Rogue UK Bank Hides $250 Billion in Iranian Transactions

Standard Chartered seemingly played a shell game of hide the Iranian money. But now it has been caught by the state of New York and others and now must suffer the consequences and pay up.

New York State's banking regulator said the UK bank Standard Chartered Bank, motivated by millions of dollars in fees, schemed with the Iranian government to launder $250 billion over the years.

update:

Aug. 8 (Bloomberg) -- Standard Chartered Plc Chief Executive Officer Peter Sands hit back at a New York regulator's claims the lender broke US sanctions, and challenged the accuracy of the watchdog's assertions.

Two Shareholders Sue J.P. Morgan Over Trading Losses

NEW YORK—Two shareholder lawsuits were filed late Tuesday against J.P. Morgan Chase JPM +1.74% & Co. and its top executives over the revelation last week that the bank had suffered more than $2 billion in trading losses. The lawsuits alleged that the bank's top executives, including Chief Executive Jamie Dimon, misled investors about the company's investment exposure and the potential risk of loss on those bets.

 "These derivative bets went horribly wrong, resulting in billions of dollars in lost capital for the company and billions more in lost market capitalization for J.P. Morgan shareholders," one of the lawsuits said.

- The Wall Street Journal

Jamie Dimon: Way too big to fail

Who is Jamie Dimon?

The answer is a simple one. Jamie Dimon is simply Way Too Big to Fail.

Jamie Dimon is currently chairman and CEO of JP Morgan.

Interestingly, Jamie is also on the board of the New York Federal Reserve Bank. A banking regulator and important part of U.S. monetary policy.

Jamie Dimon was a classmate of (now GE chairman and fellow crony capitalist) Jeffrey Immelt while studying for their MBA's at the Harvard Business School. Jeffrey Keith "Jeff" Skilling, former President of Enron and also a Harvard MBA, was not a classmate of Jamie Dimon while at Harvard. Jeff Skilling is currently serving a 24-year, four-month prison sentence at the Federal Correctional Institution in Englewood, CO.

This month, JP Morgan received worldwide global attention for its $2 billion financial market trading loss disclosure. If you have a problem with this trading loss as a shareholder, JP Morgan customer, or a U.S. taxpayer, please remember: Jamie Dimon is Way Too Big to Fail.

On December 31, 2005  Jamie Dimon was named CEO of JP Morgan Chase (NYSE: JPM). One year later, he was named chairman.

When Jamie Dimon began as CEO JP Morgan stock was selling for $39.69 per share. JPM closed trading on May 15, 2012 at $36.24. The 7-year total-Jamie-Dimon-JPM-return is down over $3 per share. When Jamie Dimon began as CEO, JP Morgan was providing shareholders with a 34 cent per share quarterly dividend. That dividend was cut to 5 cents per share in 2009 and is now up to 30 cents per share quarterly.

If you have a problem with this stock performance as a JPM shareholder, again, please do remember: Jamie Dimon is Way Too Big to Fail.

I told you homeboy ( can't touch this)
Yeah, that's how we living and you know (can't touch this)
Look at my eyes, man (You can't touch this)
Yo, let me bust the funky lyrics (can't touch this)

   MC Hammer - Can't Touch This

Jamie Dimon

Warren Buffett's favorite bank, BAC, to start charging debit card fees

Bank Of America is about to slap bank customers with a $5 Debit Card Usage Fee.

How to negotiate with a BK candidate .... Buffett-style

It was in 2008 that Warren Buffett was on the receiving end of many phone calls from New York and Dick Fuld, Lehman’s former chief executive, and others with the deal of the month for Berkshire to come to the rescue of that financial disaster of an investment bank known as Lehman Brothers.

What did Warren Buffett do? He read the Lehman annual report, asked a few questions (got answers he didn't like), ate some more ice cream (his favorite dish), and then stopped answering phone calls from New York (effectively saying no to the deal).

Read further about the Lehman soap opera:


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New Zealand names its "Billionaire of the year"

Billionaire of the year

David Tepper made bucketloads of cash by betting that banks had been oversold early in 2009.

According to the story, Tepper has pocketed about US$2.5 billion of his hedge fund firm's profit this year. I suppose that explains the cheesy grin (but not the squint, the cheap PC in the background, the rumpled tieless shirt or the rolled up trousers - why is he dressed like a journalist?).

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