By Philip Pilkington, a writer and journalist based in Dublin, Ireland. You can follow him on Twitter at @pilkingtonphil
In 1936 Keynes wrote a forward to the German edition of his General Theory. Since then it has, as far as I can see, been ignored by his defenders and held up by his most virulent detractors (notably, Austrian School ideologue Henry Hazlitt).
As reporters keep digging into the “London Whale” story, the picture that emerges about the caliber of risk controls and management supervision at JP Morgan only look worse and worse.
By the Alternative Banking Working Group of Occupy Wall Street
Dear Jamie Dimon:
We, the Alternative Banking Working Group of Occupy Wall Street, are staging an intervention on your behalf.
By Michael Crimmins, who has worked on risk management and Sarbanes Oxley compliance for major banks
The scandal surrounding JP Morgan’s losses in its Chief Investment Office is not going away, and for good reason. Its trading book continues to lose money at an astounding rate. The most recent report estimates that the losses have increased by at least 50% more than the bank’s original loss estimates. The total damage is anyone’s guess at this point.
This fiasco is beginning to look a lot like accounting control fraud.
By Brett Scott, who operates as a consultant bridging the gap between finance and those involved in socio-environmental justice and international development. He has also written for the Guardian, the Ecologist, New Internationalist and Open Democracy. Brett blogs at www.suitpossum.blogspot.com and tweets as @Suitpossum. He is a fellow of the WWF/ICAEW Finance Innovation Lab.
The greatest barriers to financial whistleblowing are social and economic, not legal.
More than four years after Serena Ng and Carrick Mollencamp of the Wall Street Journal first took notice of the highly destructive ways of the Chicago hedge fund Magnetar, which created a series of toxic CDOs, the SEC finally appears to be taking a serious look at some of their deals.
By Abigail Caplovitz Field, a freelance writer and attorney. Cross posted from Reality Check
Jamie Dimon, John Stumpf, and to a lesser extent, Vikram Pandit and Bryan Moynihan, are running massive hedge funds. They’re placing enormous, incredibly risky bets.
As regular readers no doubt recall, Eric Schneiderman abandoned the dissident state attorney general effort to get a better mortgage settlement, assuring the Administration a win on this sellout to the banks. The bright shiny prize Schneiderman got in return for his betrayal was serving as one of five co-chairmen on a Federal mortgage task force, which appears to have gotten close to nada in resources beyond the staff in various Federal agencies who were already working on mortgage investigations. And given that were are now close to a full five years past the origination of toxic subprime deals, those existing investigations don’t exactly look to have been pursued with much in the way of vigor.
Paul Krugman’s partisanship has become so shameless that we are giving him the inaugural Eric Schneiderman Decoy Award for his post “Things Fall Apart“. The Schneiderman Decoy Award goes for exceptional achievement in turning one’s good name over to particularly rancid Obama Administration initiatives.
Last month, shareholders finally rebelled against Citigroup, the worst of the Too Big To Fail bailout disasters, by filing a lawsuit against outgoing chairman Dick Parsons and handful of executives for stuffing their pockets while running the bank into the ground.
Anyone familiar with Dick Parsons’ past could have told you his term as Citigroup’s chairman would end like this: Shareholder lawsuits, executive pay scandals, and corporate failure on a colossal scale.
We’ve featured past Real News Network segments on the United Nations Conference on Trade and Development. UNCTAD has increasingly become a forum for struggles between advanced economies and developing economies over what the rules of the road should be in trade. UNCTAD was early to call the benefits of financialization into question, and has also been taking issue with the comparatively small take countries in the “south” get from extended supply chain production. This, needless to say, is a vision that is a direct challenge to how multinational like to conduct their affairs, so it should be no surprise that the big, rich countries are trying to bring UNCTAD to heel.
Even with all the focus on JP Morgan’s loss bomb in the past few days, some critical elements of the story have not gotten the scrutiny they deserve, and Amar Bhide fills those gaps.
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