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S.E.C. Opens Investigation Into JPMorgan’s $2 Billion Loss
NYT ^ | 5/11/12 | BEN PROTESS and SUSANNE CRAIG

Posted on 05/11/2012 11:10:01 AM PDT by Kartographer

Regulators are investigating potential civil violations surrounding the $2 billion loss that JPMorgan Chase disclosed on Thursday, raising further questions about trading activities at the nation’s biggest bank.

The Securities and Exchange Commission recently opened a preliminary investigation into JPMorgan’s accounting practices and public disclosures about the trades, according to people briefed on the matter, who spoke on the condition of anonymity because the case is not public. Regulators learned about the activities in April, and formally opened an investigation in recent days, the people said.

(Excerpt) Read more at dealbook.nytimes.com ...


TOPICS: Business/Economy; Crime/Corruption; Front Page News
KEYWORDS:
I am betting no one, but some low level flunky will be prosecuted and nothing will be done until after a possible collapse and then there will be tar, feathers and ropes for the lamp post.
1 posted on 05/11/2012 11:10:07 AM PDT by Kartographer
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To: Kartographer
Jamie's go’in DOWN! Guess he didn't kick in enough to the Obumma campaign.
2 posted on 05/11/2012 11:14:51 AM PDT by WellyP (REAL)
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To: Kartographer

FAILED TO GIVE OBAMA HIS EXTORTION CAMPAIGN MONEY.... This will teach them and others not to screw with Obama.


3 posted on 05/11/2012 11:15:28 AM PDT by ncfool (OMG 2012)
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Comment #4 Removed by Moderator

To: Kartographer

So NOW the SEC realizes they need to protect their phoney-baloney jobs. Where were they before all of this came out?


5 posted on 05/11/2012 11:17:05 AM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: Kartographer

It’s said that this is CDS related. If so, no surprise. I believe the largest investment banks (which are almost all banks now) are counterparty to CDS purchasers. Ergo, when sovereign and corporate defaults happen, banks are on the hook for the payouts. Not sure how they hedge them but no hedge is perfect.


6 posted on 05/11/2012 11:20:06 AM PDT by the invisib1e hand
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To: Kartographer

Damn those fat fingers!


7 posted on 05/11/2012 11:22:06 AM PDT by Black_Shark
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To: ncfool

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

He probably thought he paid enough....


8 posted on 05/11/2012 11:26:29 AM PDT by BookmanTheJanitor
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To: Kartographer

...and still no investigation of Solyndra?


9 posted on 05/11/2012 11:27:35 AM PDT by Tzimisce (THIS SUCKS)
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To: WellyP

We will see.

IF Jamie gets hammered then that will be true.

IF Jamie gets the John Corzine treatment, then we will know he is on board the obama express.

SEC politicized?
Oh No, can’t be.
Not in the USSA.


10 posted on 05/11/2012 11:28:54 AM PDT by Texas resident (November 6 - Vote Against obama)
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To: Kartographer

SEC business will be as usual. Punish the monkey. Let the organ grinder go.


11 posted on 05/11/2012 11:30:08 AM PDT by E. Pluribus Unum (Do I really need a sarcasm tag? Seriously? You're that dense?)
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To: Kartographer
THE SEC report will find a trifecta of problems:

1. CEO bonus too low.
2. Insufficient campaign contributions.
3. Taxpayer bailout (stimulus) needs to be doubled.

12 posted on 05/11/2012 11:33:52 AM PDT by douginthearmy (Obamagebra: 1 job + 1 hope + 1 change = 0 jobs + 0 hope)
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To: Kartographer

Not sure I understand the investigation... So they made a bad trade that lost $2 billion. Businesses lose money all the time. They are in zero danger of going bankrupt. They aren’t asking for the feds to do anything. I fail to see any reason to get all bunged up about this.


13 posted on 05/11/2012 11:39:02 AM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: Kartographer

Gee, ya think Soros pulling his $$$$ out of JPM a year or so ago might be a clue?


14 posted on 05/11/2012 11:45:58 AM PDT by bgill
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To: Kartographer

Not that the UN has any say but isn’t the Crazy Horse memorial enough?


15 posted on 05/11/2012 11:47:57 AM PDT by bgill
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To: Wyatt's Torch

LOL


16 posted on 05/11/2012 11:49:42 AM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Kartographer

So when will Corzine be prosecuted? The SEC is nothing but a political tool.


17 posted on 05/11/2012 11:52:06 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Wyatt's Torch; All

Here’s a good take on this:

The “World’s Largest Prop Trading Desk” Just Went Bust

http://www.zerohedge.com/news/worlds-largest-prop-trading-desk-just-went-bust


18 posted on 05/11/2012 11:58:13 AM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Kartographer

ZH called all of this months ago. JPM is this year’s Bear Stearns and just the first domino in this 2008 redux. Some are speculating that JPM stole the MF Global money to cover their shorts a while back, meaning... they’ve known for a while this was about to go down.


19 posted on 05/11/2012 12:50:06 PM PDT by ponygirl (Be Breitbart.)
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To: Kartographer

Ooooh, that’s gonna cut way down on their porn-viewing.


20 posted on 05/11/2012 3:58:47 PM PDT by Attention Surplus Disorder (A conservative, a liberal and a moderate walk into a bar. Bartender says "what'll it be, Mitt?")
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To: Wyatt's Torch

The issue isn’t that they made a bad trade and lost $2 billion. The issue is that less than a month before announcing the $2 billion loss (which, by the way, will likely end up being more than $2 billion, possibly much more), when rumors started flying around the market about the bad trade, Jamie Dimon publicly called it a “tempest in a teapot.”

The issue the SEC is going to be looking at more than anything else is whether Dimon knew (or should have known) the likely severity of the losses when he downplayed the issue.


21 posted on 05/11/2012 6:09:13 PM PDT by Conscience of a Conservative
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To: dfwgator
Where were they before all of this came out?

Where have they been since Carter?

22 posted on 05/11/2012 8:07:33 PM PDT by SCalGal (Friends don't let friends donate to H$U$ or PETA.)
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