JP Morgan Chase’s Biggest Problems
Jamie Dimon probably wishes he were more like Jay-Z: It must be nice to have only 99 problems.
His bank, JPMorgan Chase, the biggest bank in the U.S., unveiled a long list of lawsuits and regulatory probes in a filing with the Securities and Exchange Commission on Thursday.
One of the most noteworthy was the fusillade of subpoenas and lawsuits hitting the bank from around the world as part of its alleged involvement in the manipulation of Libor, a key lending rate.
But Libor is far from the bank’s only problem: It is being sued and investigated for everything from its $5.8 billion loss on crazy credit derivatives bets to its alleged manipulation of electricity markets. “The lawsuits and investigations in which JPMorgan is ensnarled consume eight pages of the firm’s quarterly filing (10Q) and more than 9,000 words,” Pam Martens of Wall Street On Parade calculated. “Anyone reading the details would be right to question if JPMorgan is a bank or a mega legal defense fund.”
The bank has spent $3 billion on litigation so far this year, she notes, or more than half its London Whale loss. Without further ado, here’s a list of some of the pickles JPMorgan has gotten itself into.
This isn’t even the full list — just the more colorful ones.
Click here for JP’s problems:Huffingtonpost