If we’ve learned anything from JPMorgan Chase’s $2 billion trading loss, it’s that the bank’s CEO Jamie Dimon is a charmer.
But what we didn’t expect to find out from JPMorgan’s disaster is that Lloyd Blankfein kind of sucks -- at least according to Meredith Whitney.
(531) Comments | Posted June 11, 2012 | 12:30 PM
It’s only a matter of weeks before Greece goes broke, at least according to the country’s former Prime Minister.
George Papandreou, the former leader of the socialist PASOK party in Greece, told Bloomberg Television that the country is in “a make or break period” if officials want...
(23) Comments | Posted June 6, 2012 | 2:15 PM
Bankers' pay is taking up a bigger share of bank earnings, even as the number of investment bankers not taking home a bonus has shot up.
Staff costs made up 81 percent of a pot including employee pay costs and profits at 13 big banks last year,...
(0) Comments | Posted June 5, 2012 | 4:30 PM
For a brief moment in time, the person tasked with overseeing policy supervision of U.S. banks was the husband of a high-level executive at one of those same institutions.
The Office of Comptroller Currency appointed David Wilson as its deputy comptroller for credit risk last year, American...
(62) Comments | Posted June 1, 2012 | 5:15 PM
Mark Gongloff, HuffPostBiz's trusty financial news curator, is off so today's 7.5 Things is brought to you by Jillian Berman.
Thing One: Merrill Mess: When Bank of America shareholders approved the bank’s $50 billion acquisition of Merrill Lynch during the depths of the financial crisis, they didn’t...
(284) Comments | Posted May 25, 2012 | 1:18 PM
Apparently running a museum is enough to qualify you to judge whether a bank's risk is too big. At least according to JPMorgan Chase.
The committee responsible for overseeing risks at JPMorgan includes Ellen Futter, the head of the American Museum of Natural History, Bloomberg reports. Futter...
(429) Comments | Posted May 17, 2012 | 12:40 PM
Multi-millionaire Nick Hanauer has an important message for those who think the rich are America's job creators. Problem is, he can't seem to get it out.
"For thousands of years people were sure that earth was at the center of the universe. It's not, and an astronomer who still...
(15) Comments | Posted May 15, 2012 | 4:10 PM
Apparently debt collection agencies aren't only making things difficult for debtors.
Executives at Oxford Collection Agency have pled guilty to committing wire fraud, bank fraud and money laundering in connection with a $10 million scam, the government's bailout watchdog announced Tuesday. As part of the scam, Richard...
(38) Comments | Posted May 14, 2012 | 3:27 PM
For Marliza Melzer, the housing bust has meant the end of two American dreams.
"My mortgage is underwater so I can’t pay for my son to go to college," she said. "He wants to make something of himself."
At the height of the housing bubble in 2006, Melzer...
(2305) Comments | Posted May 11, 2012 | 3:10 PM
One of Facebook's billionaire co-founders may have found a way to sidestep taxes on the money he’ll get when the social network goes public later this month.
Dropping his U.S. citizenship.
Eduardo Saverin is on an Internal Revenue Service list of Americans choosing to renounce their...
(45) Comments | Posted May 10, 2012 | 9:45 AM
Jamie Dimon is angry. So angry, in fact, that he might just switch teams.
The JPMorgan Chase CEO told about 200 people at a conference in Columbus, Ohio that he's still a Democrat, but just "barely," the Columbus Dispatch reports. Dimon argued that partisan fighting in Washington is...
(7) Comments | Posted May 8, 2012 | 1:10 PM
Young Wall Street workers are getting fed up.
More than 20 percent of Wall Street employees born since 1980 say they would rather not work in the industry because of the blow its reputation took during the financial crisis, according to a survey from PriceWaterhouseCoopers, cited by...
(4) Comments | Posted May 2, 2012 | 5:28 PM
On Wednesday, federal regulators announced a crackdown on 11 individuals alleged to have used the 2010 Haitian earthquake as a backdrop for perpetrating a stock scam to bilk unsuspecting investors out of $3.5 million.
Pulling on the heartstrings of investors, scammers promoted stock in a company that supposedly was...
(4) Comments | Posted April 23, 2012 | 12:51 PM
It looks as if the fallout from the Walmart Mexico bribery scandal is only beginning.
Hedge Fund investors say they may short shares of Walmart de Mexico, the big box retailer's Meixco division, after a New York Times investigation found that the company allegedly bribed...
(20) Comments | Posted April 19, 2012 | 6:45 PM
The likelihood of another financial crisis and subsequent bailout is far from dead. And that's partly because Americans and the financial community forgot what the last one was like, at least according to the watchdog charged with overseeing the 2008 financial bailouts.
"We are letting our guard down against...
(53) Comments | Posted April 19, 2012 | 9:00 AM
Debt collectors in West Virginia, watch out. The state is coming for you.
West Virginia Attorney General Darrell McGraw filed suit against seven unlicensed debt collection companies in his state, according to a news release. The suits allege that the companies impersonated law enforcement, repeatedly harassed borrowers over...
(94) Comments | Posted April 12, 2012 | 3:45 PM
Snow days are so passé. Now it's all about budget cut days.
Yes, faced with budget woes, the Burnsville School district is considering giving its students every other Monday off, or starting their summer before Memorial Day in an aim to save $5 million next year,...
(66) Comments | Posted April 12, 2012 | 11:09 AM
The job market may be bouncing back, but only for those making a lot of money or not much of it at all.
Middle income jobs have accounted for only 34 percent of employment gains since February 2010, according to Wells Fargo calculations cited by Bloomberg, even...
(423) Comments | Posted April 5, 2012 | 10:05 AM
Could cuts actually cost the United States Postal Service more than they save it?
If a survey commissioned by the Postal Service and cited by CNNMoney is to be believed, the Postal Service’s planned closures will result in more than a $5 billion loss in business. If that's...
(13) Comments | Posted April 3, 2012 | 5:40 PM
Even the great Vampire Squid knows when to give its young some love.
Goldman Sachs has plans to give its junior-level employees more vacation time, FINS reports, citing "people familiar with the matter." The bank will give its associates a month off before they move...
(0) Comments | Posted June 19, 2012 | 1:25 PM