Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 17 January 2013 [View all]Demeter
(85,373 posts)14. JPMorgan Chase Sees Profits Rise, Halves CEO's Salary For London Debacle
http://www.npr.org/blogs/thetwo-way/2013/01/16/169538915/jp-morgan-chase-sees-profits-rise-halves-ceos-salary-for-london-debacle?ft=1&f=1001
JPMorgan Chase reports that its profits were up 53 percent in the fourth quarter of 2012 but CEO Jamie Dimon's pay will be cut in half, after the bank lost billions of dollars on risky bets made in its London office. The incident tarnished the reputation of Dimon, who had successfully steered his bank through the recent financial crisis.
"This past year has been a bruising one for Dimon," as NPR's Steve Henn reports for our Newscast unit:
"Lax oversight of trading operation in London resulted in enormous losses by the bank. A single trader nicknamed Voldemort or the London Whale placed multibillion-dollar bets on complex synthetic derivatives. When those bets went bad, the bank lost billions. An internal investigation placed the blame at Dimon's feet and now the board has cut his compensation in half, to just over $11 million."
The company says that the bets made by trader Bruno Iksil cost it $6.2 billion in nine months, Bloomberg reports. JPMorgan Chase said its net income was $5.7 billion in the fourth quarter of 2012. And the company praised Dimon for the way he handled the mess that emerged from the bad investments. As NPR's Marilyn Geewax reported last October, Dimon told an audience at the Council on Foreign Relations that "I should have caught it ... I didn't."
He added that making mistakes and learning from them is part of capitalism.
JPMorgan Chase reports that its profits were up 53 percent in the fourth quarter of 2012 but CEO Jamie Dimon's pay will be cut in half, after the bank lost billions of dollars on risky bets made in its London office. The incident tarnished the reputation of Dimon, who had successfully steered his bank through the recent financial crisis.
"This past year has been a bruising one for Dimon," as NPR's Steve Henn reports for our Newscast unit:
"Lax oversight of trading operation in London resulted in enormous losses by the bank. A single trader nicknamed Voldemort or the London Whale placed multibillion-dollar bets on complex synthetic derivatives. When those bets went bad, the bank lost billions. An internal investigation placed the blame at Dimon's feet and now the board has cut his compensation in half, to just over $11 million."
The company says that the bets made by trader Bruno Iksil cost it $6.2 billion in nine months, Bloomberg reports. JPMorgan Chase said its net income was $5.7 billion in the fourth quarter of 2012. And the company praised Dimon for the way he handled the mess that emerged from the bad investments. As NPR's Marilyn Geewax reported last October, Dimon told an audience at the Council on Foreign Relations that "I should have caught it ... I didn't."
He added that making mistakes and learning from them is part of capitalism.
Edit history
Please sign in to view edit histories.
55 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
The next fiscal fight: From cliff to ceiling-debt ceiling serves no useful purpose; should be abolis
Demeter
Jan 2013
#12
in my youth - i spent some very well spent hours at the checkerboard lounge in chicago.
xchrom
Jan 2013
#32
One is forever young... I discovered this on my way through Andalusia the other day:
Ghost Dog
Jan 2013
#40
ETA News Release: Unemployment Insurance Weekly Claims Report (01/17/2013)
mahatmakanejeeves
Jan 2013
#21
Central Bank governor issues warning to banks over distressed mortgages{ireland}
xchrom
Jan 2013
#22