How Much Tech Companies Spend on Gaining Political Influence

Consumers Warned Of New $9.84 Credit Card Scam

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Accessing the Turkey’s €2bn loan Nigerian Tribune

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HSBC Bank on Verge of Collapse: Second Major Banking Crash Imminent : I Acknowledge

#AFN2014 ” This was not unexpected and has been on the cards for quite a long time” #HSBC

#J.PMorgan : ” Jamie Dimon Reprieve and Given `$1.5 Million’ and `Treated ‘ with `Additional’ $18.5 Million in Restrictive Stock”

#AceFinanceNews says `JPMorgan’ gives `CEO Jamie Dimon‘ a raise despite shelling out $20 bln in fines

Published time: January 24, 2014 21:02 

Edited time: January 25, 2014 02:21
Jamie Dimon (Reuters / Larry Downing)Jamie Dimon (Reuters / Larry Downing)
  It was only a year ago that JPMorgan CEO Jamie Dimon was getting his pay docked by millions of dollars. Now, though, the company is giving their chief executive a raise.

Despite the fact that JPMorgan was hit with $20 billion worth of fines during 2013, Dimon will receive $1.5 million for the year. That base salary is virtually unchanged from the year before, but the company will also pay him an additional $18.5 million in restricted stock, according to a public filing with the Securities and Exchange Commission.

According to CNBC, some board members were divided over the possibility of raising Dimon’s compensation levels. Those opposed cited the record levels of fines the company was ordered to pay out as a reason to keep his salary where it was, while others believed Dimon deserved a raise due to the difficult landscape he was operating in.

Just last year, Dimon had his pay slashed from $23 million to $11.5 million following revelations in the ‘London Whale’ scandal that showed the company’s traders manipulated bank records in order to cover up $6.2 billion in losses. As a result, JPMorgan agreed to pay nearly $1 billion in fines to settle the case against it.

Over the course of 2013, JPMorgan also settled cases involving its role in selling bad loans that precipitated the 2008 financial crisis, including a $13 billion agreement with the Department of Justice announced in November.

As RT noted last year, this fine was more than triple the $4 billion payout that BP oil company paid for its role in the Gulf Coast oil spill. JPMorgan was tagged for overhauling the quality of the mortgage bonds it sold to investors such as Fannie Mae and Freddie Mac between 2005 and 2007.

The terms of the settlement dictate that the bank will pay more than $6 billion to reimburse investors, put $4 billion towards a mortgage relief program for affected homeowners, and $2 billion to settle civil cases unfolding in five states.

In spite of all these penalties – the company was also included in the group of banks fined 1.7 billion euros for manipulating lending rates – JPMorgan’s stock price has risen about 22 percent over the last year. Following a quarterly loss for the first time in 10 years during the third quarter of 2013, the company recently reported a profit of $5.28 billion in the fourth quarter.

 

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#11-5-million, #cnbc, #dimon, #federal-takeover-of-fannie-mae-and-freddie-mac, #fines, #gulf-coast-of-the-united-states, #jamie-dimon, #jpmorgan-chase, #reuters, #u-s-securities-and-exchange-commission

Economics Daily Digest: Four big reasons financial reform isn’t finished

thedailyblogreport

By Rachel Goldfarb, originally published on Next New Deal
Click here to receive the Daily Digest via email.
Washington Has Not Defeated Wall Street. Yet. (TNR)
Roosevelt Institute Fellow Mike Konczal writes that for all that Dodd-Frank accomplished, financial reform isn’t done yet. He…
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Economics Daily Digest: Four big reasons financial reform isn’t finished

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China to Purchase the Federal Reserve….. | Alternative

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$5.1 Trillion … The Debt Of The 50 States , Mostly Unfunded Pensions

YouViewed/Editorial

EXography: Unfunded Public Employee Pensions Drive State Debts Skyward

 

 

 

State Debt

 

Click Image To Go To Interactive Graphic And See How Much Your State Is In The Red





State governments are piling up debt almost as fast as the federal government, with a total of $5.1 trillion now on their books.

  Calculated on a per capita basis, the $5.1 trillion represents an obligation of $16,178 for every state resident in the country, according to State Budget Solutions’ fourth annual State Debt Report.

  State Budget Solutions is a 501(c)(3) educational foundation that focuses on state spending and budget issues.

  The $5.1 trillion has accumulated despite various forms of balanced-budget requirements and spending limitations on the books in most states.”

 

 

This should be no surprise to any thinking individual …

 

” Viewed in terms of total debt, big states dominate the top…

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Fear Is Mounting On Wall Street That The Fed Will ‘Fall Behind The Curve’ Like In 1994

U.S. Debt Up $1,608,304 for Each Baby Born the Year Obama Took Office