ProPublica reports that JPMorgan is being investigated by the SEC to determine whether or not the bank adequately disclosed to investors that the securities that went into a CDO were selected by hedge fund Magnetar Capital, which was betting against the deal (JPMorgan apparently lost approximately $880 million on the deal and what’s more). Two problems seem apparent up front– one, unlike Goldman Sachs, whose CDO had the badass name of ABACUS, JPMorgan’s version is called “Squared.” And two, no one has said anything about the role of a Frenchman who describes himself as “fabulous” and writes gushy emails to his ex-girlfriend on the company dime. That’s not going to bode well for JPMorgan when it comes time for Congress to decide whether or not this thing is worthy of a hearing and/or Senator Carl Levin describing it as “shitty” 700 times on live TV. Given that everything on Wall Street is a competition, and JPMorgan is no poor man’s Goldman, I’m going to go ahead and tip off JD and Co as to the only way they’re going to be able to come out on top of this thing. If this woman’s involvement in the deal comes to light: Read more »
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- Hedge Fund Manager Keeps A Detailed Record Of All The Asses He's Grabbed
- Money Manager Holding Credit Suisse's Funds Hostage Elevates The Whole "I'm 5 Minutes Away!" Text When You Haven't Yet Left Your Apartment To A New Level
- Banker Who Faked His Own Death Fielding Hedge Fund Jobs Offers Left And Right, Says Banker Who Faked His Own Death
- Jefferies Exec Details All The Places He's Never Mistaken For A Toilet
- Guy Whose Quitting Pimco Totally Had Nothing To Do With Bill Gross Treating Him Like Crap Now Back At Pimco
- Jefferies Exec (Allegedly!) Held An Offsite "Mushrooms Day"
- Opening Bell: 10.30.14
- Things Could Be Worse But They Could Also Be Better At Jefferies Right Now
- Executive Editor
- Bess Levin
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