JPMorgan Has Massive Earnings And Still Pays A Large Legal Bill
The country's largest bank had almost $25 billion in revenues and almost $500 million in legal expenses in the first quarter. The bank's chief financial officer said it hoped to resolve the Justice Department's investigation into its foreign exchange trading practices "in the coming weeks."
How One "Sack Of Shit" Mortgage-Backed Security Came To Define The Financial Crisis
The history of SACO 2006-8, as told through court documents dating back more than six years, provides a view into how the mortgage-backed security industry was built up and spectacularly collapsed. For JPMorgan, it has become the mortgage-backed security from hell.
Borrowing Advantage Of Big Banks Declines Along With Investor Belief In Government Bailout Support
A new study by the Government Accountability Office said that large banks were able to borrow money for less during the financial crisis because investors thought the government would support them, but that the funding advantage "may have declined or reversed."
JPMorgan's Profits Decline 8% From Last Year, But Less Than Expected
Despite declines in revenues from mortgages and trading, the largest bank in the country beat out analysts' expectations with $6 billion in profits. In his first public comments since being diagnosed with throat cancer, CEO Jamie Dimon said he was "feeling great."
Biggest U.S. Banks Hit By More Strict Regulations
"This final rule may be the most significant step we have taken to reduce the systemic risk posed by these large, complex banking organizations," said FDIC chair Martin Gruenberg. The eight largest U.S. banks will have to find $68 billion in new capital to meet new rules on how much banks can borrow.
Fed Says All Megabanks Could Withstand Economic Crisis
The Fed's stress test says 29 of the 30 largest banks are well capitalized enough to survive a large shock, but the biggest banks would take the largest hits. Update: The Federal Reserve made errors in calculating some minimum capital ratios and has released new figures which are included.