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Banks

The Takeaway

JP Morgan Chase Announces $2 Billion Loss

Friday, May 11, 2012

In a major hit for Wall Street, JP Morgan Chase disclosed a $2 billion loss on Thursday related to its credit investment portfolio. The trickle down effect could mean a loss of another $800 million in the second quarter for the bank’s Chief Investment Office. The Takeaway talks with Michael de la Merced, reporter for The New York Times' Deal Book.

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WNYC News

JPMorgan Chase Acknowledges $2B Trading Loss

Thursday, May 10, 2012

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.

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The Leonard Lopate Show

Backstory: Matt Taibbi on Bank of America

Thursday, April 05, 2012

Rolling Stone’s Matt Taibbi takes a look at the fragile situation at Bank of America. The bank that was deemed too big to fail and received a $45 billion government bailout has, Taibbi argues, defrauded investors and insurers, homeowners and the unemployed.

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Slate Culture Gabfest

Slate: The Culture Gabfest, Live in Los Angeles Edition

Wednesday, March 21, 2012

In this week's special live Culture Gabfest, our critics debate the controversy surrounding This American Life’s retraction of Mike Daisey’s popular monologue, The Agony and the Ecstasy of Steve Jobs. Next, Gabfesters ponder the princess of quirk, Zoo

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Slate Culture Gabfest

Slate: The Culture Gabfest, Live in Los Angeles Q&A

Wednesday, March 21, 2012

In a special live show Steve, Julia and Dana take listeners' questions after their show at Zocalo Public Square in LA.

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WNYC News

Bank Stress Test Results In

Tuesday, March 13, 2012

The Federal Reserve released the results of “stress tests” for 19 financial institutions Tuesday — two days ahead of schedule — after J.P. Morgan Chase announced it successfully passed the test and was boosting dividends.

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WNYC News

Wall Street Bonuses, Bank Profits Dip: DiNapoli

Wednesday, February 29, 2012

The average Wall Street employee took home a cash bonus of just over $120,000 last year, down 13 percent from 2010, according to an estimate released Wednesday by State Comptroller Thomas DiNapoli.

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The Takeaway

Occupy Our Homes Spreads Throughout the Country

Thursday, December 08, 2011

The impact of the Occupy Wall Street demonstrations around the country is difficult to see in raw numbers. But the way in which the national discourse has been moved, and how individual lives have been changed tells another compelling story of the movement's potential. The families in millions of households across the nation who are fighting to hold onto their homes against banks, authority, and the much reviled "1 percent" may have a powerful new ally. Occupy Our Homes, the latest incarnation of the OWS, is seizing foreclosed homes and claiming them for families in need.

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The Takeaway

S&P Warns France and Germany of Downgrade

Tuesday, December 06, 2011

Standard and Poor's announced on Monday that it is considering a credit rating downgrade for both Germany and France, the euro zone's two biggest economies. The move takes place as euro zone countries meet in Brussels in an attempt to stop the ongoing crisis. The two countries currently have a top-notch AAA rating from the agency. Standard and Poor's said that 13 additional euro zone countries are also vulnerable to downgrade as a result of the continent’s economic crisis. 

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The Takeaway

Judge Rejects Citigroup Settlement Over Toxic Mortgages

Tuesday, November 29, 2011

A federal judge rejected a $285 million settlement between Citigroup and the Securities and Exchange Commission, objecting to the practice of allowing banks to settle fraud cases without admitting guilt. Citi may now face a trial over the sale of toxic mortgages which cost investors millions but made the bank profit. The judge said the public has a right to "the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives."

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The Takeaway

Bank Exec Blames Federal Regulators For Fiscal Crisis

Wednesday, November 23, 2011

In the aftermath of the financial crisis, Wall Street executives tried to deflect the blame onto various culprits — government-sponsored enterprises like Fannie May and Freddie Mac for keeping interest rates low, consumers who lied about their credit history, or annual income. But Michael Lewis, former CEO of failed bank IndyMAC, isn't blaming consumers or investors. Lewis, who has been accussed of fraud and misleading investors, is pointing the finger at regulators.

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The Takeaway

She Fought the Bank (And She Won)

Wednesday, November 02, 2011

Earlier this morning, The Takeaway reported on Bank of America's reversal on its plan to charge customers a $5 monthly fee for using debit cards. Public outrage coupled with over 300,000 signatures to a Change.org petition calling for Bank of America to drop the fee led to the reversal. Molly Katchpole, the woman who spearheaded the public effort to get B of A to reverse their position, talks about her victory.

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The Takeaway

Bank of America Drops Debit Card Fee Plans

Wednesday, November 02, 2011

Remember the $5 monthly fee Bank of America planned to roll out for all its debit card customers? In a complete reversal, the bank now — one month later — says it's dropping plans to introduce that fee. It’s a big victory for the 200,000 customers who signed a petition on Change.org calling for Bank of America to drop this fee.

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The Takeaway

Banks' New Problem: Too Much Cash

Tuesday, October 25, 2011

Banks were in dire trouble back in 2008, when the financial crisis hit. Stalwarts like Bear Stearns and Lehman Brothers kicked the bucket and other banks like Citigroup still haven't fully recovered. It appears though that banks may have a new problem: too much money. Many people, with no safe alternatives, are depositing their money into banks, but the banks have no where to invest it, so they are trying to deter consumers from giving them their money.

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The Takeaway

European Union Leaders Grapple With Debt Crisis

Monday, October 24, 2011

European officials were meeting all weekend long to discuss bailout plans — not only for debt-ridden nations in the euro zone but also for specific banks affected by the debt crisis. The European taxpayers paying for these bailouts are concerned about how this money will be used. Perhaps American tax payers should be too.

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The Takeaway

Goldman Sachs and Bank of America to Report Earnings

Tuesday, October 18, 2011

Bank of America and Goldman Sachs are scheduled to release their earnings reports for the third quarter today. Yesterday, Citigroup reported a 74 percent rise in their earnings and Wells Fargo reported a 21 percent increase, and last week JP Morgan reported a 4 percent fall in profits. Morgan Stanley and U.S. Bancorp are expected to release their reports on Wednesday.

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The Takeaway

Bankers Respond to Occupy Wall Street

Friday, October 14, 2011

After weeks of silence about the demonstrations in downtown New York and across the country, some of Wall Street biggest bankers are speaking up about the protests and the criticisms being leveled at them. The reaction comes just days after the protestors marched to the houses of J.P. Morgan's Jamie Dimon and hedge fund manager John Paulson.

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The Brian Lehrer Show

Elizabeth Warren vs. the Banks

Thursday, October 13, 2011

Vanity Fair contributing editor Suzanna Andrews  talks about Elizabeth Warren's battles with bankers and her campaign to challenge Scott Brown as Senator from Massachusetts.

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The Takeaway

Banks Take a Hit in Tough Economy

Thursday, October 13, 2011

A great deal of anger has been directed at the profits of the banking industry since the onset of the recession. One of the focal points of Occupy Wall Street, and of the like-minded protests that have emerged throughout the country, is precisely this discontent with the earnings of banks, particularly during a period of such economic duress for the rest of the country. But the quarterly reports from the banks have been showing that they've taken considerable losses over the past three months.

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The Takeaway

Occupy Boston: A Small Business Owner, One of the 99 Percent

Wednesday, October 12, 2011

Protesters affiliated with Occupy Boston, an offshoot of the Occupy Wall Street movement, are outraged after police arrested over 100 people early Tuesday morning. Boston city officials have defended the raid, saying protesters were warned, but Occupy Boston contends that the police "made no distinction between protesters, medics, or legal observers." Among the protesters was Nadeem Mazen. A graduate of MIT and an owner of two small businesses, Mazen rejects the narrative that the protesters are "anti-capitalist." Among the issues he's protesting is the lack of liquidity available to small businesses after American taxpayers bailed out the banks.

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