J.P. Morgan Chase fired back at Lehman Brothers Holdings Inc.'s attempt to dismiss a J.P. Morgan lawsuit against it, citing emails it says suggest Lehman knowingly misled J.P. Morgan into keeping "goat poo" securities that Lehman brokerage buyer Barclays Group PLC didn't want. In a bankruptcy court filing made Thursday, J.P. Morgan says two Lehman employees "referred to both RACERS and another security called Fenway [commercial paper securities] as'goat poo' to be scattered in 'other people's backyards.'" The J.P. Morgan suit is in response to a lawsuit Lehman filed in May, alleging that J.P. Morgan illegally siphoned billions of dollars from Lehman as it collapsed in September 2008. [Dow Jones]
London Whale Also Not Responsible For Those Last 10 Pounds You Haven't Lost
There are a lot of things that, if you wanted to, you could legitimately blame on former JP Morgan employee London P. Whale. The $6.2 billion trading loss the bank incurred over the summer. Ina Drew getting fired. This awkward phone call. Some stuff you can't pin on him, though many have tried: male pattern baldness, the bombing of Pearl Harbor, Apple Maps, Lehman Brothers' bankruptcy, tempting as it may be.