The Fourteenth Banker Blog

April 2, 2010

Hate to pick on JPM but the stories keep coming.

Filed under: Running Commentary — thefourteenthbanker @ 5:53 AM

This is not a new story, but super slayer Matt Taibbi is out in Rolling Stone with this story on the Interest Rate Swap scam in Jefferson County.

How can this happen?    What is happening on the books of the bank to account for the disbursement of those fees?     People in power had to know.    What did they know?    When did they know it?     Who paid the price and who skated?      What was the culture their senior managers put on them, what carrots, what sticks?    How might that compare to the carrots and sticks in your world?



  1. […] to change its ways in the wake of the financial crisis. Posts include coverage of misdeeds by the financial sector, as well as an inside perspective on issues such as breaking up […]

    Pingback by The Fourteenth Banker « The Baseline Scenario — April 5, 2010 @ 1:26 PM | Reply

  2. Today JP Morgan’s profit jumped by 55% to $3.3B as reported by CNN Money “…Powering the firm’s latest results was its investment banking business, particularly trading activity within its fixed income division. The investment banking unit booked $2.5 billion in profits during the quarter.”

    Clearly trading and not banking continues to drive business at TBTF banks!

    The report continues “…JPMorgan’s consumer banking and credit card business both ended the quarter in the red, with its persistently troubled card division delivering a loss of $303 million”

    Comment by Shivraj — April 15, 2010 @ 3:50 AM | Reply

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