Jamie Dimon, spare us your crocodile tears about inequality | Robert Reich

If the CEO of JP Morgan really cared about American workers, he would put an end to corporate executives like him rigging the systemIf I may be so bold as to try to lure your attention away from Trump and Mueller for a moment, consider Jamie Dimon’s la…

Read more

Bitcoin investors hoping to make billions may end up with a sack of fool’s gold

The cryptocurrency may not be a threat to the world economy, but that should not stop regulators from protecting investors from itSifting the Yukon river for gold was a waste of time for most of the 100,000 prospectors seeking to make themselves rich i…

Read more

Don’t dismiss bankers’ predictions of a bitcoin bubble – they should know

The virtual currency’s success reflects the continuing lack of trust in traditional banking following the credit crunch

When the boss of Wall Street’s biggest bank calls a bubble, the world inevitably sits up and listens, albeit with a sense of historically weighted irony: of course an investment bank boss would spot disaster after his industry presided over the last one. Jamie Dimon, the chief executive of JP Morgan, said last week that the ascendancy of the virtual currency bitcoin – which has risen in price from just over $2 in 2011 to more than $4,000 at points this year – reminded him of tulip fever in 17th-century Holland. “It is worse than tulip bulbs,” he said. “It could be at $20,000 before this happens, but it will eventually blow up. I am just shocked that anyone can’t see it for what it is.”

Dimon’s comments are an open invitation for derision from those who, rightly, point out that although JP Morgan may be top of the Wall Street heap, that heap is far from being the moral high ground. Under Dimon’s leadership, it has agreed a $13bn settlement with US regulators over selling dodgy mortgage securities – the instruments behind the credit crunch – and its run-ins with watchdogs include a $264m fine last year for hiring the children of Chinese officials in order to win lucrative business in return.

Continue reading…

Read more

Might, not right: betting firms get their due on fixed-odds machines

Gambling companies could have spent less energy on belligerent lobbying and more on containing the dangers of FOBTs

Gambling companies’ defence of fixed-odds betting terminals has failed. It is now odds-on that the government will cut the maximum stake from £100. How did this happen to an industry that, despite compelling evidence of social harm done by these machines, seemed to have might on its side?

The bookies were able to point to the substantial sums of tax they pay the Treasury. They warned, with justification, that thousands of employees could lose their jobs if more high-street premises were to become uneconomic to run. They argued – again, soberly – that lower stakes on the high street may drive some problem gamblers towards the wild west of the internet.

Continue reading…

Read more

Far from middle class: why JPMorgan’s wage hike is not worth celebrating

Jamie Dimon announced a gradual pay increase for some of his 18,000 employees. But some argue bank tellers deserve much more

Millions of American workers get a pay raise without any public fanfare. But employees of JPMorgan Chase got to see their wage increase celebrated in a New York Times opinion piece by their chairman and CEO, Jamie Dimon.

Dimon touted a gradual pay increase for 18,000 employees, mostly bank tellers and customer service representatives, over three years. The bank’s current minimum wage for its US employees is $10.15 an hour, above the federal minimum wage of $7.25 an hour, he noted. Dimon promised to up that minimum to between $12 and $16.50, depending on factors such as employees’ locations and work schedules.

Continue reading…

Read more

‘Lord Libor’ reveals financial system where bad apples have the midas touch

Former traders in London trial may have been cleared, but case highlights financial industry’s superstars are also among the most toxic employees

So it turns out that “Lord Libor” and “Big Nose” didn’t do it, after all. Translation: a British jury acquitted six men of helping former trader Tom Hayes rig the world’s mortgage markets.

The idea that someone can rig the London inter-bank lending rates (Libor) should terrify us all. It’s estimated that $300tn (£192tn) of contracts are based on Libor, setting borrowing rates for businesses and consumers from Sydney to New York and London.

Continue reading…

Read more

Wall Street is Clinton’s achilles heel and for Sanders’s sake it will stay that way

Accusations of being in financial industry’s pocket keep resurfacing in the presidential debates but is the Vermont senator focusing on the wrong culprit?

As the final days of 2015 slip by in a fundraising blitzkrieg for the two Democratic candidates who are battling it out for the nomination to be their party’s standard bearer in the upcoming presidential election, increasingly, the rhetoric seems to revolve around two words.

Wall Street.

Continue reading…

Read more

JP Morgan’s Jamie Dimon: running the country a job for politicians not CEOs

The Democrat stopped short of commenting specifically about Donald Trump or Carly Fiorina but said CEOs have good attributes – yet job as president is complex

The chief executive of one of America’s most powerful financial companies said on Sunday that CEOs have some attributes that would serve a president well, but running the country might be better left to a politician.

In an interview on NBC, JPMorgan Chase CEO Jamie Dimon was asked by host Chuck Todd whether a CEO would make a good president. Two Republican presidential candidates, Donald Trump and Carly Fiorina, have experience as chief executives.

Continue reading…

Read more

Ten-figure tenure: JP Morgan chief enters billionaire index

Jamie Dimon has ridden the waves of the financial crisis to become one of the most recognised figures in finance, with his personal fortune estimated at $1.1bn

Jamie Dimon, the boss of JP Morgan, America’s biggest bank, has joined the ranks of the world’s billionaires – a status more often reserved for hedge fund managers, entrepreneurs and scions of already mega-wealthy families.

The banker has amassed his personal wealth – estimated at $1.1bn according to the Bloomberg billionaires index – even though JP Morgan has been issued with fines of almost $40bn (£26bn) since the 2008 financial crisis – and all of them on Dimon’s watch.

Continue reading…

Read more