Posted on 02/28/2011 4:47:43 PM PST by FromLori
According to CNBCs Kate Kelly, JPMorgan has just released its 10-K and it reveals some shocking information. Kelly says JPMorgan [JPM Loading... () ] has been named as a defendant in about 10,000 different law suits. And as a result, they could end up needing an additional $4.5 billion on top of what theyve already set aside for legal losses."
What should you make of it?
Instant Insights with the Fast Money traders
Fast trader Karen Finerman is a JPMorgan shareholder but she isnt concerned by these developments. "They talked about substantial legal costs in their last call," she says. "I dont know this is materially different (than what they said)."
And looking at the burden per share, she adds, theres a tad under 4 billion shares outstanding so thats about $1/share."
Joe Terranova wonders what it means for the dividend. Do you believe it delays the reinstitution of the dividend? he says. I dont know. But if theyre talking about exceeding their reserve, it could get delayed.
Tim Seymour thinks its a big headline but he isnt worried, either. He doesnt feel $4 billion is all that much in the scheme of things. "And the fact that they're being more conservative on estimates of potential losses is not a surprise," he adds. Hes a buyer of weakness.
(Excerpt) Read more at cnbc.com ...
they aren’t getting it from me....are they?
Even if your not though they sock it to us taxpayers plenty they dump the toxic loans on us and when the GSE's sue us taxpayers are only getting a lousy penny on the dollar thanks to obama's back door bailout for his buddy's at the big global banks who donated so heavily to him.
Go borrow it from China. As a taxpayer, I am tired of bailing you fat cats out.
Curtail bonuses for a couple of quarters. That should just about cover it.
No problem just get it from Obamas stash.
Wow, I guess I got out of JPM at the right time. (It was good to me, I used thier DRIP plan and with divies reinvested I better than doubled my money from what I invested out of pocket.)
flush JPM down the toilet.
Remember when Goldman Sachs had a Friend in the WH named Rahm Emanuel? J.P. Morgan now has a friend in the WH by the name of Chicago Bill Daley.
Obama's tapping Chicago Bill Daley for WH COS was part of Ohaha's "No-Chicago-Sleazeballs-Left Behind initiative" (to paraphrase Malkin).
MORE DALEY TIDBITS: Bill Daley (brother of Chi/Mayor Richard Daley), is former Commerce Secy under Clinton and long-time executive at Wall Streets JP Morgan Chase.
REFERENCE Lehman's Bankruptcy Estate Sues J.P. Morgan
WSJ | 5/26/2010 | BY MIKE SPECTOR And SUSANNE CRAIG
FR Posted May 26, 2010 by markomalley
Lehman's Bankruptcy Estate Sues JP Morgan Chase & Co., alleging that JP Morgan illegally siphoned billions of dollars from Lehman in the days before the investment bank filed the largest bankruptcy in US history.
The lawsuit, filed Wednesday in US Bankruptcy Court, New York, alleges that JP Morgan Chief Executive James Dimon and other top executives used inside knowledge to take advantage of Lehman as its financial state worsened.
JP Morgan coerced Lehman to turn over $8.6 billion in collateral in Sept 2008, triggering a liquidity squeeze that contributed to Lehman's collapse, the suit said. The estate is hoping to recoup billions in collateral the bank demanded, and other damages. (Excerpt) Read more at online.wsj.com ...
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Daley became associated with Amalgamated Bank of Chicago, where he was first vice chairman (19891990) and then president and chief operating officer (1990-1993). Daley returned to the practice of law, as a partner with the firm Mayer Brown (then Mayer, Brown & Platt) from 1993 to 1997, where he served on the board of Fannie Mae.
In December 2001, he was appointed President of SBC Communications Inc. to help reform the company's image.
In May 2004, Daley was made Midwest Chairman of J.P. Morgan Chase and Bank One Corp. to oversee post-merger operations from Chicago. (See JB Morgan billion dollar looting reference above--circa 2008.)
Daley currently serves on the Boards of Directors of Boeing, Merck & Co., Boston Properties, Inc., and Loyola University Chicago. He is also a trustee of Northwestern University and sits on the Council on Foreign Relations.
In 1993, he served as special counsel to the President on issues relating to the passage of the North American Free Trade Agreement (NAFTA). In 1997, Daley became Secretary of Commerce in the second administration of President Bill Clinton, and he remained at that post until July 2000, when he resigned to campaign for the Vice President.
After he resigned as Commerce Secretary he became chairman of Vice President Al Gore's presidential campaign. He was portrayed in the HBO film Recount, about the Florida election recount of the 2000 presidential election, by actor Mitch Pileggi.
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NOTO BENE Daley currently serves on the Boards of Directors of Boeing. Boeing's Corporate HQ moved to Chi-town in Sept of 2001. Boeing was "offered multi-million dollar tax breaks" b/c other cities were wooing Boeing.
So guess what Chicago Mayor facilitated the Boeing FREEBIES - which shifted a huge tax burden to Homeowners for decades to come?
Yup----it was Richard M. Daley, Bill's brother. And then Bill Daley gets picked to be on Boeing's Board of Directors. Watta coincidence.
My pockets have been inside out for more than a year ... they need to sell their troubles elsewhere.
TT
Take it out of this year’s bonus awards ...
When a company is a defendant in over 10,000 lawsuits, something is very wrong with the way they do business! They are probably the plaintiffs in thousands more. JP Morgan needs to crash and burn
Just call up O’bummer and ask him for a bailout.
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