Wednesday, November 20, 2013
JP Morgan must pay $13 billion in a settlement on failed securities. Felix Salmon of Reuters will explain how struggling homeowners in some New York City neighborhoods will get some of the $4 billion earmarked for victims. Plus: Carlos Menchaca talks about being the first Mexican-American elected to the New York City council; the 10 ways that demographics are changing our buying habits as Americans, with author Matt Carmichael; and Hilton Als of The New Yorker on his new collection of essays.
Monday, April 11, 2011
If JP Morgan loses a current class action suit, big banks may have to take more responsibility for informing their clients when a deal or a financial instrument raises red flags. New documents have surfaced in a class-action suit a group of pension funds is leading against JP Morgan. They show that during the financial crisis, JP Morgan executives realized a certain investment entity called Sigma was going under. They hedged their own bets, but didn't let their clients — the group of pension funds now suing — know of the danger. If JP Morgan loses this case, big banks may be obliged to intervene in such matters. Louise Story, whose piece on the suit was just published in The New York Times, tells us more.
Tuesday, January 19, 2010
Citigroup announced its earnings this morning, ending a three-quarter profit streak with a $7.6 billion loss during the final three months of 2009. This as consumers still struggled to repay loans and the bank managed to repay its government bailout money.