Investment banking
JP Morgan Chase Announces $2 Billion Loss
In a major hit for Wall Street, JP Morgan Chase disclosed a $2 billion loss on Thursday related to its credit investment portfolio. The trickle down effect could mean a loss of another $800 million in the second quarter for the bank’s Chief Investment Office. The Takeaway talks with Michael de la Merced, reporter for […]
‘Rogue’ UBS Trader Arrested in London
Swiss bank UBS says a “rogue trader” in its investment bank has generated $2 billion in losses by making unauthorized trades. Kweku Adoboli, 31, was arrested this morning by police in London. Louise Cooper, analyst for BGC Partners, a firm specializing in financial services, talks about how this could have happened.
Nuns to Protest Goldman Sachs
Goldman Sachs CEO Lloyd Blankfein did little to ingratiate himself to the general public when in November 2009 he told The Times of London that bankers do “God’s work.” Now Goldman will have to face those who actually are doing “God’s work.” A coalition of Catholic nuns plans to cause a scene at the investment […]
In 2004, rule change at SEC set the stage for a credit crisis
During a routine meeting back in April of 2004, the U.S. Securities and Exchange Commission voted for allowing computer-generated models to determine financial risk. New York Times reporter Stephen Labaton explains the decision and its implications.