Wednesday, February 27, 2013

J.P. Morgan Chase: Fraud, Bonuses, Lawsuits & Record Profits

Feb. 26, 2013 - Wall Street Journal: Wall Street cash bonuses for 2012 are expected to climb 8% from a year earlier, boosted in part by the payment of deferred compensation from prior years. New York securities firms will pay employees $20 billion in cash bonuses, up from $18.5 billion for 2011. The report's findings reflect the improved profitability of banks last year and more bonuses paid by firms in December to avoid higher federal tax rates.

Feb.26, 2013 - Wall Street Journal: J.P. Morgan Chase, the nation's most profitable bank in 2012 and the biggest U.S. lender by assets, is setting plans to eliminate 17,000 jobs by the end of next year and reduce expenses by at least $1 billion annually. For 2012, J.P. Morgan reported net income of $21.3 billion, up 12% from a year ago and a company record.

Feb. 5, 2012 - Huffington Post: J.P. Morgan Chase has a "money room" stored away in Florida, where it moves trillions of dollars every day. According to Business Insider, Chase's CEO Jamie Dimon (pictured above) said at a conference Monday, "J.P. Morgan moves a lot of money for corporations and individuals, and that room, which I took my Board of Directors to, is just very impressive."

Feb. 27, 2013 - Huffington Post: Jamie Dimon of JPMorgan Chase and Lloyd Blankfein of Goldman Sachs have both told us it's imperative that we cut social programs for the elderly and disabled to "save our economy." But the elderly and disabled have paid for those programs - just as they paid to rescue Jamie Dimon and Lloyd Blankfein in the bank bailouts -- and just as they implicitly continue to pay for that rescue today in $83 billion annual "subsidies" to the banks.

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