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Bloomberg Investigation Concludes Drawing Parallels Between JPMorgan, Nazis Might've Been A Tad Much

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From here on, the news organization will frown upon comparing the destruction of world-historic landmarks during wartime to unfavorable interest-rate swap settlements forced by JPMorgan Chase.

An outside review of Bloomberg L.P.’s practices found that a controversial article that compared the damage in an Italian town after a bad deal with JPMorgan Chase to the fallout from the Nazis’ occupation in World War II went “too far….”

“In one of the great campaigns of World War II, Monte Cassino was completely destroyed in a wave of battles that claimed 75,000 casualties and the lives of hundreds of townspeople. To suggest that a bond deal gone sour, curtailing daycare for 60 children and services for the poor, is comparable to the terror and cataclysm of the war is inconsistent with BN’s high standards,” Clark Hoyt, an editor-at-large at Bloomberg news and a former public editor of The Times, found is his review, which focused on the relationship between Bloomberg’s news and commercial operations.

JPMorgan Chase Not Akin to Nazis, Report Finds [DealBook]
JPMorgan Swaps Occupying Cassino Prove Curse Like World War II Destruction [Bloomberg]


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Layoffs Watch '12: JPMorgan

Some people are keeping their London-based gigs (for now) and some people are not. JPMorgan Chase, the biggest U.S. lender by assets, will eliminate 20 investment-banking jobs in London as market conditions weaken, according to a person with knowledge of the cuts. The staff cuts aren’t related to the $2 billion loss at the New York-based company’s chief investment office in London, said the person, who asked for anonymity because the investment bank reductions haven’t been made public. [Bloomberg]