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View Diary: Breaking: Jamie Dimon is in a Metric F$#k-Ton of Trouble UPDATED x5 (389 comments)

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  •  "JP Morgan suffered a Double Blow on Thurs..." (7+ / 0-)

    Senate London whale report, Fed stress test shine harsh light on nation’s largest bank...

    Besides the "London Whale Report", there was more bad news for JP Morgan today:  

    J.P. Morgan...suffered a double blow on Thursday after it was charged by a Senate committee with misleading regulators and investors over massive credit derivatives losses and saw its plans to return capital to shareholders questioned by the government...

    The combination of the Senate’s report on the so-called London Whale trading losses and the Federal Reserve’s skepticism about the bank’s capital planning process suggests the bank and Jamie Dimon — its vocal chief executive — can expect continued scrutiny from government regulators in the months ahead...

    “What this shows is that the Fed is looking at these firms harder...”

     J.P. Morgan...and...Goldman Sachs Group Inc... have to submit new capital plans by the end of the third quarter to address weaknesses in their capital planning processes, said the Federal Reserve in a statement.

    The two major Wall Street firms exhibited weakness in their capital plans that were significant enough to require immediate attention, said the statement...

    There will be a hearing on Friday, with key JP Morgan people, including former CFO testifying.  

    It remains to be seen if this is all for show or if there really is something happening here...

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