Daily Archives: May 30, 2014


Need a Book for the Beach? Here’s J.P. Morgan’s Summer Reading List

Need a Book for the Beach? Here’s J.P. Morgan’s Summer Reading List

Summer is nearly here and that’s means sand, surf, sun and a pile of books with which to relax.

And one bank has offered to assist its wealthy clients, at least with the book part. For the past 15 years, J.P. Morgan has been putting together a reading list of 10 books specifically chosen to appeal to the tastes and preoccupations of the wealthy. The list has ranged through the years from Malcolm Gladwell’s “Tipping Point” to a Middle Eastern cook book.

J.P. Morgan’s Private Bank initially started the list as a way for to keep in touch with clients over the summer, said Darin Oduyoye, who crafted the idea and also heads up communications for J.P. Morgan’s Asset Management division.

Getting on the 10-book list isn’t easy. This year employees from J.P. Morgan Asset Management offices around the world submitted 568 titles that were reviewed by a 16-person committee, Mr. Oduyoye said. That’s grown from 115 recommendations from J.P. Morgan private bankers when the list first came out in 2000, he said.

Over the years, Jamie Dimon, J.P. Morgan’s chief executive and chairman, and Mary Erdoes, CEO of J.P. Morgan Asset Management, have contributed their own picks, Mr. Oduyoye said.

Here’s this year’s list:

Art & Place: Site-Specific Art of the Americasby Editors of Phaidon
Thrive: The Third Metric to Redefining Success and Creating a Life of Well-Being, Wisdom, and Wonder, by Arianna Huffington
Talk Like TED: The 9 Public-Speaking Secrets of the World’s Top Mindsby Carmine Gallo
The Metropolitan Revolution: How Cities and Metros Are Fixing Our Broken Politics and Fragile Economy, by Bruce Katz and Jennifer Bradley.
The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies, by Erik Brynjolfsson and Andrew McAfee
Things a Little Bird Told Me: Confessions of the Creative Mindby Biz Stone
The Future of the Mind: The Scientific Quest to Understand, Enhance, and Empower the Mindby Michio Kaku
Olives, Lemons & Za’atar: The Best Middle Eastern Home Cookingby Rawia Bishara
An Astronaut’s Guide to Life on Earth: What Going to Space Taught Me About Ingenuity, Determination, and Being Prepared for Anythingby Col. Chris Hadfield
The Billionaire and the Mechanic: How Larry Ellison and a Car Mechanic Teamed Up to Win Sailing’s Greatest Race, the America’s Cup, by Julian Guthrie

And for comparison here’s the inaugural list from 2000:

The Pursuit of Wealth: The Incredible Story of Money Throughout the Ages by Robert Sobel 
The Essays of Warren Buffett: Lessons for Corporate America by Lawrence Cunningham 
Security Analysis (Classic 1934 Edition) by Benjamin Graham and David Dodd
Rich Dad, Poor Dad by Robert Kiyosaki and Sharon Lechter
The Cluetrain Manifesto by Rick Levine, Christopher Locke, Doc Searls and David Weinberger
The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail by Clayton Christensen
Faster by James Gleick

The Silicon Boys and Their Valley Dreamsby David Kaplan 
The Tipping Point: How Little Things Can Make a Big Difference, by Malcolm Gladwell 
Patient Number Oneby Rick Murdock

My recommendation of a book for Jamie Dimon to read and re-read is Lincoln on Leadership by Donald T. Phillips because he knows nothing about being a leader. Oh and go back and re-read Rich Dad, Poor Dad, Jamie, because you are not in the B, S, and I quadrants!:

  • E: Employee – Working for someone else.
  • S: Self-employed or Small business owner – Where a person owns his own job and is his own boss.
  • B: Business owner – A person who owns a business to make money; typically where the owner’s physical presence is not required.
  • I: Investor – Investing money in order to receive a larger income in the future.



UBS Probed in Belgium Over Money Laundering, Organized Crime

UBS Probed in Belgium Over Money Laundering, Organized Crime

It’s a never ending story of money laundering scandals from the banksters…

UBS AG (UBSN), Switzerland’s biggest bank, is being probed by Belgian authorities over allegations of money laundering and organized crime.

Judge Michel Claise is leading the investigation, Anja Bijnens, a spokeswoman for the Brussels prosecutor, said by telephone today.

UBS employees approached wealthy Belgian taxpayers including chief executive officers and sportsmen over a 10-year period, encouraging them to open undeclared accounts in Switzerland, M… Belgique magazine reported, without saying where it got the information. UBS Belgium, the bank’s local arm, helped to organize the transfer of large amounts of money to Switzerland, the magazine said.

“UBS conducts its business in full compliance with applicable laws and regulations,” the bank said in a statement to Bloomberg News today. “UBS does not tolerate any activities intended to help its clients circumvent their tax obligations.” It said it was unaware of “any preliminary investigation” of its Belgian operation.



Los Angeles sues JPMorgan over mortgage lending practices

Los Angeles sues JPMorgan over mortgage lending practices

(Reuters) – Los Angeles on Friday sued JPMorgan Chase & Co (>> JPMorgan Chase & Co.), accusing the largest U.S. bank of engaging in discriminatory mortgage lending practices that drove up foreclosures.

(Reuters) – Los Angeles on Friday sued JPMorgan Chase & Co (>> JPMorgan Chase & Co.), accusing the largest U.S. bank of engaging in discriminatory mortgage lending practices that drove up foreclosures.

The second most populous U.S. city said it is seeking damages for reduced property tax revenue and the higher cost of providing services, both of which it attributed to the foreclosures.


Five states make up nearly half of U.S. foreclosures: CoreLogic

Five states make up nearly half of U.S. foreclosures: CoreLogic

Just five states made up almost half of all U.S. foreclosures completed over the past year, even as the national market showed a marked improvement, with gauges of troubled properties reaching near pre-crisis levels last month, according to data released Thursday.

These usual suspects made up the five states: Florida, Michigan, Texas, California and Georgia. Meanwhile, the national landscape continued to rebound in April, as the number of mortgages per completed foreclosure rose to 65 – the strongest reading since February 2008 – up from 52 a year earlier, according to CoreLogic, an Irvine, Calif.-based analysis firm.

“We have now registered two and a half years of continuous decreases in the number of homeowners who are in some stage of the foreclosure process,” Anand Nallathambi, CoreLogic’s chief executive, said in a statement.


Mexico Detains Oceanografia CEO Amid Citigroup Fraud Probe

Mexico Detains Oceanografia CEO Amid Citigroup Fraud Probe

Mexican authorities issued an arrest warrant for the chief executive officer of Oceanografia SA, the oil services provider seized by the government after Citigroup Inc. (C)’s local unit alleged a $400 million loan fraud.

Amado Yanez, 49, is under police supervision while recovering in a hospital after undergoing emergency surgery last week, Mexico’s attorney general said today in an e-mailed statement. He was accused of participation in crimes including violations of the country’s credit-institutions law.

Mexico took control of Oceanografia in February, putting it under the supervision of the Finance Ministry, after Citigroup said it lost $400 million on loans that were granted to the company based on fraudulent invoices. The Oceanografia case briefly stalled legislative talks this year to open the state-controlled oil industry to private investment, after the main opposition party’s leaders complained that some party members had been wrongly singled out for involvement in the fraud case.

“This may be the government showing that it’s cleaning up the energy sector ahead of the oil opening,” Javier Oliva, a political and security analyst at Mexico’s National Autonomous University said by phone from Mexico City.