Spain Underplaying Bank Losses Faces Ireland Fate: Spain, which yesterday took over Bankia SA, the nation’s third-largest lender, is mired in a double-dip recession that has driven unemployment above 24 percent and government borrowing costs to the highest level since the country adopted the euro JPMorgan Chase acknowledges $2 billion trading loss and 'many errors': JPMorgan Chase, the largest bank in the United States, said Thursday that it lost $2 billion in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money. Fed clears China's first US bank takeover: The United States opened its banking market to China's biggest bank ICBC, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.
Saturday, 12 May 2012
By Mike Whitney
There’s no better way to endear oneself to big finance than by taking the crusts out of old people’s mouths. Continue
By Matt Taibbi
If you’re wondering why you should care if some idiot trader (who apparently has been making $100 million a year at Chase, a company that has been the recipient of at least $390 billion in emergency Fed loans) loses $2 billion for Jamie Dimon, here’s why: Continue
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