Word: beared
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JPMorgan Chase has an even longer and more storied history. It's a direct descendant of the House of Morgan that dominated Wall Street a century ago. But it's also an agglomeration of Chase Manhattan, Chemical Bank, Manufacturers Hanover, First Chicago, National Bank of Detroit, Bank One, Bear Stearns and Washington Mutual, among others, and this mishmash has only come together as a coherent whole since renowned details guy Jamie Dimon took over as CEO in 2005. "The teamwork culture at JPMorgan Chase is really Jamie Dimon," Ellis says...
...fought regulation - of derivatives, for instance - that might have prevented it. And their big profits can be traced not only to skill but also to the government's decision last fall to bail out the financial sector just as the troubles that toppled Lehman Brothers and WaMu and forced Bear Stearns, Merrill Lynch and Wachovia into shotgun marriages began to endanger Goldman and (to a lesser extent) JPMorgan. "No one should be confused about the extent to which the public sector has provided a foundation for financial recovery," White House economic czar Larry Summers said after Goldman and JPMorgan reported...
...most reasonable objection the banks have to the CFPA is that its reach is too limited, hence subjecting banks to burdens other financial firms won't bear. Products regulated by the Securities and Exchange Commission and Commodity Futures Trading Commission would be exempt from CFPA oversight, as would most insurance companies, which are regulated by the states. And while the CFPA would have authority over anyone extending credit to consumers, the first line of regulation for nonbanks such as mortgage brokers and check-cashing firms would remain the states. American Bankers Association chief executive Edward Yingling argues that because...
...invasion of Iraq: the Bush Administration was able to waste four years pursuing misguided strategies there before finally getting things right last year and turning the situation around. But the new U.S. military approach to winning the war in Afghanistan is likely to take years, if not decades, to bear fruit, and there are growing signs that America's patience is fraying. On July 23, Vice President Joe Biden acknowledged that a lot more sacrifice would be required of Americans, but he insisted that it was worth the price to "straighten out" the Afghan-Pakistan border region because...
...borrows, from 27.9 at the beginning of 2008 to 14.2 today. At the same time, Goldman has increased the amount of money it is risking on a day-to-day basis, and the number of competitors it faces in the marketplace has significantly shrunk, with onetime stalwarts like Bear Stearns and Lehman Brothers becoming casualties of the crisis...