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JPMorgan Chase & Co. Message Board

  • heritage485124 heritage485124 May 16, 2012 3:16 PM Flag

    FBI probe?

    How long will FBI investigate jpm $2 billion dollar loss?

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    • It is probably hard to find agents who would understand and be able to track those complicated trades.

      • 1 Reply to onedge953
      • Even experts are baffled.



        OCC's Curry: Regulators Working To Define Hedging

        Last Update: 5/16/2012 3:23:13 PM

        --



        By Maya Jackson Randall
        Of DOW JONES NEWSWIRES


        WASHINGTON (Dow Jones)--A top U.S. banking official Wednesday said regulators are
        working to define hedging, a key term in Washington this week amid questions
        about whether J.P. Morgan Chase & Co.'s (JPM) more than $2 billion loss was the
        result of a move to hedge against losses or a bet aimed at generating big
        profits.

        "That's something that we are working on," said Comptroller of the Currency
        Thomas J. Curry, noting that the definition should be hashed out as regulators
        finalize the "Volcker rule," which aims to limit bank risk-taking. The rule,
        which stems from the 2010 Dodd-Frank law, would prohibit banks from making bets
        with their own money but allow some form of hedging against losses.

        Without weighing in specifically on J.P. Morgan Chase's case, Curry noted that
        federal officials will be discussing "in great detail" the difference between
        pure balance sheet hedging transactions and risky bets made to generate large
        profits.

        Curry's comments to bankers at the Exchequer Club in Washington came as J.P.
        Morgan's trading losses raise questions about whether the bank's trades would be
        permitted under the Volcker rule. Critics point to the size and complexity of the
        trades as a sign that the bank was seeking to generate profits rather than simply
        protecting its portfolio.

        Still, J.P. Morgan has said the losses occurred in a portfolio designed to "hedge
        the firm's overall credit exposure."

        Earlier this week, the OCC said it was reviewing the trading loss but said it is
        unclear whether those trades would have violated a proposed ban on banks' trading
        with their own funds. The agency also said it was evaluating how other large
        banks manage their risks.

        -By Maya Jackson Randall, Dow Jones Newswires; 202-862-6687,
        maya.jackson-randall@dowjones.com

        --Alan Zibel contributed to this report.

        (END) Dow Jones Newswires

        May 16, 2012 15:23 ET (19:23 GMT)

    • Hopefully until SOMEONE from GS/JPM/COUNTRYWIDE/C/BAC/AIG/THE US Congress/the US SEC/the NY FED/GREENSPAN/GEITHNER/etc. does the perp walk:

      Think I'm kidding: Explain how Corzine/MF Global could happen 4 years after the financial markets collapse; explain how JP Morgan could happen 4.5 years after the financial markets collapse.

      SOMEONE (BIG) Needs to Pay the Price, until then, this won't end.

 
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