JPMorgan Chase & Co.
- Homepage: http://www.jpmorganchase.com
- "JPMorgan Chase (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion.
- We operate in more than 60 countries.
- We have more than 200,000 employees.
- We serve millions of U.S. consumers and many of the world's most prominent corporate, institutional and government clients.
- We are a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.
- We are a component of the Dow Jones Industrial Average."
June 2002: "The merger of The Chase Manhattan Corporation and J.P. Morgan & Co. Incorporated was completed on December 31, 2000. The new company, J.P. Morgan Chase & Co., unites two firms that have played formative roles in global finance. We are a leading wholesale financial services firm, complemented by a strong and profitable U.S. consumer business." http://www.jpmorganchase.com/cm/cs?pagename=Chase/Href&urlname=jpmc/about
- "JPMorgan Chase (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion.
March 2013: "To bolster sales, said the advisers, many of whom spoke on the condition of anonymity because they feared retribution, JPMorgan largely pushes its own bank-branded investments, which include a mix of mutual funds. While the practice can be legal, competitors have moved away from such investments after facing perceived conflicts. The concern is that, driven by fees, banks will push their own products over lower-cost options with stronger returns."http://dealbook.nytimes.com/2013/03/02/selling-the-home-brand-a-look-inside-an-elite-jpmorgan-unit-2/
July 2012: "Of the 1,749 complaints registered on the website, 393 were lodged about Capital One. Citibank (C, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) came in second and third, with 301 and 279 complaints, respectively."http://money.cnn.com/2012/07/18/pf/capital-one-refund/index.htm
July 2012: "The issue came up again earlier this week in an article by my colleagues at The New York Times, who quoted former JPMorgan Chase brokers as saying they were encouraged to promote the firm’s own funds to customers even when more competitive investments were available. Not only were the funds expensive, but the bank also exaggerated at least one investment portfolio’s returns."http://www.nytimes.com/2012/07/07/your-money/beware-of-fancy-financial-adviser-titles.html
March 2012: "His decision to settle for much less was regarded by a number of experts as a kind of surrender on the explosive assertions that were central to the case. Legal experts said the settlement would most likely embolden other defendants who are fighting accusations brought by the trustee. Mr. Picard has filed several large suits that have accused defendants of misconduct, including actions against some of Mr. Madoff’s relatives and one of his primary banks, JPMorgan Chase. The cases make similar bad-faith claims to the one brought against the Mets’ owners."http://www.nytimes.com/2012/03/20/sports/baseball/mets-owners-pay-162-million-to-settle-madoff-suit.html
March 2012: "Principal reductions will also only apply to certain borrowers who have mortgages still held by the five major lenders: Bank of America (BAC, Fortune 500), CitiBank (C, Fortune 500), Wells Fargo (WFC, Fortune 500), J.P. Morgan Chase (JPM, Fortune 500) and Ally Financial."http://money.cnn.com/2012/03/13/real_estate/mortgage-settlement/index.htm
February 2012: "Officials will also be able to pursue any allegations of criminal wrongdoing. In addition, a lawsuit Mr. Schneiderman filed Friday against MERS, an electronic mortgage registry responsible for much of the robo-signing that has marred the foreclosure process nationwide, and three banks, Bank of America, JPMorgan Chase and Wells Fargo, will also go forward."http://www.nytimes.com/2012/02/09/business/states-negotiate-25-billion-deal-for-homeowners.html
January 2012: "Tom Kelly, a spokesman for Chase, said that customers could use e-mail or text alerts to make sure they didn’t fall below any daily balance threshold, like the ones that TD Bank uses and that Chase also uses in some circumstances. For the more complex monthly average, the alerts may also help if you’re good at math."http://www.nytimes.com/2012/01/28/your-money/brokerage-and-bank-accounts/in-search-of-an-app-to-monitor-average-bank-balances.html
December 2011: "And in 2008, in that moonlighting capacity, he orchestrated a deal in which the Fed provided $29 billion in assistance to help his own bank, Chase, buy up the teetering investment firm Bear Stearns. You read that right: Jamie Dimon helped give himself a bailout. Who needs to worry about good government, when you are the government?"http://www.rollingstone.com/politics/blogs/taibblog/a-christmas-message-from-americas-rich-20111222
October 2011: 'When Bank of America told its customers recently that it would start charging them $5 a month to use debit cards, it argued that it was forced to make that change because of regulations that altered the economics of the cards. Other banks agreed. The chief executive of JPMorgan Chase, Jamie Dimon, put the effects of the regulations this way: “If you’re a restaurant and you can’t charge for the soda, you’re going to charge more for the burger.” Both banks were responding to the Federal Reserve’s actions to limit the interchange fees banks charge stores each time a debit card is used for a purchase.'http://www.nytimes.com/2011/10/07/opinion/debit-card-fees-are-robbery.html
August 2011: "Meanwhile, as Edgar Dworsky, a consumer advocate who founded ConsumerWorld.org, discovered recently, someone armed with just a bit of personal information about a target can also gain access to the automated phone systems for Bank of America and Chase credit card holders."http://www.nytimes.com/2011/08/20/your-money/your-phone-may-be-less-secure-than-you-thought.html
September 2011: "Other large banks also assembled huge amounts of so-called private label mortgage-backed securities for Fannie and Freddie that declined sharply in value after the housing bubble burst in 2007. JPMorgan Chase sold $33 billion, while Morgan Stanley sold over $10 billion and Goldman Sachs sold more than $11 billion. A who’s who of foreign banks were also big bundlers and sellers of these securities, like Deutsche Bank with $14.2 billion, Royal Bank of Scotland at $30.4 billion, and Credit Suisse selling $14.1 billion. All were sued Friday."http://www.nytimes.com/2011/09/03/business/bank-suits-over-mortgages-are-filed.html
June 2011: "He also reports that Jamie Dimon, the head of JPMorgan expressed some doubts about the fundamentals of the deal based on his firm’s analysis, but ultimately the bank decided to keep Mr. Zell’s business. JP Morgan was a substantial lender in the deal as well, lending hundreds of millions of dollars, and will share in the pain of the bankruptcy."http://www.nytimes.com/2011/06/20/business/media/20carr.html
May 2011: "The worst for junk fees, in addition to the U.S. Bank version with overdraft fees, is the Tennessee card issued by JPMorgan Chase. It is one of only two states that fail to offer any free A.T.M. withdrawals."http://bucks.blogs.nytimes.com/2011/05/11/prepaid-cards-subject-jobless-to-host-of-fees
December 2010: "None of the three clearinghouses would divulge the members of their risk committees when asked by a reporter. But two people with direct knowledge of ICE’s committee said the bank members are: Thomas J. Benison of JPMorgan Chase & Company; James J. Hill of Morgan Stanley; Athanassios Diplas of Deutsche Bank; Paul Hamill of UBS; Paul Mitrokostas of Barclays; Andy Hubbard of Credit Suisse; Oliver Frankel of Goldman Sachs; Ali Balali of Bank of America; and Biswarup Chatterjee of Citigroup."http://www.nytimes.com/2010/12/12/business/12advantage.html
April 2010: 'Mr. Jealous said he was optimistic that the N.A.A.C.P. would reach similar agreements with Citibank and JPMorgan Chase, which the N.A.A.C.P. is also suing. He added that he also hoped to negotiate such an agreement with Bank of America, which is not part of the lawsuit. “Bankers were using affinity-based marketing — for instance, going into churches and other networks and aggressively marketing,” Mr. Jealous said, and as a result, the borrowers often believed that the lenders’ offers were trustworthy.'http://www.nytimes.com/2010/04/25/realestate/25mort.html
April 2010: 'Further complicating the arrangement, Lehman later pledged those Fenway notes to JPMorgan as collateral for still other loans as Lehman began to founder. When JPMorgan realized the circular relationship, “JPMorgan concluded that Fenway was worth practically nothing,” according the report prepared by the court examiner of Lehman.'http://www.nytimes.com/2010/04/13/business/13lehman.html
April 2010: "Well, the truth is this: The collapse of Enron back in 2001 revealed that the biggest financial institutions, here and abroad, were busy creating products whose sole purpose was to help companies magically transform their debt into capital or revenue. At the time, there were news reports about Merrill Lynch pretending to buy Nigerian barges from Enron, JPMorgan Chase dressing up its loans to Enron as commodity trades and Citigroup disguising Enron debt as profits from Treasury-bill swaps."http://www.nytimes.com/2010/04/04/opinion/04koniak.html
March 2010: "Even so, some of the other big banks are betting that plenty of people will raise their hands to overspend and pay the per-transaction fee. Chase is engaged in an aggressive campaign to get customers to consider their overdraft options and to talk to a banker about them, including reminding them of the opt-in option when they take out money at an A.T.M. Chase will also allow credit card customers to opt in to go over their credit limits."http://www.nytimes.com/2010/03/13/your-money/credit-and-debit-cards/13money.html
February 2010: 'When Goldman Sachs and Morgan Stanley got their federal bank charters, they joined Bank of America, Citigroup, J.P. Morgan Chase and the other banking titans who could go to the Fed and borrow massive amounts of money at interest rates that, thanks to the aggressive rate-cutting policies of Fed chief Ben Bernanke during the crisis, soon sank to zero percent. The ability to go to the Fed and borrow big at next to no interest was what saved Goldman, Morgan Stanley and other banks from death in the fall of 2008. "They had no other way to raise capital at that moment, meaning they were on the brink of insolvency," says Nomi Prins, a former managing director at Goldman Sachs. "The Fed was the only shot."'http://www.rollingstone.com/politics/story/32255149/wall_streets_bailout_hustle
July 2009: "JPMorgan Chase paid 1,626 employees bonuses of more than $1 million in 2008 and received $25 billion in federal assistance. The bank earned $5.6 billion, while its bonuses totaled $8.69 billion."http://www.nytimes.com/2009/07/31/business/31pay.html
July 2009: "Chase is but one of a number of major credit card companies that are jacking up interest rates and fees, or laying the groundwork to do so, before new federal legislation that cracks down on some of the practices goes into effect in February."http://www.boston.com/business/personalfinance/articles/2009/07/27/credit_card_firms_raise_fees_before_law_changes
July 2009: "But on July 20, [Pension Benefit Guaranty Corporation] permanently revoked the contracts with BlackRock, Goldman and JPMorgan Chase, the third winner, nullifying the process. The decision was based on questions surrounding Mr. Millard’s actions during the formal bidding process. His actions have also drawn the scrutiny of Congressional investigators and the agency’s inspector general."http://www.nytimes.com/2009/07/29/business/29pensions.html
July 2009: "It was the morning that Goldman Sachs reported net income of $3.44 billion, a number that surprised even analysts who follow investment banking. JPMorgan Chase came two days later with news that it had earned $2.7 billion in the second quarter, even more than it earned in the same period last year, before the economy had a cardiac infarction."http://www.nytimes.com/2009/07/19/weekinreview/19segal.html
April 2009: 'Officials from Citigroup, Morgan Stanley, PNC Financial and a number of other big lenders that have received multibillion-dollar government bailouts are reluctant to participate or have refused so far to commit until more details are offered. Jamie Dimon, JPMorgan Chase’s chief executive, has said he believes that the Public-Private Investment Program — which depends on loans from the Federal Deposit Insurance Corporation — could be “good for the system” but that his bank has no intention of being either a seller or buyer. “We’re certainly not going to borrow from the federal government, because we’ve learned our lesson about that,” he said earlier this month in a conference about earnings.'http://www.nytimes.com/2009/04/29/business/economy/29bank.html
May 2009: "The top three private lenders [for student loans--Ed.] are Sallie Mae, which underwrote $6.3 billion in loans during 2008; Citibank, with $1.8 billion in loans last year; and Chase, which made $1.1 billion in loans during 2007."http://www.nytimes.com/2009/05/03/business/03gret.html
June 2009: "After a 50 percent fall in revenue in 2008, Goldman Sachs is back on a pace to match the $38 billion it generated in 2006. JPMorgan Chase is boasting of its record 9 percent share of the European investment banking market through May. Star producers will expect to be paid for such results."http://www.nytimes.com/2009/06/17/business/17views.html
June 2009: "In two cases involving large banks, the commission eased the penalties sought by the staff. Last year, the commission slashed the penalty proposed in a case against J.P. Morgan Chase. The bank was accused of ignoring improper transactions at one of its clients that had cost investors $2.6 billion. J.P. Morgan agreed to pay a $2 million penalty to settle the case."http://www.washingtonpost.com/wp-dyn/content/article/2009/05/31/AR2009053102254.html
January 2009: 'More than 30 financial services companies have been subpoenaed, including JPMorgan Chase, Merrill Lynch and the American International Group, which have recently received government assistance and in the case of A.I.G., an outright federal bailout. Several have disclosed in corporate filings that their employees have been called to testify before grand juries or have received “Wells notices” from the S.E.C. warning that an enforcement action is looming.'http://www.nytimes.com/2009/01/09/business/09insure.html
January 2009: "The coalition — a group of major trade associations and lenders like Bank of America, JPMorgan Chase and Wells Fargo also fought to block the so-called cramdown legislation last year."http://www.nytimes.com/2009/01/09/business/economy/09loan.html
December 2008: "JPMorgan Chase, which bought WaMu for $1.9 billion in September and received $25 billion a few weeks later as part of the taxpayer bailout of the financial services industry, declined to make former WaMu executives available for interviews."http://www.nytimes.com/2008/12/28/business/28wamu.html
October 2008: "The Associated Press reported that nine financial companies it surveyed--Citigroup (nyse: C - news - people ), Bank of America (nyse: BAC - news - people ), Goldman Sachs (nyse: GS - news - people ), Morgan Stanley (nyse: MS - news - people ), JPMorgan Chase (nyse: JPM - news - people ), Merrill Lynch (nyse: MER - news - people ), Bank of New York Mellon (nyse: BK - news - people ), State Street (nyse: STT - news - people ), and Wells Fargo (nyse: WFC - news - people )--had compensation-related expenses of $108 billion in the first three quarters of the year. That's 3% higher than in the first nine months of 2007, says the AP."http://www.forbes.com/business/2008/10/30/wall-street-bonuses-pf-ii-in_hg_1030soapbox_inl.html
July 2008: "Since Bear Stearns collapsed and was acquired by JPMorgan Chase, many Wall Street executives have argued that short sellers are going beyond legitimate methods and planting false information to cause shares to fall so that they can profit. Proffering false information or manipulating the market is illegal."http://www.nytimes.com/2008/07/16/business/16short.html
July 2008: "A former private banker at JPMorgan Chase is under investigation, suspected of making illegal money transfers, according to federal authorities and court documents, in another indication of the government’s crackdown on private banking practices."http://www.nytimes.com/2008/07/04/business/04tax.html
April 2008: "The Schuesslers got into trouble because Chase had refused a mortgage payment they tried to make at a local branch. Testimony in the case revealed a Chase policy of accepting mortgage payments in branches from borrowers who are current on their loans but rejecting payments from borrowers operating under bankruptcy protection."http://www.nytimes.com/2008/04/20/business/20gret.html
March 2008: "How can one feel sorry for James Cayne? The potential losses of the chairman and former chief executive of Bear Stearns must rank up there with the biggest in modern history. The value of his stake in Bear Stearns collapsed from about $1 billion a year ago to as little as $14 million at the price JPMorgan Chase offered for the teetering bank on Sunday."http://www.nytimes.com/2008/03/21/opinion/21fri1.html
March 2008: "Bear Stearns averted filing for bankruptcy by agreeing to sell itself to J.P. Morgan Chase & Co., which will assume the firm's trading obligations. As a result, clients with brokerage accounts at Bear, which is mainly an institutional firm but oversees some individual assets, will eventually see their accounts and assets transferred to J.P. Morgan. Like Bear, Lehman Brothers, which saw its stock tumble by 19% yesterday amid concerns the investment bank may also face funding problems, caters mostly to wealthier individual investors."http://online.wsj.com/article/SB120580155855243823.html
January 2005: In October 2003, J.P. Morgan Chase & Co., which handled far fewer technology IPOs than Goldman or Morgan Stanley, agreed to pay $25 million to settle charges of inducing IPO recipients to buy more shares on the open market.http://www.washingtonpost.com/wp-dyn/articles/A36686-2005Jan25.html
Role Name Type Last Updated Member of (past or present) Bankruptcy Coalition Organization Jan 9, 2009 Owner of (partial or full, past or present) Bear Stearns Companies Organization Mar 18, 2008 Status/Name Change from Chase Manhattan Bank Organization Aug 4, 2007 Member of (past or present) Financial Services Roundtable Organization Jan 9, 2009 Possible/Unclear Hudson Castle Group Organization Apr 13, 2010 Status/Name Change from J.P. Morgan Organization May 5, 2006 Cooperation (past or present) Opponent (past or present) Securities and Exchange Commission (SEC) Organization Jun 2, 2009 Owner of (partial or full, past or present) Washington Mutual, Inc. (WaMu) Organization Nov 26, 2008 Organization Executive (past or present) William B. Daley Esq. Person Jun 17, 2011 Organization Head/Leader (past or present) James "Jamie" L. Dimon Person May 25, 2007 Director/Trustee/Overseer (past or present) Dr. Alan Greenspan Person Organization Head/Leader (past or present) William B. Harrison Jr. Person Jun 20, 2005 Employee/Freelancer/Contractor (past or present) Donna Hitscherich Person Jul 15, 2012 Advised by (past or present) Secretary of State Henry Alfred Kissinger Person Apr 1, 2008 Advised by (past or present) Secretary of State George P. Schulz Person Feb 6, 2007 Advised by (past or present) Stephen A. Schwarzman Person Jun 18, 2007 Advised by (past or present) George Pratt Shultz Person Jan 9, 2006
Articles and Resources
Date Fairness.com Resource Read it at: Mar 28, 2013 Cyberattacks Seem Meant to Destroy, Not Just Disrupt
QUOTE: an intensifying campaign of unusually powerful attacks on American financial institutions that began last September and have taken dozens of them offline intermittently, costing millions of dollars....Corporate leaders have long feared online attacks aimed at financial fraud or economic espionage, but now a new threat has taken hold: attackers, possibly with state backing, who seem bent on destruction.
New York Times Mar 02, 2013 Selling the Home Brand: A Look Inside an Elite JPMorgan Unit
QUOTE: To bolster sales, said the advisers, many of whom spoke on the condition of anonymity because they feared retribution, JPMorgan largely pushes its own bank-branded investments, which include a mix of mutual funds. While the practice can be legal, competitors have moved away from such investments after facing perceived conflicts. The concern is that, driven by fees, banks will push their own products over lower-cost options with stronger returns.
New York Times Jul 18, 2012 Capital One to pay $210 million in fines, consumer refunds
QUOTE: Cardholders who enrolled in a payment protection or credit monitoring product -- or who tried to cancel one of these products but were persuaded by a call center representative to keep it -- on or after August 1, 2010, will be refunded the money they paid for the product, as well as any finance charges, over-the-limit fees or interest paid....The latest action marks the first enforcement for the bureau since it began regulating credit cards, mortgages and consumer reporting agencies as part of the Dodd-Frank regulatory reform last year.
CNN/Money Magazine Jul 06, 2012 A Fancy Financial Adviser Title Does Not Ensure High Standards
QUOTE: Investors can’t be blamed for failing to recognize the differences between a glorified salesman pushing a particular fund and a true investment adviser who is required to act in your best interest, but there are many.
New York Times Jun 13, 2012 Owners May Not Be Covered When Hackers Wipe Out A Business Bank Account
QUOTE: Computer security specialists say these crimes, called “corporate account takeovers,” have become increasingly common...most banks do not take responsibility for unauthorized debits from business accounts. Unless the owners have fraud insurance, they must shoulder the losses alone.
New York Times Mar 19, 2012 Mets’ Owners Agree to Settle Madoff Suit for $162 Million
QUOTE: the owners agreed to pay the trustee $162 million, but that figure is likely to be reduced or wiped out altogether as the complex bankruptcy litigation involving Mr. Madoff’s investment operation plays out. The trustee, Irving H. Picard, had initially sought $1 billion, declaring that the owners had enriched themselves over many years of profitable investing with Mr. Madoff while ignoring repeated warnings that he might have been a fraud.
New York Times Mar 13, 2012 Rage grows over mortgage deal
QUOTE: As more details emerge about the massive $26 billion foreclosure settlement between the five biggest mortgage lenders and the states' attorneys general, a growing number of borrowers are realizing that the deal will do little, if anything, to help them out.
CNN (Cable News Network) Feb 08, 2012 States Negotiate $26 Billion Deal for Homeowners
QUOTE: After months of painstaking talks, government authorities and five of the nation’s biggest banks have agreed to a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed by the bursting of the housing bubble, state and federal officials said. It is part of a broad national settlement aimed at halting the housing market’s downward slide and holding the banks accountable for foreclosure abuses.
New York Times Jan 27, 2012 Wanted: Banking App to Monitor Balances (Your Money)
QUOTE: If you want to know how close you are in the middle of any given month to being assessed an $8 or $10 or $20 fee when the month ends, you need to do the math each day yourself. The resulting effect is this: Many banks have built free-checking scoreboards for people who want to avoid fees, but they’re not putting the numbers up until the monthlong game is over.
New York Times Dec 22, 2011 A Christmas Message From America's Rich
QUOTE: The entire ethos of modern Wall Street, on the other hand, is complete indifference to all of these matters. The very rich on today’s Wall Street are now so rich that they buy their own social infrastructure. They hire private security, they live on gated mansions on islands and other tax havens, and most notably, they buy their own justice and their own government....nobody even minds that they are rich. What makes people furious is that they have stopped being citizens.
Rolling Stone Oct 06, 2011 Charging for Debit Cards Is Robbery
QUOTE: When Bank of America told its customers recently that it would start charging them $5 a month to use debit cards, it argued that it was forced to make that change because of regulations that altered the economics of the cards....But the banks’ simplistic statements are merely an attempt to rationalize and obfuscate one of the largest illegal transfers of wealth from consumers to banks in American history.
New York Times Sep 02, 2011 Federal Regulators Sue Big Banks Over Mortgages
QUOTE: A bruising legal fight pitting the country’s most powerful banks against the full force of the United States government began Friday, as federal regulators filed suits against 17 financial institutions that sold the mortgage giants Fannie Mae and Freddie Mac nearly $200 billion in mortgage-backed securities that later soured.
New York Times Aug 19, 2011 Your Voice Mail May Be Even Less Secure Than You Thought
QUOTE: AT&T, Sprint and T-Mobile do not require cellphone customers to use a password on their voice mail boxes, and plenty of people never bother to set one up. But if you don’t, people using a service colloquially known as caller ID spoofing could disguise their phone as yours and get access to your messages. This is possible because voice mail systems often grant access to callers who appear to be phoning from their own number.
New York Times Jun 19, 2011 Ugly Details in Selling Newspapers
QUOTE: James O’Shea, the former editor in chief of The Los Angeles Times, found a classic of the genre in the course of reporting out “The Deal From Hell: How Moguls and Wall Street Plundered Great American Newspapers,” his deep dive into the two deals that tipped over the companies that owned, among many other newspapers, The Los Angeles Times and The Chicago Tribune.
New York Times May 11, 2011 Prepaid Cards Subject Jobless to Host of Fees
QUOTE: A report out this week from the National Consumer Law Center lays out a host of ways in which banks nibble away at jobless benefits with fees the center called “junk.”
New York Times Apr 10, 2011 JPMorgan Accused of Breaking Its Duty to Clients
QUOTE: While the clients lost nearly all their money, JPMorgan collected nearly $1.9 billion from Sigma’s demise, according to the suit. That’s because as Sigma’s troubles worsened, JPMorgan lent the vehicle billions of dollars and received valuable assets in the form of a security deposit.
New York Times Apr 04, 2011 After Breach, Companies Warn of E-Mail Fraud
QUOTE: Millions of people were at increased risk of e-mail swindles after a giant security breach at an online marketing firm… And it could lead to a surge in phishing attacks — e-mails that purport to be from a legitimate business but are intended to steal information like account numbers or passwords.
New York Times Feb 05, 2011 Stock-Hedging Lets Bankers Skirt Efforts to Overhaul Pay
QUOTE: But it turns out that executives have a way to get around those best-laid plans. Using complex investment transactions, they can limit the downside on their holdings, or even profit, as other shareholders are suffering.
New York Times Dec 21, 2010 In a Sign of Foreclosure Flaws, Suits Claim Break-Ins by Banks
QUOTE: In an era when millions of homes have received foreclosure notices nationwide, lawsuits detailing bank break-ins like the one at Ms. Ash’s house keep surfacing. And in the wake of the scandal involving shoddy, sometimes illegal paperwork that has buffeted the nation’s biggest banks in recent months, critics say these situations reinforce their claims that the foreclosure process is fundamentally flawed.
New York Times Dec 11, 2010 A Secretive Banking Elite Rules Trading in Derivatives
QUOTE: Drawn from giants like JPMorgan Chase, Goldman Sachs and Morgan Stanley, the bankers form a powerful committee that helps oversee trading in derivatives, instruments which, like insurance, are used to hedge risk. In theory, this group exists to safeguard the integrity of the multitrillion-dollar market. In practice, it also defends the dominance of the big banks.
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