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How JP Morgan Chase let its London trading desk operate without risk management controls leading to large losses
05/18/2012
CEO Dimon is described as distracted by other issues. Ina Drew, the seasoned head of the Chief Investment that manages a $300 billionplus portfolio after the merger of other failed banks into JP Morgan Chase in 2008-2009, contracts Lyme disease in 2010 and is no longer the hands on person when she returns in 2011. Ms. Duersten, in charge of the North American trading desk at the New York office leaves in 2011 after 16 years at Chase. The controls over the London trading desk from New York are slipping away and Mr. Iksil and Mr. Macris of the London trading desk take massive trading positions to expose Chase to large losses. CEO Dimon learns about the Chase trading positions and the London Whale (Mr Iksil) from the Wall Street Journal on April 6, 2012, for the first time, astounding the business community and the financial world.
Linked Articles
Discord at JPMorgan Investment Office Blamed in Huge Loss
New York Times 05/19/2012
Inside J.P. Morgan's BlunderWall Street Journal 05/18/2012
The $436 million payment by Greece to holdout bondholder Dart Management and the $1.5 billion demanded by holdout bondholder Elliott Management leading to Argentine default in 2014
05/15/2012
Greece made the payment to Dart Management at a time of 20% unemployment and daily protests on Athens streets, a month before elections in June 2012. Greece only did this as a last resort for release of EU funds that were being held up to make pament of interest on debt. This exacerabated discontent inside Greece as pensions were being cut and layoffs taking place, including increase in electricity bills. The Syriza party made gains in that election and the two main parties lost ground to other parties, including a violent anti-immigrant party. Argentina's Christina Kirchner faces a difficult time with the unions and centrist parties in Buenos Aires province, with a shortage of cash and sovereign wealth fund down to $29 billion in May 2014. Stevenson points out the payment to Elliott Management could lead to a situation where Argentina owed $15-$27 billion to all holdout and exchange investors in its bonds.
Linked Articles
Argentina Finds Relentless Foe in Paul Singer's Hedge Fund
New York Times 07/30/2014
Bet on Greek Bonds Paid Off for a Vulture FundNew York Times 05/15/2012
The behind--the-scenes account and timeline for the trading losses at the CIO London office of JP Morgan Chase bank
05/10/2012
Linked Articles
Wall Street Journal 05/18/2012
J.P. Morgan’s London Whale: A TimelineWall Street Journal 05/10/2012
The Way Out for the U.S,. Europe, India and Pakistan- Boskin and Shaikh push for expanding trade and a free trade agreement
04/16/2012
A way out of conflict, wasted resources, and misshaped priorities, through a strong push for expanded trade and a free trade agreement between India and Pakistan. After several generations of conflict a way out. An opportunity to do in South Asia what happened between France and Germany under Adenauer, Monnet and De Gaulle. The Shaikh-Boskin proposal calls for expanded trade between India and Pakistan, and a free trade agreement between the two neighbors similiar to NAFTA in North America, and the European Common Market in Europe. This would generate a surge in growth in South Asia similiar to what happened in China in the last two decades and create new opportunities for hundreds of millions of people in South Asia.
Linked Articles
Pakistan's Untold Economic Story
Wall Street Journal 04/24/2012
A Passage to India-Pakistan PeaceWall Street Journal 04/16/2012
Deutsche Bank's hit to its image in Germany with legal settlements and ongoing investigations 2009-2013
03/21/2012
The criminal investigation into alleged tax fraud in trading of carbon emissions certificates, the raid at Deutsche Bank's Frankfurt headquarters in Dec. 2012, and arrest of some senior executives, continues problems with the bank's image in Germany since the 2008 financial crisis. Deutsche Bank's was highly leveraged during the 2008 financial crisis and is perceived as contributing to the crisis. Changing the culture at the bank is likely to take more than the introduction of the new co-CEO arrangement in mid 2012 with Anshu Jain and Jurgen Fitschen, say experts. Germany's judiciary was critical of Fitschen for not respecting the independence of the judiciary and understanding the separation of powers for a call he made protesting the raid in the investigation.
Linked Articles
Image Remake Suffers Hit at Deutsche Bank
Wall Street Journal 12/20/2012
Deutsche Bank Lists Litany of Legal RisksWall Street Journal 03/21/2012
The dire need for a free trade agreement between India and Pakistan
03/01/2012
Trade between India and Pakistan was only $2.7 billion. This is smaller than India's trade with Sri Lanka. Michael Boskin, who was instrumental in setting up the North American Free Trade Agreement says trade models suggest that this should be around $50 billion, or 20 times larger, and would bring benefits in wages and economic conditions in the two countries.
Linked Articles
A Passage to India-Pakistan Peace
Wall Street Journal 04/16/2012
Pakistan to Ease India Trade LimitsWall Street Journal 03/01/2012
Greece and EU in 2015- (6) What went wrong? What errors were made by the IMF and Germany 2010-2012?
02/22/2012
Linked Articles
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
The Tragic Greek SideshowWall Street Journal 02/22/2012
The likelihood of greater public contribution towards Greece's debt and changes to the IMF program after May 2012 elections in Greece and France
02/13/2012
France's Socialist presidential candidate Hollande considers the EU-IMF programs a failure of governance in Europe. He predicts larger public contributions to Greece's debt after the elections in Greece and France.
Linked Articles
Watch Athens, Not Paris, This Weekend
Wall Street Journal 05/04/2012
French Candidate Hollande Assails European Policy on GreeceNew York Times 02/13/2012
Mario Monti and the future of the European Union
02/10/2012
Monti on more democracy in the European Union with more power for the European Parliament, and the enduring quality of the EU becaus it is in the interests of Germany.
Linked Articles
Italyâs Leader Is Optimistic About Greece and Euro
New York Times 02/10/2012
Italy's Leader Warns EU Needs Better DemocracyWall Street Journal 02/16/2012
Martin Feldstein on why the "Fiscal Compact" agreed to in December 2011 by EU countries is a failure
12/15/2011
Linked Articles
Europe Needs the Bond Vigilantes
Wall Street Journal 04/05/2012
The Euro Zone's Double FailureWall Street Journal 12/15/2011
Tax evasion in Italy and Greece and Germany's insistence on good governance and financial practices for a sound euro currency
11/25/2011
One estimate of tax evasion in Italy cited by Faiola in the Post is $340 billon a year. Greece has a similiar problem. This is one area in which the culture and practices of individual countries have to converge to acceptable norms to make a common currrency viable, something the founders of the euro currency did not take as seriously as needed and account for in a disciplined framework. The political enthusiasm for a union of European countries of EU founders led to ignoring the dangers of not having controls and convergence in place.
Linked Articles
New York Times 12/01/2011
Amid crisis, Italy confronts a culture of tax evasion - The Washington PostWashington Post 11/25/2011
The Christian Democratic Union, the 2011 CDU convention in Leipzig, and the shifting German view on strict austerity policies
11/15/2011
A faction of the CDU favors a strict interpretation of austerity policies for the eurozone. As CDU leader, Angela Merkel shifts policies to accomodate growing weariness in the rest of Europe with strict austerity policies to accomodate growth, Merkel faces dissent in the CDU. This is evident in the conflicting statements from the EU trade commissioner Mr Gucht, and its economic affairs commissioner Mr. Rehn, on Greece continuing in the eurozone, after Merkel's stated willingness to compromise at the Camp David G-8 summit.
Linked Articles
Greek Stimulus Is an Option, Merkel Says
New York Times 05/16/2012
Merkel Party Seeks Euro Exit PolicyWall Street Journal 11/15/2011
Former Fed chairman Volcker on the Volcker Rule and the ban on proprietary trading by banks
10/27/2011
Volcker's letter of comments on the Rule and the interview with Pete Rose. Here he says why this will make financial markets a safer place and why it will lead to healthy financial markets. The financial industry is opposing the Volcker Rule.
Linked Articles
Volcker to Push Back on Banks' Trading
Wall Street Journal 02/13/2012
Charlie Rose Talks to Paul VolckerBusinessWeek 10/27/2011
Trading losses at the Chief Investment Office of JP Morgan Chase that CEO Jamie Dimon discovers on the pages of the Wall Street Journal, April 6, 2012
05/18/2012
Linked Articles
Wall Street Journal 05/18/2012
Tracking the Trade: Timeline on J.P. Morgan’s London WhaleWall Street Journal 07/13/2012
Paul Volcker, the traders at JP Morgan's London office, and "losses that would be socialized with the potential gains all private"
05/12/2012
Volcker described the situation to the U.S. Senate Banking committee the day before the story came out about the massive trades made by JP Morgan's trader, known as the "London whale." Losses would be socialized under "too big to fail" for the largest U.S. banks.
Linked Articles
Paul Volcker vs. JPMorgan’s London Whale - The Washington Post
Washington Post 05/12/2012
'London Whale' Rattles Debt MarketWall Street Journal 05/13/2012
De Anza College in Cupertino, California where a Apple co-founder got his start and the implications of tax avoidance strategies
04/28/2012
A U.S. Senate Report in May 2013 points to tax avoidance strategies by Apple, and Apple CEO Tim Cook appears before a Senate hearing. EU leaders meet in Brussels to address the problems of tax avoidance by digital companies which aggravate the budget deficits of EU countries, especially at a time of cutbacks in infrastructure spending and education that supports the digital companies access to to human resources. De Anza College in Cupertino is where on of the Apple cofounders went to school. The head of the college describes the effects of cutbacks in funding on the college. On the other side of the Atlantic Fredrik Reinfeldt, Sweden's prime minister makes a similiar case saying the digital companies need access to infrastructure and educational centres which makes the payment of taxes used to fund this necessary for the whole system not to fall into dysfunction.
Linked Articles
Apple's Tax Strategy Aims at Low-Tax States and Nations
New York Times 04/28/2012
Europe Tackles Tax EvasionWall Street Journal 05/22/2013
Traders at JP Morgan Chase bank's Chief Investment Office- were they hedging risk or simply making wild bets and taking purely speculative positions
04/10/2012
As speculative positions these were trades that were massive bets on money loaned out by depositors. The CIO manages $350 billion in assets.
Linked Articles
Wall Street Journal 05/20/2012
Making Waves Against 'Whale'Wall Street Journal 04/10/2012
Greece's long delayed bond swap with European banks of March 9, 2012
03/09/2012
The bond swap of new bonds with long maturities reflecting a writedown of 53.5% for the old bonds with short maturities was finally achieved on March 9, 2012. By this time Greece's economy was shrinking badly and the new bonds were trading at levels that reflected the need for further writedowns only days after the deal. Prof. Cochrane at the University of Chicago and Prof. John Taylor at Stanford say French and German banks exaggerated the effects of contagion from the beginning to delay writedowns for as long as possible. The effects on the eurozone of the delays in tackling the problem early and decisively are negative or slowing growth and is likely to hurt the banks operating in that environment, raising questions about the wisdom of that strategy.
Linked Articles
Wall Street Journal 03/09/2012
Greece Passes Key Debt TestWall Street Journal 03/09/2012
Michael Boskin's call for a free trade agreement between India and Pakistan and the current state of trade
03/01/2012
The trade between India and Pakistan was about $2.7 billion in 2011 between neighbors India and Pakistan compared to trade of about $60 billion between India and Pakistan.
Linked Articles
Pakistan to Ease India Trade Limits
Wall Street Journal 03/01/2012
A Passage to India-Pakistan PeaceWall Street Journal 04/16/2012
Greece and EU in 2015- (4) How are the structural issues such as tax evasion in Greece being tackled, after Monti's effort to tackle this in Italy in 2012?
02/18/2012
Surprisingly the Syriza government in 6 months in office did not come up with a plan to implement for tax evasion. This was a major issue for the IMF and in Greece's interest, even though it was going contrary to long standing practice in Greece as it was in Italy. Estimates of lost revenue are about $11 billion each year for tax evasion. By comparison the IMF payment due was less than $2 billion on June 30, 2015. Sustainable long term finances make this a major issue in Greece's own interest. Greece has an aging population and the number of retirees are growing in relation to young working people making this an important issue for stable finances under any administration, and regardless of the euro.
Linked Articles
How Greek tax evasion sunk the global economy
Washington Post 07/10/2012
A Hollow Target for Greek DebtWall Street Journal 02/18/2012
Why America has a role to play as a leader for liberal democracy and free trade
02/10/2012
Much of the progress that the world has enjoyed in the last six decades is a result of America's leadership and championing of liberal democracy and its institutions, and free trade. A lot will be at risk if this role is jeopardized by a policy of indifference to American economic strength and astrong its manufacturing base, indifference to Europe as an invaluable partner of the U.S. with the same goals and ideals, and a new generation unaware of the role the U.S. played and continues to play in bringing the peoples of the world together around common goals and aspirations.
Linked Articles
Wall Street Journal 02/11/2012
Now That The Sun Has SetWall Street Journal 02/10/2012
Indonesia's investment grade credit rating and lower bond yields at 5.375% in 2012
01/12/2012
Borrowings at lower cost should help Indonesia address the need for infrastructure improvements.
Linked Articles
Wall Street Journal 01/19/2012
Reversal of Fortunes in Debt MarketWall Street Journal 01/12/2012
Britain, the eurozone crisis and a mood shifting towards Britain's exit from the European Union
12/07/2011
A British mood moving away from the positive engagement its economy needs with its largest trading partner, the other nations of the European Union. A Opinion/Observer poll in Nov. 2012 shows a majority of people in Britain would vote yes on a referendum to leave the European Union.
Linked Articles
New York Times 11/22/2012
Britain Suffers as a Bystander to Europe's CrisisNew York Times 12/07/2011
Spain's Rajoy accepts EU and IMF aid in June 2012 "to help the credibility of the European project."
11/20/2011
Linked Articles
Mariano Rajoy of Spain Steps Up in Debt Crisis
New York Times 06/10/2012
Socialists Lose to Popular Party in Vote in SpainNew York Times 11/20/2011
The new government of Mario Monti, former EU commissioner, in Italy
11/13/2011
A government of technocrats formed from respected figures in academia, business and the civil service in Italy. It replaces the government of Silvio Berlusconi which had lost credibility inside Italy and with leaders of the European Union.
Linked Articles
Mario Monti, Italyâs New Leader, Faces Uphill Fight
New York Times 11/13/2011
Italyâs Monti Forms New GovernmentNew York Times 11/16/2011
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