While all eyes are on the Supreme Court and Obamacare, a quieter battle is being waged against the president's other major initiative, the Dodd-Frank financial reform act
JPMorgan has had a reputation for managing its tentacles well -- until now. The bank's new snafu has reignited debate over what new rules are needed to limit risk at government-insured banks
You may be surprised to learn which industry has announced the most layoffs so far this year: finance
After the banks made wildly risky bets with our money, we bailed them out. Congress enacted financial reform (the Dodd-Frank law). But Wall Street lobbyists immediately set about diluting it, along with its regulations. Dodd-Frank is now riddled with so many exemptions and loopholes that the largest banks are back to many of their old tricks
American bank JPMorgan agreed to pay the U.S. Securities and Exchange Commission a $153.6 million fine to settle a fraud case filed against the company
As part of the settlement, JPMorgan neither admitted nor denied wrongdoing -- despite ample evidence that it had engaged in plenty of wrongdoing. Things like paying off local officials with millions to win no-bid contracts worth billions and convincing county officials to switch from fixed-rate bonds to bonds hedged with risky derivatives -- a switch that has driven Jefferson County to the brink of bankruptcy
JPMorgan Chase (NYSE: JPM)
The stock (NYSE: JPM) is component of the Dow Jones Industrial Average (DOW 30).
JPMorgan Chase is a leading global financial services firm with assets of $1.6 trillion USD. JP Morgan Chase operates in over 50 countries has more than 170,000 employees.
JPMorgan Chase serves millions of U.S. consumers and many of the world's most prominent corporate, institutional and government clients. JPM is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.
JPMorgan Chase (NYSE: JPM) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1.4 trillion, JPMorgan Chase is currently the third largest banking institution in the United States, behind Bank of America and Citigroup. The hedge fund unit of JPMorgan Chase is the largest hedge fund in the United States with $34 billion in assets as of 2007. Formed in 2000 when Chase Manhattan Corporation acquired J.P. Morgan & Co., the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and governmental clients.
In 2004, the company acquired Bank One of Chicago, bringing on board Bank One CEO Jamie Dimon as president and COO of the merged firm and designating him as CEO William B. Harrison, Jr.'s future successor. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and placing some former Bank One executives in key ranks at the new company. Dimon became CEO in January 2006, and also became chairman in December 2006.
JPMorgan Chase operates as the brand for the holding company. Chase is used as the brand for credit card services in the United States and Canada and the bank's retail banking activities in the United States.
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