Word: jpmorgan
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...clear departure from the historical norm, the White House is not cheering the return of huge profits to Wall Street. On the contrary, the recent windfalls at Goldman Sachs and JPMorgan, and the promise of giant year-end paydays for banking executives and traders, has caused a bit of consternation in the West Wing, coming as it does so soon after the taxpayer bailouts saved the entire financial system from total collapse...
...that Japan has seen the depths of its worst postwar recession, economists say things are still far from good - and a "double-dip" recession is an increasingly likely outcome. "It will take several years, not one or two years, before Japan's output gap, or economic slack, disappears," says JPMorgan chief economist Masaaki Kanno. "Deflation and high unemployment will last for a long time. The question is whether the economy will continue to grow for several years without having the double dip." (See pictures of Japan in the 1980s and today...
...Change In a potential sign of hope for the ailing U.S. economy, the Treasury Department agreed to let 10 large banks begin repaying $68 billion in federal aid they received under the Troubled Asset Relief Program (TARP). Having passed "stress tests," some large firms like Goldman Sachs and JPMorgan Chase are expected to return the bailout money ahead of the original timetable set by the White House...
...Instead, the banks went out and raised capital from private sources, including $65 billion in a matter of weeks. On June 2, Bank of America announced that it had raised $33 billion of the $33.9 billion the feds were requiring it to. JPMorgan announced new plans to sell stock. Part of the motivation for the banks is to get out from under government constraints - Congress has passed strict limits on executive salaries, bonuses and other benefits bankers love to love...
Chief Executive and Chairman of JPMorgan Chase Jamie L. Dimon spoke before the 900 graduating students of the Harvard Business School yesterday as part of HBS’ Class Day festivities. Both Dimon and student speaker Thomas C. Rajan struck melancholy tones in their remarks, emphasizing the need for greater reflection and responsibility among business executives in the current economic climate. The event was held on Baker Lawn in the afternoon, and light rain periodically fell as students and their families gathered to honor HBS professors, present the class gift, and celebrate the conclusion of their studies. Following brief remarks...