Jamie Dimon, often cited at the most responsible head of a Wall Street investment bank, reigned as Chairman and CEO of JP Morgan Chase today.
In a blistering letter published this morning in Britian's Financial News, Dimon says he is tired of working in the "bankrupt moral culture" of finance and called for a criminal investigation into wrongdoing at JP Morgan and other major investment banks. ... Read More →
Former Lehman Brothers CEO Dick Fuld and three other Lehman executives were arrested today for crimes related to the collapse of the venerable investment bank in September 2008.
The four bankers were apprehended at John F. Kennedy International Airport in New York where they were attempting to flee the country to escape imminent federal charges of filing false financial statements.... Read More →
In response to ongoing strikes at its U.S. stores, retail giant Wal-Mart announced today an immediate 25% raise for all its 1.4 million American employees.
CEO Michael T. Duke said he was 'unaware' his employees had been so poorly paid and after reading the demands of the strikers he vowed to fix the situation immediately.... Read More →
As the putative merger between British aerospace and defence giant BAE Systems and its European counterpart EADS remains on ice due to security concerns of the U.S. government, an American suitor is said to be entering the fray.
Sources close to the leadership of media conglomerate Time Warner say the firm is hurriedly preparing a bid for BAE, saying it senses a "historic opportunity for synergies" between the two firms.... Read More →
The National Football League announced today that it was seeking to end its labor dispute with its striking referees by asking NFL fans to donate to a special fund designed to help pay their salaries and pensions.
The referees have been on strike since the beginning of the NFL season three weeks ago, and since that time America's most prestigious sporting league has used replacement officials brought in from the XFL, a long defunct rival, and the Lingerie Football League.... Read More →
The world's biggest global macro hedge funds are working on plan to collapse the Danish economy sometime in 2013 by provoking an abrupt and uncontrolled rise of the Scandinavian country's currency against the Euro and U.S. Dollar.
Denmark is a member of the European Union, but like the U.K. or Sweeden it does not use the Euro. However the country's currency - the Danish Krone - is pegged to the Euro in an exchange rate mechanism dating from the Euro's institution in 1999. ... Read More →
Still loathed by the international public four years after precipitating the greatest economic collapse since the Great Depression, American investment bank Goldman Sachs has found itself in a new quandary as the firm faces allegations that it invested in a company that runs a child sex trafficking website.
Upon being presented the allegations by the New York Times the mega-connected Wall Street firm quickly divested its interest in a private equity fund which held a stake in Village Voice Media , the company that runs the website in question. However, Goldman's CEO has gone further, personally vowing to never let such a thing happen again.... Read More →
Concerns swirled around Washington D.C. and New York today as leaders in the United States' political and economic capitals fretted about the impact of a partial shutdown of a Bureau of Engraving and Printing facility in Fort Worth, Texas. The facility produces half of the paper currency in the United States and since Monday has been operating at 25% capacity due to a technical error in several of its printing machines.
In a speech to the Economic Club of New York Federal Reserve chairman Ben Bernanke made clear the urgency of the situation, "We all know that the foundation of economic growth is printing enough money to meet the government's spending needs. What's happening now in Fort Worth is very troubling . We at the Federal Reserve are monitoring things very carefully and are prepared to act if needed."... Read More →
