Posts tagged sorry

The JPMorgan Chase CEO is really, really, really sorry. Except when he’s not.

(Photo: Andrew Harrer/Bloomberg via Getty Images)

Even here, on his own turf, they are giving Jamie Dimon a hard time.

“Um, yeah, my question is kind of broad?” begins a gawky guy who identifies himself as a Tufts student interning in Client Solutions. “Earlier this summer we had the LIBOR scandal that was involved with a lot of the big banks and led to the resignation of the CEO from Barclays. More recently we had Sandy Weill saying the banks needed to be broken up. With the banks so big, how is it possible to monitor every aspect?”

Next up is a scruffy-haired kid from the University of Miami: “With banking in a secular or cyclical decline, do you truly believe that this is a good place for us to start our careers, considering all of the other opportunities available to us?” he asks.

“In an industry associated with surprisingly low standards … ” a woman from Emory University starts to say.

“Whoa, whoa, whoa,” the JPMorgan Chase CEO interrupts, leaning into the microphone and peering out at the several hundred summer interns, sweating in their first business clothes, that have gathered in the auditorium of the former Bear Stearns building for a friendly Q&A session with the boss. “Before you go to the next level of generalizing, saying, ‘all bankers,’ ‘all banks.’ I don’t like that.”

Read More: NYMag

Don’t like how stocks and bonds are performing? Here’s an asset you can wrap your arms around — literally.

Rising fears that traditional investing has become a lose-lose proposition have a growing number of wealthy folks seeing dollar signs in niche funds that invest in art, wine, musical instruments and even classic cars.

They’re known as “collectible” funds or “treasure” funds, and while they come with plenty of skeptics and potential pitfalls, they’re also promising returns reminiscent of the days before the Great Recession.

Sergio Esposito, founder of Union Square’s wine shop Italian Wine Merchants, said the wine fund he helped start in 2010, The Bottled Asset Fund, has been doing so well he hopes to launch another next year.

Read more: NYpost 

We are so sorry that we were caught. Ooops, sorry….We are so sorry that we allegedly violated anti-money laundering laws for years and conducted business with ruthless drug lords. We promise never to get caught again. Ooops…We will never ever ever do that again. 

HSBC Holdings Plc (HSBA), the British bank accused of laundering money for Mexican drug lords, apologized to investors for compliance failings as it set aside $2 billion more to cover the costs of regulatory fines and lawsuits.

“Regulatory and compliance events in the first six months of the year overshadowed financial performance,” ChairmanDouglas Flint said in a statement today. “HSBC has made mistakes in the past, and for them I am very sorry.”

Source: Bloomberg