Posted on 05/15/2012 9:40:00 AM PDT by dynachrome
The FBI in New York has opened an inquiry into JP Morgan Chase's $2 billion loss, NBC 4 New York has learned.
People familiar with the matter tell NBC 4 New York that the inquiry is not a criminal investigation. The FBI is taking a preliminary look at the incident.
JPMorgan Chase CEO Jamie Dimon disclosed last week that the bank had lost the $2 billion by making a bad bet with so-called credit derivatives.
Investors lopped off nearly 10 percent from JPMorgan's stock price the next day, and 3 percent more on Monday. Since Dimon made the announcement, nearly $20 billion in market value has evaporated.
Better the FBI than the SEC and the new Consumer Protection farce. At least the FBI have backgrounds in Accounting. BTW, when will they start investigating sports teams that lose?
Somebody help me out, what exacly is the crime here? Other than a political prosecution by the Just Us dept that is.
Strange. Obama keeps touting JPM as one of the better run banks.
I dunno, but maybe it is related to mingling customer funds with the bank funds to make your bets, as Corzine did.
Don't worry, I'm being ironic. I know perfectly well there are no investigations of John Corzine and his piggybank. Not only that, but the media -- including the financial media -- never even heard of John Corzine.
I was wondering the same thing.
Does the FBI normally do investigations that are not ‘criminal investigations’? Or only at the direction of Holder?
Is this a “political fishing expedition” investigation?
A friendly “we just wanted to make sure that your doors were locked” investigation?
An investigation into possible foreign espionage?
A “we were in the neighborhood and just decided to drop by” investigation?
A “nice bank you have there, wouldn’t want anything bad to happen to it” investigation?
Or what?
Who is the Jon Corzine person you speak of?
Corzine raises rainbow crapping unicorns now.
This guy called it two days ago. He predicted that gov’t would get hysterical and order the FBI to investigate.
And don’t be too thrilled about FBI’s impartiality. They report to Holder.
Hatecrime?
Oh, sorry, I forgot he spells his name “Jon.” Every “Jon” I’ve ever known has been a phony. I knew a guy who spelled his name “Bil” once too. Also a phony.
No Co mingling of funds, but it will be interesting to see who was the benefactor of $2,000,000,000 gain. This will come down to the mark to market valuation. The thing with synthetic securities is eventually they are valued in the real world at expiration or unwind. Its albout p&l and inflating the ledger. That is what the FBI will look at. If they should. Sounded like crappy Risk Managment to me.
I wasn't commenting on your spelling. I was, in my usual sarcastic way, agreeing with Corzine's apparent anonymity. As to the phony part, I have noticed that as well.
They used to be respectable.
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