Dimon Receives Tougher Treatment (WSJ)
The lectures appeared to rankle Mr. Dimon. Certain questions received sharp, defiant retorts. “We lost $2 billion to Chrysler. I assume you’d want us to continue to lend to Chrysler,” Mr. Dimon shot back when Rep. Gary Ackerman suggested the bank’s hedging amounted to gambling. “We don’t gamble,” Mr. Dimon said curtly. “We do make mistakes.”
Dimon gets grief from pols — and cleaning lady (NYP)
After taking his lumps during his second grilling on Capitol Hill over the bank’s $2 billion trading blunder, he was confronted by Adriana Vasquez, a 38-year-old janitor who says she earns $10,000 a year cleaning JPMorgan’s tower in Houston. “Despite making billions last year, why do you deny the people cleaning your buildings a living wage?” Vasquez asked the bank chieftain at the end of his two-hour grilling before the House Financial Services Committee. As a member of the Service Employees International Union, Vasquez, who says she cleans 24 bathrooms on 11 floors of the bank building, is putting pressure on JPMorgan. The union put out a press release in advance of the hearing, announcing that it would send Vasquez to confront Dimon over the issue of janitorial pay. A JPMorgan spokeswoman told The Post that the bank is a tenant of the tower but doesn’t set pay for the janitors, who are hired by the building’s management. Dimon, who was expecting to hear from the union, told Vasquez to call his office.
BOE Seen Likely To Increase Stimulus (WSJ)
The Bank of England looks set to pump more stimulus into the U.K. economy after minutes of its June policy meeting revealed that Governor Mervyn King was narrowly defeated in a knife-edge vote on a fresh bout of bond purchases.
Moody’s Upgrades Turkey (WSJ)
Moody’s said the move, which raised Turkey’s sovereign-debt rating by one notch to Ba1—just below investment grade—was driven by the fast-growing economy’s improvements in its public finances and the shock-absorption capacity of the government’s balance sheet.
UK Reveals New ‘Say On Pay’ Laws (WSJ)
The British government unveiled legislation Wednesday to give investors more say on the pay packages of senior corporate executives, a key milestone in a shareholder rebellion that has been rippling through the U.K. in recent months. The measures include giving shareholders a binding vote on how much directors are paid and increasing transparency by requiring companies to annually publish a simple figure totaling how much directors received.
Falcone’s Harbinger Capital Turns To Dell’s MSD For Loan (Bloomberg)
Philip Falcone’s hedge fund, having taken out a loan earlier this year at an effective annual interest rate of 24 percent, has found a new source of financing: the money-management arm of billionaire Michael Dell. Harbinger Capital Partners Master Fund I Ltd. entered into a note purchase agreement on June 14 with a credit fund run by MSDC Management LP, according to a June 18 regulatory filing. MSDC Management is an investment adviser backed by MSD Capital LP, the private investment firm for Dell and his family. Under the financing agreement, the MSD credit fund can swap as much as $50 million of loans extended to Falcone’s Harbinger Capital for part of its stake in Harbinger Group, his publicly traded investment vehicle.
Honeybee Swarms Increase In NYC After Mild Spring (NYT)
When Happy Miller, the Seaport restaurant manager, saw tourists flailing their arms in a cloud of airborne black specks late last month, he closed the glass door and quietly panicked. “Oh my God, what do I do?” he thought before calling 311, security guards and local news outfits. The television trucks, he said, were first to arrive. It took several hours before Officer Anthony Planakis, the New York Police Department’s unofficial beekeeper in residence, arrived with a metal swarm box and a vacuum to collect the 17,500 or so homeless creatures. Officer Planakis, who has been responding to swarm calls since 1995, said this had been New York’s busiest year of swarming he had ever experienced. Since mid-March, he said, he has tended to 31 jobs in the five boroughs, more than twice the number he handled last season, which is normally mid-April through July. “It’s been pretty hectic,” he said, adding that this week’s warmer temperatures could encourage more bees to take off.
Fed Seen Extending Operation Twist And Avoiding Bond Buys (Bloomberg)
The Federal Reserve will probably decide today to expand Operation Twist beyond $400 billion to spur growth and buy protection against a deeper crisis in Europe, according to a Bloomberg News survey of economists. Fifty-eight percent of respondents in a June 18 poll said the Fed will prolong the program, which seeks to lower borrowing costs by extending the average maturity of the securities in the central bank’s portfolio. The current program ends this month.
US Watchdog Hits At ‘Risky’ London (FT)
US lawmakers and regulators have attacked London as a source of financial crises and promised tougher crossborder rules in the wake of $2 billion of trading losses at the UK unit of JPMorgan Chase. Gary Gensler, chairman of the Commodity Futures Trading Commission, said on Tuesday at a congressional hearing into JPMorgan’s trading losses that the US was vulnerable to risky activity in London. He said AIG had been hit by its financial products unit in London while Citigroup had been harmed by special purpose investment vehicles set up in the UK capital. “So often it comes right back here, crashing to our shores…if the American taxpayer bails out JPMorgan, they’d be bailing out that London entity as well,” he told the House financial services committee.
Hedge Funds Hurt In May Commodity Rout As Brevan Drops (Bloomberg)
Funds tracked by the Newedge Commodity Trading Index lost an average 3 percent last month, the most since September. Taylor Woods Master Fund Ltd., managing more than $1 billion, retreated 4.2 percent, according to a monthly report obtained by Bloomberg News. Galena Asset Management Ltd.’s metals fund dropped 2.6 percent in May, according to the company, and Brevan Howard Commodities Strategies Master Fund Ltd. fell 2 percent, according to a monthly report to investors obtained by Bloomberg.
Ken Starr’s pole dancing ex shops book (NYP)
…Passage also describes how another A-list actor and his wife took her and a “massage girl” into a room at Scores. But the couple ignored the hot ladies and started “having sex right in front of us.” After an hour of the sex show, Passage says she “reached into [the star’s] pants pocket…and told him I was taking an extra $200 as a tip…He was clearly too busy to negotiate, so he just waved me off and said, ‘ Thanks.’ ”
Re: Her tell all book. An A-list star was at Morton's? Really?
We need more Lemon Pledge.
-Adriana Vasquez
“Despite making billions last year, why do you deny the people cleaning your buildings a living wage?” Vasquez asked the bank chieftain, continuing "Also we need more Lemon Pledge."
Paying two women just to watch you have sex with another woman really is the NKI.
The Starrs bragged a lot about their properties and their relationships with celebrities, but even with the skills she’d honed at Scores, Passage couldn’t get a read on how big a fish she’d caught. She asked a public-relations guy at the club how to find out if Ken Starr was for real.
“Ask him to take you to Per Se on short notice,” he told her.
–
2 for 8 @ Per Se is the OKI.
paying women for sex is never the NKI, you pay them to leave
I agree, Turkish debt is a strong buy.
– MARL the Trading Robot
"Needing Lemon Pledge" used to be the code word for the front desk to send up a couple of hookers in maid outfits.
–DSK
"'Oh my God, what do I do?' he thought before calling 311, security guards and local news outfits. The television trucks, he said, were first to arrive."
Observation #1 – The prioritization of who to call for help is hilarious here. We've got (a) The City (b) Rent-A-Cops and then (c) The Media.
Observation #2 – TV reporters are our first responders. Wow.
-Guy that has a beekeeper in his contact list for just such an emergency
Look, if you rolled back some of the regulations in place, we would be able to evenly spread the risk between London and the US.
Just give her a cashmere sweater, Dimon. All she wants is a little cashmere.
Hey, how come Adriana gets cashmere? If she gets cashmere, they'll all get cashmere, it'll be anarchy!
-Service Employees International Union
rather a swarm of honeybees than one Crazy Nastyass Honey Badger
When I was a little girl in Panama, a rich American came to our town and he was wearing the softest most beautiful sweater. I said to him, "what do you call this most beautiful fabric?", and he said "they call it cashmere". I repeated the words "cashmere, cashmere". I asked if I could have it, and he said "No. Get away from me." Then he started walk away. But I grabbed onto his leg screaming for him to give me the sweater and he dragged me through the street. And then he kicked at me with the other foot and threw some change at me. Oh, but I didn't want the change Jamie. I wanted the cashmere.
I'd steer clear of her. Don't want to get snagged on the barbed wire.
Huh, I guess laxbro's little brother got on his computer, and, unsurprisingly is mildly more articulate than he is.
“We lost $2 billion to Chrysler. I assume you’d want us to continue to lend to Chrysler,”
This probably deomnstrates why Jamie has an untouchable status on DB.
Observation #3 – Only in NYC would TV reporters show up to cover a report of "bees". A bear in a tree being tranquilized by cops, now there's some news.
kill yourself.
Solid bod, good face. I buy, and then I sell…
Ben Stein used to write a column for "E!" called "Monday Night at Morton's" and it was a great read. It rivaled the San Francisco Chronicle's "Night Cabbie" for noir coolness. It's sad neither is written these days.
Nooo Mr. Jamie. You go, I clean.
- Consuela
It was a sting operation.
Jamie lost ANOTHER $2 Billion?
PMCO, can we get a reaction piece?
Turkey, hey…how's it going. Heard about your debt rating upgrade, nice, nice. I guess that makes you a prime candidate for admission to our super-exclusive club. Just the simple matter of the initiation fee and you're in. How much? …well, errr, um
- EU Social Chair & Membership Director
In NJ we just call Gary Shilling
I thought he has untouchable status because he's a handsome guy running the largest bank in the country, and the average banker is an ugly, usually Jewish bald guy?
At least they weren't bumbling along.
Hey!
Mr. Jamie… he no here. No… no. I have no money.
She's 35 y/o with a teenage kid living in some shit hole in Midtown. Easy pass.
Hey!
Hey!
great post- we are desperate to hire some average bankers to increase our performance, and now we finally know what we are looking for.
UBS HR
Ho!
Cool story bro
The blogs are buzzing with the story
PMCO is Lynn Tilton
Hip Hop Hooray
ILP is correct with one exception. I'm pretty sure he'd pay me to turn up, perform *and* stay. But I wouldn't stay because he'd probably want to cuddle and that's just bullshit.
Bro is so 2011, its now brah!
Spooning leads to forking
I'm tired of hearing you guys drone on and on about this shit.
plus his mom would wonder why he's not getting up for school
"Janitorial Services" is the legal name for an escort from a Brothel so they make expense her assets twice, I wonder if Elliot Spitzer knows her or maybe Adriana Vasquez knows Ashley Dupre.
For those of us who didn't get to Dealbreaker before the Censors, could you sum up his main point and why you believe he is more articulate?
No its isn't
It's it not it,s you moron.
He's a social leech.
JPMorgan has two in-house lobbyists with connections to the House Financial Services committee.
Rick Lazio joined JP Morgan in 2004 as chief of government relations. He previously served as a congressman from New York from 1993-2000, and sat on the committee.
Tom Koonce is a lobbyist for JP Morgan and formerly a legislative director for Brad Miller, D-N.C., who sits on the committee.
There are also three former congressional staffers with committee ties at firms currently lobbying for JPMorgan:
Collins Lionel is a lobbyist at Jones, Walker et al., and a former staff member on the committee. JPMorgan hired the firm this year.
Nicholas Leibham, who works JPMorgan lobbying firm K&L Gates, was formerly an aide to Gary L. Ackerman, D-N.Y., another committee member.
Bart Gordon also works at K&L Gates. He's a former Democratic congressman from Tennessee who, back in the 1980s, sat on the committee.
Data compiled by the Center for Responsive Politics also shows how representatives on the committee have benefited from the generosity of JPMorgan's employees and PACs.
In the 2012 election cycle, JPMorgan's PACs and employees have so far given $168,000 to members of the committee. About 80 percent of that came from one of the bank's PACs.
JPMorgan's PAC and employees have been the second-largest contributors to committee chairman Spencer Bachus, R-Ala., since 1993, donating a total of $119,000 to the congressman's campaigns — $11,000 so far this election cycle. (These numbers don't include contributions to Super PACs or other outside groups.)
The committee's vice-chair, Jeb Hensarling, R-Texas, has received a relatively modest $50,000 from JPMorgan since 2003. Overall, commercial banks have been his largest campaign contributor.
Other big Republican career recipients include Steve Stivers of Ohio, who has only served since 2010 but has already received more than $70,000.
On the Democratic side, JPMorgan's PAC and employees have given ranking member Barney Frank, D-Mass., $84,500 since 1989, making them his 4th biggest donor overall.
JPMorgan is number one for Carolyn Maloney, D-N.Y., with more than $100,000 since 1993.
Despite the hearings, neither the House nor Senate is actually conducting investigatons of JPMorgan's losses. But the Department of Justice is, along with five of JPMorgan's regulators — the FDIC, SEC, CFTC, OCC and the Fed. Lest you find that load of government acronyms as bewildering as Dimon said he did, we've also laid out their various investigations, and in a few cases, their own JP Morgan connections.
The SEC
The Securities and Exchange Commission is looking into how JPMorgan disclosed risks to shareholders. SEC chairman Mary Schapiro outlined in testimony to the House today the various kinds of disclosure the SEC can target, without going into details on JPMorgan.
JPMorgan has two former SEC enforcement heads working for them now: the company's general counsel is Steven Cutler, who headed enforcement at the SEC from 2001 to 2005. They have also reportedly retained William McLucas from an outside law firm, another SEC enforcement director who spent two decades at the agency.
cool.
You're welcome
was this comment really censor-worthy? i think we can do better DB
When we last checked in with Jamie Dimon, he was getting a tongue bath from Jim DeMint (R-Jamie Dimon’s Butt) because Jamie Dimon is a Very Big Man in charge of a Very Big Bank that makes Very Big Profits for Very Big People. As Jim DeMint (R-Jamie Dimon’s Butt) noted, not everyone can do what Jamie Dimon does: who among you, for example, could lose $2 billion dollars in one day and not even really miss it? And who among you could preside over a global economic crisis and escape with your job and pay intact? Hmm? And what if you were trying to do all of this on a shoestring, like Jamie Dimon, who only gets $14 billion per year in subsidies from taxpayers?
From Bloomberg:
JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by the International Monetary Fund and our own analysis of bank balance sheets.
First, the good news: someone at Bloomberg figured all of this out by reading a balance sheet, meaning that this person is qualified to be president, which is fantastic. The bad news: the $14 billion per year goes to paying grossly inflated salaries to wankers like Jamie Dimon in addition to ruining your life and the lives of others.
The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy… In other words, U.S. taxpayers helped foot the bill for the multibillion-dollar trading loss that is the focus of today’s hearing. They’ve also provided more direct support: Dimon noted in a recent conference call that the Home Affordable Refinancing Program, which allows banks to generate income by modifying government-guaranteed mortgages, made a significant contribution to JPMorgan’s earnings in the first three months of 2012.
When we last checked in with Jamie Dimon, he was getting a tongue bath from Jim DeMint (R-Jamie Dimon’s Butt) because Jamie Dimon is a Very Big Man in charge of a Very Big Bank that makes Very Big Profits for Very Big People. As Jim DeMint (R-Jamie Dimon’s Butt) noted, not everyone can do what Jamie Dimon does: who among you, for example, could lose $2 billion dollars in one day and not even really miss it? And who among you could preside over a global economic crisis and escape with your job and pay intact? Hmm? And what if you were trying to do all of this on a shoestring, like Jamie Dimon, who only gets $14 billion per year in subsidies from taxpayers?
From Bloomberg:
JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by the International Monetary Fund and our own analysis of bank balance sheets.
First, the good news: someone at Bloomberg figured all of this out by reading a balance sheet, meaning that this person is qualified to be president, which is fantastic. The bad news: the $14 billion per year goes to paying grossly inflated salaries to wank-ers like Jamie Dimon in addition to ruining your life and the lives of others.
The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy… In other words, U.S. taxpayers helped foot the bill for the multibillion-dollar trading loss that is the focus of today’s hearing. They’ve also provided more direct support: Dimon noted in a recent conference call that the Home Affordable Refinancing Program, which allows banks to generate income by modifying government-guaranteed mortgages, made a significant contribution to JPMorgan’s earnings in the first three months of 2012.
He's right. Brah is pretty nouveau right now.
I was so certain that I would never find a more drawn out, exhausting, and impossible to finish (and I didn't) comment than one of Matt's posts that I signed a contract to fulfill the "needs and desires" of Mrs. Tilton if ever a time came. But against all odds, you pulled it off. Not to mention you added your own twist on what adjectives could be used to describe this post, useless (at least Matt's have some redeeming value). Alas, this will do down in history as my $2 billion dollar mistake (not gamble, mistake). I will get you for this, middle class! Don't you worry…..
tl:dr
You're pathetic try to sound witty and charming has fall on its ass.
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