Daily Archives: December 28, 2013

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DOJ declined to enforce Bernie Madoff-related subpoena of J.P. Morgan: document

DOJ declined to enforce Bernie Madoff-related subpoena of J.P. Morgan: document

The Justice Department likes to brag about being tough on the banking industry. But just how tough?

Not as tough as the Treasury Department would like, apparently, at least when it comes to J.P. Morgan Chase & Co. JPM -0.05% and Bernie Madoff.

The government has been looking into whether J.P. Morgan, which had a two-decade relationship with Madoff, ignored warning signs that the operation he was running was actually a giant Ponzi scheme. Banks are supposed to report suspicious activity by clients.

But the Treasury Department, in its investigation, couldn’t seem to catch a break: In May, the Treasury’s inspector-general office subpoenaed J.P. Morgan for Madoff-related documents, but J.P. Morgan declined. Then Treasury asked the Department of Justice to enforce the subpoena, but the Justice Department declined that request in September.

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JPMorgan Chase CEO’s Daughter Writes About Flint; That’s Not The Oddest Part

JPMorgan Chase CEO’s Daughter Writes About Flint; That’s Not The Oddest Part

Laura Dimon, who didn’t speak with many Flint residents, says they have “resilience and loyalty [that are] a testament to the true spirit of this city.”

Flint ‘s “story of depression and decay,” as New York journalist Laura Dimon describes it in an online article, is far different from her experience as a child of privilege and wealth.  

Dimon, a columnist at a Manhattan digital media start-up called  PolicyMic, is one of three daughters of Judith Kent and Jamie Dimon. chairman president and CEO of JPMorgan Chase — one of the “too big to fail” banks. The career-starting Dimon has a 2009 psychology degree from Barnard College and a seven-month-old master’s from Columbia University Graduate School of Journalism.

None of that means she can’t report sensitively and insightfully on Flint — if two-year-old Policy Mic gave writers the time and budget for field reporting. That evidently isn’t how Dimon covers “the hell that has become of much of America’s Rust Belt” for a site that’s much closer to Upworthy and BuzzFeed than to Atlantic Cities or National Journal.

Dimon’s piece about “Detroit’s failing and forsaken neighbor 66 miles to the northwest” is largely a compilation of facts, figures and material published elsewhere — what pre-digital journalists called “a clip job,” referring to clippings from other publications and their paper’s library. The Flint report has 21 external links in just 26 paragraphs, including four each to articles in Forbes and The New York Times. 

One of four people quoted is a filmmaker whose comments are from a July 2012 article in Wired. Another is a photographer whose sentence is from a blurb at his online portfolio. The others, an author and another photographer, apparently spoke to Dimon by phone or email.

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Barclays Fined £2.3m For ‘Records Failure

Barclays Fined £2.3m For ‘Records Failure

Barclays has been fined $3.75m (£2.3m) by a US regulator over an alleged decade-long failure to properly keep electronic records, emails and instant messages.

The Financial Industry Regulatory Authority (FINRA) said that from 2002 to April 2012, Barclays failed to preserve order data, trade confirmations, account records and other information in a format that prevented their alteration or erasure, known as “Write-Once, Read-Many” or “WORM.”

It also said Barclays failed to properly retain attachments to some Bloomberg emails from May 2007 to May 2010, and failed to properly retain about 3.3 million Bloomberg instant messages from October 2008 to May 2010.

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Bank of America Corp : U.S. court OKs Bank of America $39 million gender bias deal

Bank of America Corp : U.S. court OKs Bank of America $39 million gender bias deal

A federal judge on Friday approved Bank of America Corp’s $39 million settlement of a gender discrimination lawsuit by female brokers over objections that the accord would enshrine bias on Wall Street.

U.S. District Judge Pamela Chen in Brooklyn, New York called the settlement “in all respects, fair, reasonable, and adequate.”

The settlement, announced on September 6, resolved claims on behalf of about 4,800 current and former female financial advisers that women were paid less than men, deprived of handling their fair share of lucrative accounts and faced retaliation if they complained.

It is separate from the bank’s $160 million settlement with hundreds of black Merrill Lynch & Co brokers who alleged racial bias in pay, promotions and how big accounts were allocated.