JP Morgan Chase Nickel and Diming the Last Nickels and Dimes from the Unemployed

By: Friday May 13, 2011 7:54 am

The National Consumer Law Center just released a report on something that’s been a pet peeve of mine for some years: states’ increasing reliance on pre-paid cards to distribute unemployment compensation, rather than checks. (h/t Susie) As the report explains, issuing funds via a card is much cheaper for the states. But what’s really happening [...]

Corporate Fairy Tales in Afghanistan

By: Thursday May 12, 2011 12:48 pm

It’s a corporate fairy tale: working class boy joins the military, goes into banking, brings the joys of mineral exploitation to exotic locales. From Congo to Colombia, from Iraq to Sierra Leone, [Ian] Hannam [the JP Morgan banker overseeing the development of a gold mine in Afghanistan] and his small team of soldiers-turned-bankers and advisers [...]

Goldman’s Lies and Jamie Dimon’s Piggy Bank

By: Thursday March 31, 2011 2:11 pm

After a drawn out battle to liberate the records of the Fed’s discount window lending, they’ve finally been released. Bloomberg (who led the legal fight to liberate them) has made the records available here. While it’s going to take a while for those who understand this stuff to collate the data–the Fed released individual PDFs–thus [...]

Or Maybe Your Profit Levels and Bonuses Are Simply Obscene?

By: Friday January 14, 2011 4:33 pm

Jamie Dimon says they’re going to have to chase 5% of their customers away in response to limits Dodd-Frank put on the usurious rates banks charge merchants for each debit card transaction. Federal limits on debit card processing fees will force banks to charge customers more for services, making accounts too expensive for as many [...]

A Tale of Two Bailout Paybacks

By: Monday December 13, 2010 9:05 am

As promised over the weekend before I realized I had forgotten my Toobz, I wanted to compare the behavior of two bailout recipients, the UAW and the banksters. A number of people have pointed to this intriguing interview about the Korea Trade deal with the UAW’s President Bob King. In addition to confirming my math [...]

Oversight and Investigation: “Why Should They Take You Seriously?”

By: Sunday November 21, 2010 7:08 am

Yves Smith has a post laying out one of the most troublesome aspects of the response to the revelation of foreclosure fraud. As she explains, to conduct an “independent review” of its PR-servicing “review” of its own servicing practices, GMAC picked the lawfirm that has been in charge of its national counsel on servicing issues. [...]

About that AG “Investigation” and “Settlement”

By: Tuesday November 16, 2010 7:15 pm

About four hours ago, Iowa’s Attorney General Tom Miller testified to the Senate Banking Committee  it would be months before the combined AG “investigation” came up with a settlement (he also suggested that there were new aspects that were just being added to the “investigation”). Dodd: How long AG investigation? Miller: Months, rather than year [...]

Richard Shelby’s Selective Investigation

By: Friday November 12, 2010 5:08 am

Let me make a rare statement: I agree with just about everything Richard Shelby said in his call for an investigation of mortgage servicers. The Federal Banking Regulators should immediately review the mortgage servicing and foreclosure activities of Ally Financial, JP Morgan Chase and Bank of America. The regulators should determine exactly what occurred at [...]

Citi’s Fear

By: Sunday October 31, 2010 10:39 am

I wanted to return to a detail I mentioned in yesterday’s book salon. As I noted, in his book on the auto bailout, Steven Rattner described Citi as being worried during the Chrysler negotiations that retail customers would retaliate if Citi played hard ball. Bankers for Goldman and Citi had advised [JP Morgan Chase VP [...]

JP Morgan Chase’s Several Week Timeline

By: Wednesday October 13, 2010 11:38 am

In addition to dropping MERS today, JP Morgan Chase had an earnings call at which Jamie Dimon was asked questions about JPMC’s foreclosure fraud. Calculated Risk has a transcription (both the AP and WSJ attribute these comments to Dimon, though CFO Douglas Braunstein made comments about the foreclosure fraud as well). But I just wanted [...]

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