t know if it’s fact or lore, but I was told exam rooms in past decades had puke buckets in the corners.  My room didn’t in 1986.) Then, you’ll need to get fingerprinted, pass a background check, register with a host of stock exchanges, make sure you have a supervisor who holds a principal’s license, get approved in each state in which you plan to conduct business, and take ongoing continuing education classes to keep your licenses.  Or, you could skip all of that and earn $14 million a year trading – without a license – stocks, … Continue reading →