Analysis and commentary on economic news, trends and issues, with an emphasis on Seattle and the Northwest.
Topic: London Whale
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October 17, 2013 at 10:25 AM
I am told that Jamie Dimon was in town for a private talk at the Washington Athletic Club. And I am shocked, shocked, to have been left off the invitation list, after all those years when Dimon wanted to talk to journalists and let us hear his fun, intense, informative, profanity-laced monologues on banking and the economy.
One can guess that the more than 3,400 Seattle employees fired when JPMorgan Chase bought Washington Mutual didn’t come up. Bad form, you know.
These are difficult days for the man who was once “America’s least hated banker.” Last month, the House of Morgan agreed to pay more than $920 million to settle with the Securities and Exchange Commission, Federal Reserve, Comptroller of the Currency and U.K. regulators over the “London Whale”
trading gambling fiasco that cost some $6 billion. The SEC reportedly refused to negotiate the fine, impudence to a banker who had led the Dodd-Frank framers around by their noses.
Now the bank has agreed to pay another $100 million in fines to the Commodity Futures Trading Commission and admit its traders acted “recklessly.” A Justice Department investigation continues.