Tag Archives | JPMorgan Chase

37-Year-Old JPMorgan Executive Is The Latest Leading Banker To Die Strangely Over The Past Three Weeks

jpmorgan chaseTwo weeks ago we noted that in a span of six days, a former Federal Reserve economist was found dead in an apparent suicide, a former senior manager for Deutsche Bank was discovered hanging from a noose in his home, and a JPMorgan Chase vice president seemingly jumped to death in London. The Financial Post reports that the string of sudden fatalities among masters-of-the-universe continues:

A 37-year-old JPMorgan Chase & Co executive director who died from unknown causes Feb. 3 appears to be the latest in a series of untimely deaths among finance workers and business leaders around the world in the past three weeks.

Ryan Crane, a JPMorgan Chase & Co. employee who in a 14-year career at the New York-based bank rose to executive director of a unit that trades blocks of stocks for clients, died in his Stamford, Connecticut, home. The cause of death will be determined when a toxicology report is completed in about six weeks.

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JPMorgan Chase Resisting Inquiries Into Its Relationship With Bernie Madoff

jpmorganBehind every major criminal operation is a bank propping them up. Newsweek reports:

JPMorgan Chase has for years obstructed federal bank examiners trying to ascertain what it knew about Bernard Madoff’s gigantic Ponzi scheme, an official document obtained by Newsweek shows.

JPMorgan was the principal bank Madoff used in his fraud. On the day of his arrest in December 2008, he claimed to be the world’s biggest money manager, handling $64.8 billion of other people’s money.

The Justice Department refused in September to back up Treasury inspector general staff who wanted a court order to enforce a subpoena, in effect shielding JPMorgan from law enforcement, the October 8 document shows.

The JPMorgan memos are almost certain to show that years earlier the bank had grounds to suspect Madoff was running a fraud. Despite this, JPMorgan continued doing business with Madoff almost until the moment of his arrest in December 2008.

The memos Justice is helping JPMorgan conceal might also shed light on how the Securities and Exchange Commission failed to uncover the decades-long scam, despite audits and warnings from Harry Markopolos, the Boston fraud investigator who tried in vain to get an official investigation.

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Only on Wall Street: Lose $2 Billion of Your Company’s Money and Make $15 Million Yourself

One Chase Manhattan Plaza

Photo: Leoboudv (CC)

It’s great to have a job where even if you seriously screw up, you still make plenty of dough. Via RT:

Ina Drew helped make bank for JPMorgan Chase as the firm’s chief investment officer — until a blunder on her part cost the company roughly $2 billion. Drew resigned as CIO on Monday, but that’s not to say she is stepping down with nothing to show.

Despite being responsible for an in-house trading loss that totaled as much as $2.3 billion in losses for JPMorgan Chase, Drew stands to walk away from the Wall Street firm with a payout that could bring her as much as $15 million.

Drew’s departure from JPMorgan Chase was publicized early Monday, only days after she was named in a major economic goof-up that garnered criticism directed towards one of Wall Street’s most iconic institutions.

The bank is still slated to hold its annual shareholders meeting on Tuesday this week, with a new CIO already stepping up to the plate.

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JPMorgan Chase’s Ugly Family Secrets Revealed

ChaseMatt Taibbi writes in Rolling Stone:

In a story that should be getting lots of attention, American Banker has released an excellent and disturbing exposé of J.P. Morgan Chase’s credit card services division, relying on multiple current and former Chase employees. One of them, Linda Almonte, is a whistleblower whom I’ve known since last September; I’m working on a recount of her story for my next book.

One of the things we were promised by the lawmakers who passed the Dodd-Frank reform bill a few years back is that this would be a new era for whistleblowers who come forward to tell the world about problems in our financial infrastructure. This story now looms as a test case for that proposition. American Banker reporter Jeff Horwitz did an outstanding job in this story detailing the sweeping irregularities in-house at Chase, but his very thoroughness means the news may have ramifications for Linda, which is why I’m urging people to pay attention to this story in the upcoming weeks.

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How Does The 1% Exploit America? Find Out In 1 Minute

Even in an Occupy world, most Americans don't know exactly how the 1% does what it does. The mainstream media hasn't explained it, and the 1% likes things that way. That's why we've created a new video series unmasking those in the 1% who are exploiting the 99%--name by name, fact by fact. Each short video--one minute apiece--lays out the truth about a different tycoon. These aren't opinions; these are facts, condensed into bite-sized chunks. Occupy has already revealed the country's widespread outrage at the 1%; now it's time for the plutocracy's dirty deeds to be common knowledge. The best part? Brave New Foundation's audience chose the people we're highlighting. We solicited suggestions on nominees, narrowed them down to 30, and let our audience vote on which ones they thought deserved to be exposed. The new videos represent five of the top vote-getters, with more videos on the way for the rest. Here's one: Of course, the 1% would like to keep its activities shrouded in secrecy...
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