Seriously, won’t happen again. Read more »
Jamie Dimon wanted to make the announcement Oprah-style (You get a title change! And you get a title change! And you get a title change!) but there was concern that some employees would pass out from the excitement. Read more »
Every single company with treasuries, every insurance fund, every — every requirement that — it will start snowballing. Automatic, you don’t pay your debt, there will be default by ratings agencies. All short-term financing will disappear. I would have hundreds of work streams working around the world protecting our company for that kind of event. [PBS via BI]
Recently around these parts, we’ve been getting some complaints about how it’s been far too long since we’ve chronicled a food eating challenge and a demand for answers. Here’s the rub: Read more »
Assuming the last quarter is an indication of the next three and- fingers crossed- nothing goes catastrophically wrong, JPMorgan employees may be looking at raises next year. Read more »
When one is the chief executive of a bank or otherwise important person whose skills are in high demand, he or she needs to be available to pick up and move out of state at a moment’s notice, whether or not the the house is sold or the water is still running. This hasn’t posed a problem in time’s past, what with the most magnificent housing bubble the world had ever seen, but with the market having its teeth kicked in and left naked and bound in an alleyway with the words “Big Al” was here written in Sharpie across its chest, thing have been slightly more difficult of late. Tim Geithner, for instance, hasn’t been able to sell his Westchester house since taking the job of Treausury Secretary, despite cutting the price and retiling the bathroom, ultimately being forced to rent it out by the hour. Jamie Dimon too went through a similar problem unloading his Chicago home (where he lived as CEO of Bank One and held on to til his daughters graduated high school), despite fantastic art gracing the walls. Luckily for JD, the long wait is over. He reportedly sold his manse for $6.8 million (after having bought it for $4.7 million) and JPMorgan apparently picked up the relator tab. Read more »
Dimon’s $23 million compensation package included a $5 million cash bonus, his first since 2007, the New York-based company said today in a regulatory filing. His base salary remained at $1 million and his restricted stock payout increased 20 percent to $17 million. That helped boost total compensation by more than half from $15.2 million in 2009, according to the bank’s calculations. [Bloomberg]
As he’s got time on his hands and there’s something cathartic about letting it all out, Bernie Madoff’s been on a little media tour of late (which will culminate with an appearance on Jerry Springer in a paternity episode you don’t want to miss). His last stop was at New York, where Berns told reporter Steve Fishman it irks him that no one ever cares to mention that he “had a successful business and did wonderful things for the industry” during the so-called “legitimate years.” Most recently he sat down for a little chat with the Financial Times and in an interview that will run in the upcoming weekend edition, told the paper that UBS and HSBC are going to have “big problems” and that JPMorgan? Should run and hide.
“I am not a banker but I know that $100bn going in and out of a bank account is something that should alert you to something,” he said from federal prison in Butner, North Carolina. “JPMorgan got all the financial statements…JPMorgan doesn’t have a chance in hell of not coming up with a big settlement [with trustee Irving Picard, who filed a lawsuit against the bank.”
But enough about them. Let’s get back to Berns. Why did he do it? Apparently in the full interview, Bernie says it wasn’t about the money but rather that he was a people pleaser. Read more »
According to Yale senior Jeff Anderson, you gotta go with the latter. The opportunity to go pro is one thing but work in the same building as Jamie Dimon? Quite another and not something you want to wake up 30 years down the road asking, what if?
Anderson, who hails from British Columbia, led the Bulldogs to their first No. 1 national ranking last December, after joining them in 2007 when they hadn’t made past the ECAC Hockey quarterfinals in nine years. He graduates this spring and while he’s received “a number of professional hockey opportunities for next year,” he’s only received one once in a lifetime offer- to work for JPMorgan’s sales and trading department. Read more »
From an internal JPM update: Read more »