It is official – London’s Big Whale, aka Bruni Iksil, has earned the JP Morgan’s Chief Investment Office, a 5.8 billion dollar trading loss! It also became evident, that some JP Morgan traders tried to hide bad credit bets during the first quarter. This has been a tough year for Jamie Dimon, and his reputation as the King of Wall Street is significantly damaged, but even with this loss JPMorgan has still made a second quarter net income of 4.96 billion dollars. Last year JP Morgan’s income was at 5.43 billion dollars. In the attempt to put this little hiccup behind it, JP Morgan’s Chief Investment Office will no longer trade Credit derivatives. New first quarter results will be published, and in the meantime the company’s shares rose by 36 cents, in premarket trading to $34.40. Come out come out wherever you are bad credit trades – I would not be surprised if the losses were to be adjusted to higher number a couple of more times.
New developments in the Libor Scandal are rocking the media headlines. The Bank of England published e-mail from the year 2008, that seem to be undermining deputy governor Paul Tucker’s recent claims at his parliamentary committee, that he was unaware of any LIBOR related concerns. One of the e-mails, written by Tim Geithner, then head of the Federal Reserve Bank of New York and now the U.S. Treasury Secretary, where copied Mr. Tucker on a on which Mr. Tucker was copied, was titled “Eliminate incentive to misreport.” Yaiks. Basically the Fed knew about LIBOR inconsistencies, and tried to encourage British regulators to bring more order to the flawed system. According to most media articles, Mr. Tucker was not available for comment – I wonder why. A dozen banks are currently being investigated in connection to the LIBOR rigging scandal, and we are all sitting on the edge of our seats, wanting to know who will go down next.
So it is Friday the 13th and I have taken it upon myself to investigate how this western superstition, also known as friggatriskaidekaphobia, came to life. There are several theories. First up in numerology the number 13 is considered to be an irregular number. Whereas the number 12 is considered a number of completeness – as in the twelve months of the year, twelve hours of the clock, twelve gods of Olympus…you get the gist. The day Friday has apparently been considered an unlucky day since the Canterbury Tales, but one author, argues that the Friday 13th phobia came to life, in 1907, when Thomas W. Lawson’s popular novel Friday, the Thirteenth, was published. In this novel, an unscrupulous broker takes advantage of the superstition to create a Wall Street panic on a Friday the 13th. And that’s why we are now all scared of Friday the 13th. You cannot make this stuff up! Please correct me if I’m wrong!
It is official – London’s Big Whale, aka Bruni Iksil, has earned the JP Morgan’s Chief Investment Office, a 5.8 billion dollar trading loss! It also became evident, that some JP Morgan traders tried to hide bad credit bets during the first quarter. This has been a tough year for Jamie Dimon, and his reputation as the King of Wall Street is significantly damaged, but even with this loss JPMorgan has still made a second quarter net income of 4.96 billion dollars. Last year JP Morgan’s income was at 5.43 billion dollars. In the attempt to put this little hiccup behind it, JP Morgan’s Chief Investment Office will no longer trade Credit derivatives. New first quarter results will be published, and in the meantime the company’s shares rose by 36 cents, in premarket trading to $34.40. Come out come out wherever you are bad credit trades – I would not be surprised if the losses were to be adjusted to higher number a couple of more times.
New developments in the Libor Scandal are rocking the media headlines. The Bank of England published e-mail from the year 2008, that seem to be undermining deputy governor Paul Tucker’s recent claims at his parliamentary committee, that he was unaware of any LIBOR related concerns. One of the e-mails, written by Tim Geithner, then head of the Federal Reserve Bank of New York and now the U.S. Treasury Secretary, where copied Mr. Tucker on a on which Mr. Tucker was copied, was titled “Eliminate incentive to misreport.” Yaiks. Basically the Fed knew about LIBOR inconsistencies, and tried to encourage British regulators to bring more order to the flawed system. According to most media articles, Mr. Tucker was not available for comment – I wonder why. A dozen banks are currently being investigated in connection to the LIBOR rigging scandal, and we are all sitting on the edge of our seats, wanting to know who will go down next.
So it is Friday the 13th and I have taken it upon myself to investigate how this western superstition, also known as friggatriskaidekaphobia, came to life. There are several theories. First up in numerology the number 13 is considered to be an irregular number. Whereas the number 12 is considered a number of completeness – as in the twelve months of the year, twelve hours of the clock, twelve gods of Olympus…you get the gist. The day Friday has apparently been considered an unlucky day since the Canterbury Tales, but one author, argues that the Friday 13th phobia came to life, in 1907, when Thomas W. Lawson’s popular novel Friday, the Thirteenth, was published. In this novel, an unscrupulous broker takes advantage of the superstition to create a Wall Street panic on a Friday the 13th. And that’s why we are now all scared of Friday the 13th. You cannot make this stuff up! Please correct me if I’m wrong!