Daily Archives: July 8, 2015

Is JP Morgan’s CEO Banking on Dodd Frank Repeal?

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JPMorgan Chase seeking $18.8M tax break to move jobs to Jersey City, report says

JERSEY CITY — JPMorgan Chase is looking to move 2,150 jobs to Jersey City from New York, the Wall Street Journal reports.

The state Economic Development Authority is expected Thursday to consider granting the firm $18.8 million in tax credits annually over 10 years. JPMorgan received $225 million in tax credits last year to create 1,000 jobs in Jersey City and retain 2,612 existing jobs.

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After Seeing Photo Of Greek Man Crying Outside Bank, CEO In Australia Vows To Help Him

Very sad, but I am glad that Australia CEO will help that man. But unfortunately, there are others in Greece that need help…

Days before Greece voted against a European bailout deal, a photograph of a 77-year-old Greek man crying outside a bank was widely circulated in the media. The moving image, which captures the impact of the current debt crisis on everyday citizens, caught the attention of a compassionate man who felt compelled to help.

Giorgos Chatzifotiadis, a Greek retiree, was photographed sobbing on the ground after being unable to withdraw a pension on behalf of his wife, Agence France-Presse reported. Gap Finance CEO James Koufos who lives in Sydney, Australia, saw the image, and with the help of his mother, identified the 77-year-old as an old friend of his father’s.

While he’s miles away from the crisis, Koufos called on people across social media this past Sunday to help track the man down so that he could help pay Chatzifotiadis’ pension.

“This man is a old school friend of my late father! Gap Finance and I will pay this man’s pension for 12 months plus!!! As long as it takes!!” Koufos wrote in a Facebook post. “I will never allow to see a fellow Greek proud hardworking man starve!! Please, please if anyone can help track this man down with his details I urge you to contact us.”

Koufos’ efforts seem to have paid off as he was able to track down Chatzifotiadis,News.com.au reported. The CEO now plans to fly to Greece this Saturday to meet with the 77-year-old.

Chatzifotiadis’ photo was taken after the man had waited in line at four different banks in hopes of collecting a pension. When he was told that he would be unable to withdraw the money, the retiree broke down, according to AFP. The 77-year-old’s emotional reaction struck a chord with Koufos.

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Former trader Hayes ignored 2009 warning, Libor trial hears

Tom Hayes, the former trader on trial on Libor interest rate rigging charges, told a London court on Wednesday he ignored a 2009 warning to stop trying to influence rates in part because he was pre-occupied with moving jobs.

Prosecutors allege Hayes, a former star trader at UBS (>> UBS Group AG) and Citigroup (>> Citigroup Inc), set up a network of brokers and traders that spanned some of the world’s most powerful financial institutions to rig Libor for profit, cheating counterparties.

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JPM to reform credit card collection in settlement with U.S., states

Yeah right, you got caught by being exposed thanks to whistleblower Linda Almonte..

(Reuters) – JPMorgan Chase & Co will pay $136 million and reform its credit card debt collection practices as part of a joint state-federal settlement of a probe that found it had acted illegally, U.S. authorities said on Wednesday.

The bank will also pay at least $50 million in consumer refunds and $30 million to the Office of the Comptroller of the Currency in a related action, authorities said.

“This is a good, strong settlement that’s going to help a lot of people,” Iowa Attorney General Tom Miller, who helped lead the probe, said on a conference call with reporters.

An investigation by the Consumer Financial Protection Bureau and state attorneys general showed the nation’s largest bank had subjected consumers to collections for accounts that were not theirs, contained erroneous amounts, or were uncollectible, the authorities said.

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Former Delaware Chief Justice files amicus brief in Fannie/Freddie sweep suit

Calls Treasury’s seizure of profits illegal

The Center for Individual Freedom has filed an amicus brief in the United States Court of Appeals for the District of Columbia Circuit in the case of Perry Capital LLC v. Lew.

The brief, authored by Myron Steele, the former Chief Justice of the Delaware Supreme Court and now a partner at the Delaware law firm of Potter Anderson & Corroon, was filed in support of private stockholders of Fannie Maeand Freddie Mac who effectively lost all value in their shares when the government opted for a conservatorship that granted the Treasury Department senior preferred stock status that allows for a “Net Worth Sweep” of the corporations’ net profits in perpetuity.

The brief argues that “[t]he ‘Net Worth Sweep’ is unenforceable and void ab initio under Section 151 of the Delaware General Corporation Law.”

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Bank of America Hit with FDCPA Damages PLUS PUNITIVE Damages $100,000

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Hat tip to Ken McLeod

see Goodin v Bank of America NA

I think this case decision should be studied. While it is easy to be dismissive of emotional distress damages, this case clearly enunciates the basis for it. I think we tend to demote the claim because of the underlying bias that the borrower has been getting a “free ride.” This case states quite clearly that the ride was neither wanted nor free.Perhaps just as importantly, the Court finds that punitive damages are appropriate in order to get the attention of Bank of America — such that it will stop it’s malevolent behavior. It sets the bar at deterring the bank from this…

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