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JP Morgan

« February 2010

Lobbyists

Business Lobby Shifting Back To GOP

Zachary Roth | February 8, 2010, 4:04PM


Grover Norquist

Some of the business interests that had abandoned their traditional conservatism to flirt with the Obama agenda may now be shifting back towards the GOP -- another sign that the president's standing is badly weakened a year after taking office.

During 2008 and much of 2009, Obama enjoyed an unusual amount of support for a Democrat from the business community, much of which had grown disillusioned with President Bush and hoped for a return to the steady growth of the Clinton years. But after a string of political setbacks, high-lighted by Scott Brown's win last month in the Massachusetts Senate race, some key business groups and sectors appear to be shifting back to the GOP column.

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Topics: Barack Obama, Chamber of Commerce, Grover Norquist, Health Care, JP Morgan, Lobbyists, NFIB, Scott Brown, Wall Street

Jamie Dimon

VIDEO: JPMorgan CEO: 'We Have Crises Every Five Or Ten Years' -- So No Biggie

Zachary Roth | January 13, 2010, 3:11PM


JPMorgan CEO Jamie Dimon

The banking crisis that nearly triggered the collapse of the U.S. financial sector in 2008 and continues to cause after-shocks around the world was a routine occurrence, the head of one of the investment banks that helped cause it suggested today.

Here's what Jamie Dimon, CEO of bailout beneficiary JPMorgan Chase, said during testimony before the Washington commission that's probing the causes of the crisis:

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Topics: Bailout, FCIC, Financial Crisis, JP Morgan, Jamie Dimon, Wall Street

Wall Street

New Dems Met With Wall St. Execs While Pushing to Weaken Financial Reform

Zachary Roth | January 6, 2010, 12:45PM


Rep. Joseph Crowley (D-NY)

A group of moderate Democrats held private meetings this fall with executives from Goldman Sachs and JP Morgan Chase, while in the midst of pushing successfully to water down landmark legislation designed to beef up regulation of the financial industry.

In mid October, members of the New Democrat Coalition (NDC), a caucus of pro-business Democrats, traveled to New York City. According to an emailed itinerary for the trip drawn up by an event planner working for the group and obtained by TPMmuckraker, members met on October 12 with executives from Goldman, and the following day with execs from JP Morgan. Sandwiched between those events was a fundraiser for the New Dems, and a meeting with CEOs from Marsh and McLellan Companies, a consulting and insurance firm.

[SEE THE ITINERARY EMAIL HERE. SEE AN INVITATION FOR THE FUNDRAISER HERE]

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Topics: Barney Frank, Financial Crisis, Gabrielle Giffords, Goldman Sachs, JP Morgan, Jim Himes, John Adler, Joseph Crowley, Melissa Bean, Scott Murphy, Wall Street

Goldman Sachs

Emails Show Cozy Ties Between Federal Pension Guarantor And Wall Street Firms He Hired

Zachary Roth | July 29, 2009, 1:57PM

Remember our old friend Charles Millard? He's the former Lehman investment banker who, after taking over the federal agency that guarantees our pension systems, had the genius idea to ignore a host of warnings and switch the agency's investment portfolio from conservative bonds to risky stocks -- just as last year's financial storm was gathering.

We also learned -- thanks to an inquiry by the inspector general for the agency, the Pension Benefit Guaranty Corporation -- that Millard had had extensive contacts with staff at Goldman Sachs, BlackRock Capital, and JP Morgan, during the period that the P.B.G.C. was choosing firms to hire as managers for its fund. And that Millard also raised the issue of getting a job with these firms once he left government. All three firms ended up winning contracts -- which were recently revoked, thanks to concern about those contacts.

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Topics: Charles Millard, Financial Crisis, Goldman Sachs, JP Morgan, Wall Street

JP Morgan

Dear Gina's MySpace Wall: I'm From JP Morgan, And I'm Here For Your Father's Car

Moe Tkacik | April 15, 2009, 4:13PM

Defaults on consumer loans have hit record levels, such that investment banks are bidding as low as 68 cents on the dollar for auto loan-backed securities. But if a lawsuit filed in Illinois Circuit Court can be believed, it's not for lack of trying to squeeze payments out of them. According to an Illinois resident and Mercedes driver named named James Ricobene, a collection agency hired by JP Morgan Chase went so far as to leave a threatening wall post on his daughter's MySpace page. (If this is her, she has since deleted it -- but she kept this appropriate photo of a car spray-painted with the words "HOPE SHE WAS WORTH IT.") According to the lawsuit, the message the collection agency allegedly posted on the daughter's MySpace page ("on or about March 20, 2009 at 3:25 p.m.") read as follows:

We have been retained by, JPMorgan Chase Bank, to locate and repossess their missing collateral a 2007 Mercedes GL 450. Please contact our office immediately so we can discuss the peaceful recovery of the collateral. Failure to contact me will result in further action against your father James Ricobene. Legal options range from having a replevin order served on you or even worse reporting the collateral as stolen to local authorities in Illinois under the A.R.S. act 18-5-504. Failure to comply with this notice of surrender is a class 5 felony and carries a maximum penalty of imprisonment for two years plus all applicable surcharges. You must contact the writer within 5 days to prevent this action from taking place. You can contact me directly at 800-667-7704 ext 222 or directly at 604-267-1581 ext. 222

Awaiting your immediate response.

Chris Flanagan
Senior investigator

Did he get a response!

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Topics: JP Morgan, Universal Tracing Services

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