The Big Banks reporting earnings this week will be one of the most significant events of 2014. In the big picture, how the banks fare and what their future prospects are could single-handily determine the trajectory and breadth of the recovery we've been hoping for. Even more importantly,
It hasn't been an easy year for JPMorgan: There was the London Whale scandal, which cost the Big Bank more than $6.2 billion. Fallout from the mortgage crisis brought a $13 billion fine. And just recently JPM had to shell out another $2 billion in fines for its role in the Bernie Madoff scheme. So earnings had to be awful, right? Not exactly.
Every day it seems another big merchant is announcing that it will take Bitcoin. Last week, online retailer Overstock.com joined the growing list. But the rising interest among businesses in Bitcoin is not as puzzling as it seems. The typical Bitcoin user fits a profile that business owners find very enticing.
Proving again that bigger is better in the fight against global cyber-attacks, another sizable cyber deal was inked late Monday.
Santa Clara, Calif.-headquartered Palo Alto Networks Inc. (NYSE: PANW) acquired Silicon Valley startup Morta Security, described as "operating in stealth mode since 2012." Financial terms of the transaction were not disclosed.
PANW stock rose 3.7% Tuesday on the news.
Yesterday JPMorgan was ordered to pay yet another fine to atone for its bad behavior, this time for its role as an enabler of Ponzi scheme master Bernie Madoff. Since 2009, JPMorgan has paid more than $30 billion in fines for various misdeeds. That kind of consistent misbehavior is no accident.
Let's address two tragedies today.
The first is how Jamie Dimon & Co. and all the guilty big banks get away with murder.
The second is something I want to share with you because 50 years ago today, President John Fitzgerald Kennedy was assassinated. It isn't a conspiracy theory about who did it, but a likely theory about what happened and the conspiracy to cover that up.
JPMorgan has become the poster child for the excesses of Wall Street. So when the government managed to extract a $13 billion settlement from the Too Big to Fail bank over transgressions related to the kind of mortgage-backed securities that helped cause the 2008 financial crisis, it appeared that finally some justice had been done.
This week, JPMorgan Chase & Co. (NYSE: JPM) agreed to a tentative $13 billion settlement over a government investigation into faulty mortgage loans the company sold to investors.
What most investors don't realize is that the company has been involved in 10 other settlements in the last two and a half years. Here's a rundown of JPMorgan's bad behavior since 2011.
Today's stock market news focuses on earnings and the release of a backlog of economic data that was delayed due to the federal government shutdown.
Two of the largest U.S. financial institutions kicked off third-quarter results for big bank earnings today, giving us a peek at how they fared amid tough times for both firms.
Wells Fargo & Co (NYSE: WFC) is in the midst of slashing headcount in its mortgage unit by some 1,800, and JPMorgan Chase & Co (NYSE: JPM) is tangled up in settlement talks with the U.S. Justice Department.
The short story on the banks' earnings: WFC earnings had to use a lot of "accounting gimmickry" to beat earnings-per-share (EPS) expectations, and JPM earnings show the first quarterly loss since Jamie Dimon came on board (he started in 2004 as chief operating officer, then moved to chief executive officer in 2005).
Now that it looks like Janet Yellen will succeed Ben Bernanke as chief of the Federal Reserve, investors need to re-think how the Fed under her guidance will affect the markets.
JP MorganChase & Co. (NYSE: JPM) finds itself in front of regulators yet again for misdeeds.
Chief Executive Officer (CEO) James Dimon was in Washington yesterday (Thursday) attempting to broker a settlement over the bank's sale of substandard mortgages.
Dimon met with U.S. Attorney General Eric Holder about a possible $11 billion settlement in attempts to end criminal and civil charges over JPM's questionable mortgage practices. The U.S. Justice Department said earlier in the week it could file a lawsuit over one of the bank's pending mortgage cases.
Chrysler LLC has filed for an initial public offering (IPO), returning to publicly traded status after 15 years in the wilderness of global business uncertainty - and the Chrysler IPO comes at a great time for the company and for the whole American auto industry.
You see, not even five years ago, the Big Three were teetering on the edge of destruction and irrelevance, with dismal sales and empty coffers, running losses in the hundreds of millions on products that nobody wanted. The global financial crisis was the last nail in a coffin more than 10 years in the crafting.
Thanks to that "party animal" Ben Bernanke, silver prices today are enjoying a nice bounce.
That's because the U.S. Federal Reserve chairman, along with the other members at the Federal Open Market Committee (FOMC) meeting yesterday, decided to keep the quantitative easing (QE3) flowing steady with $85 billion of bond buying per month.
After the Fed announcement, silver prices rallied by 5.5% to more than $23 an ounce. That's the precious metal's biggest one-day gain since June 28.
Well before we reach the day when Twitter goes public, the Wall Street hype machine will be running at full tilt.That's going to make it hard for some to resist jumping on the Twitter bandwagon. But before things start to get too crazy, there''s something you need to know...