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Opinions and views from expert CFOZone members.

Tag >> JP Morgan Chase
Jun 12

PwC's UK affiliate in hot water over JP Morgan mess

Posted by Going Concern in PwC, PricewaterhouseCoopers, JPMorgan Chase, JP Morgan ChaseCPAscompliancebanking industryauditorsauditingauditAccounting

Going Concern

Submitted by Adrienne Gonzalez, republished from Going Concern, Accounting News for Accountants and CFOs.

Now £15.7 billion may not seem like much to you if you are, say, Bill Gates or Ben Bernanke but for PricewaterhouseCoopers UK, it may be the magic number that gets the firm into a whole steaming pile of trouble.

Jan 13

Born again? Crisis panelist zeroes in on speculation in swaps

Posted by Ron F in RiskRegulationMorgan Stanley, Lloyd Blankfein, JPMorgan Chase, Goldman SachsCongresscomplianceBankingBank of America

Ron F

Much of the blather at today's first public hearing of the Financial Crisis Inquiry Commission was decidedly unenlightening. But the data requests of former Commodities Futures Trading Commissioner Brooksley Born might turn out to be enlightening indeed.

Born asked the four bank CEOs on the first panel this morning, Lloyd Blankfein of Goldman Sachs, Jamie Dimon of JP Morgan Chase, John Mack of Morgan Stanley, and Brian Moynihan of Bank of America, to estimate how much of the credit default swaps they've sold during the past four years could be traded on the exchanges or clearinghouses that regulators propose to create.

Dec 24

Financial crisis hearings or show trial?

Posted by Ron F in Regulationreform, Lloyd Blankfein, JPMorgan Chase, Jamie DimonGoldman Sachsfinancial crisisderivativesCongressBanks

Ron F

The Financial Crisis Inquiry Commission has evidently released its witness list for the first public hearings scheduled to be held next month. And according to Bloomberg, Lloyd Blankfein and Jamie Dimon are scheduled to be among the first witnesses.

Here's hoping the commission does more than hector the CEOs of Goldman Sachs and JP Morgan Chase. That may satisfy the news media and perhaps a public hungry for bankers' scalps, but it won't help the commissioners get to the bottom of the crisis, unless they've already interviewed regulators in private, as this commentator points out.

Oct 30

Save the banks? Only if they lend

Posted by Ron F in RiskRegulation, JPMorgan Chase, Goldman SachsCreditBanks

Ron F

With the debate over banks that are too big to fail reaching feverish pitch, it's time for someone to explain why exactly we should rescue them.

It's one thing to come to their rescue if they served a purpose other than enriching their own shareholders and employees. It's quite another if the only incentive is to keep them from bringing down their counterparties. The latter scenario amounts to a protection racket for Wall Street, and should be ended instead of perpetuated, as the reforms proposed so far promise to do.

Aug 11

For bailed out banks, it's business as usual

Posted by annearf in UBSMorgan Stanely Smith Barney, JPMorgan Chase, investmentscredit default swapCongressoinal Oversight PanelCitigroup


Surely, the recent report from the Congressional Oversight Panel that banks have done little to address the toxic assets on their books, underscores a fundamental point:  The government bailout has mostly allowed the usual suspects to keep on conducting business as usual.

In fact, here's more evidence. A bunch of banks have come up with new and improved products and investments, and, while they don't have the potential to bring down the global economy, they sound pretty risky to me.

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