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Mar 14, 2013

Emails show JPMorgan tried to flout Basel rules: Senate

NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) risk managers tried so hard in 2012 to get around international capital rules that they viewed their own discussions as too sensitive for email, according to a Senate report released on Thursday.

The report on the JPMorgan “London Whale” scandal includes the story of a quantitative engineer for the bank who made waves internally by sending an email suggesting how the bank could rearrange its risk modeling procedures to better accommodate the ballooning risk metrics inside the chief investment office.

Mar 14, 2013

Emails show JPMorgan tried to flout Basel rules -U.S. Senate

NEW YORK, March 14 (Reuters) – JPMorgan Chase & Co
risk managers tried so hard in 2012 to get around international
capital rules that they viewed their own discussions as too
sensitive for email, according to a Senate report released on
Thursday.

The report on the JPMorgan “London Whale” scandal includes
the story of a quantitative engineer for the bank who made waves
internally by sending an email suggesting how the bank could
rearrange its risk modeling procedures to better accommodate the
ballooning risk metrics inside the chief investment office.

Mar 14, 2013

Senate report blames senior JPMorgan management in Whale losses

WASHINGTON, March 14 (Reuters) – Senior managers at JPMorgan
Chase & Co, including Chief Investment Officer Ina Drew,
were told for months about the bad derivatives bets that ended
up costing the bank $6.2 billion but did little to rein them in
until it was too late, according to a U.S. Senate report.

Telephone calls and instant messages show traders felt
pressure to misstate the values of the derivatives and were
upset about doing so, but the bank stood by the prices and said
in an internal document they were “consistent with industry
practices,” according to the report.

Mar 14, 2013

Senate report details JPMorgan’s clashes with regulator

WASHINGTON, March 14 (Reuters) – JPMorgan Chase & Co
frequently clashed with its main regulator as the bank’s losses
from bad credit trades mounted last year, a Senate report said.

The dysfunctional relationship between JPMorgan and the
Office of the Comptroller of the Currency, which oversees the
regulated bank subsidiary of JPMorgan’s holding company, went
all the way to the top of the bank, according to the report.

Mar 13, 2013

Exclusive – U.S. plans to let spy agencies scour Americans’ finances

NEW YORK/WASHINGTON (Reuters) – The Obama administration is drawing up plans to give all U.S. spy agencies full access to a massive database that contains financial data on American citizens and others who bank in the country, according to a Treasury Department document seen by Reuters.

The proposed plan represents a major step by U.S. intelligence agencies to spot and track down terrorist networks and crime syndicates by bringing together financial databanks, criminal records and military intelligence. The plan, which legal experts say is permissible under U.S. law, is nonetheless likely to trigger intense criticism from privacy advocates.

Mar 13, 2013

US plans to let spy agencies scour Americans’ finances

NEW YORK/WASHINGTON, March 13 (Reuters) – The Obama
administration is drawing up plans to give all U.S. spy agencies
full access to a massive database that contains financial data
on American citizens and others who bank in the country,
according to a Treasury Department document seen by Reuters.

The proposed plan represents a major step by U.S.
intelligence agencies to spot and track down terrorist networks
and crime syndicates by bringing together financial databanks,
criminal records and military intelligence. The plan, which
legal experts say is permissible under U.S. law, is nonetheless
likely to trigger intense criticism from privacy advocates.

Mar 13, 2013

Exclusive: Obama administration to let spy agencies scour Americans’ finances

NEW YORK/WASHINGTON (Reuters) – The Obama administration is drawing up plans to give all U.S. spy agencies full access to a massive database that contains financial data on American citizens and others who bank in the country, according to a Treasury Department document seen by Reuters.

The proposed plan represents a major step by U.S. intelligence agencies to spot and track down terrorist networks and crime syndicates by bringing together financial databanks, criminal records and military intelligence. The plan, which legal experts say is permissible under U.S. law, is nonetheless likely to trigger intense criticism from privacy advocates.

Mar 13, 2013

US to let spy agencies scour Americans’ finances

NEW YORK/WASHINGTON, March 13 (Reuters) – The Obama
administration is drawing up plans to give all U.S. spy agencies
full access to a massive database that contains financial data
on American citizens and others who bank in the country,
according to a Treasury Department document seen by Reuters.

The proposed plan represents a major step by U.S.
intelligence agencies to spot and track down terrorist networks
and crime syndicates by bringing together financial databanks,
criminal records and military intelligence. The plan, which
legal experts say is permissible under U.S. law, is nonetheless
likely to trigger intense criticism from privacy advocates.

Mar 11, 2013

Mortgage pioneer Ranieri’s firm settles SEC charge

By Jonathan Stempel and Emily Flitter

(Reuters) – A private equity firm founded by mortgage bond pioneer Lewis Ranieri has agreed to pay $375,000 to settle U.S. Securities and Exchange Commission charges that it employed an unregistered broker to help solicit roughly $569 million of investments.

The settlement with Ranieri Partners LLC and two Illinois residents resolves allegations over the activities of William Stephens, a consultant who was paid $2.42 million for helping bring in investments for its Selene funds between February 2008 and March 2011.

Feb 28, 2013

Hedge fund in ‘Whale’ trade tried to poach JPM employees -sources

NEW YORK, Feb 28 (Reuters) – BlueMountain Capital, a hedge
fund involved in JPMorgan Chase & Co.’s $6.2 billion trading
loss last year, tried to recruit several employees in the bank’s
chief investment office in the months before the losses,
according to two people familiar with the matter.

The New York-based hedge fund had targeted people in the
trading and risk management divisions of JPMorgan’s
chief investment office, the same part of the bank where Bruno
Iksil, the trader who became known as the ‘London Whale’ for his
outsized positions in a small derivatives market, was working.

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      "Based in New York covering financial crimes, including insider trading, investment scams, accounting fraud and financial firm misconduct."
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