Bad Week For JP Morgan And Friends
Wall Street Sector Selector | Sep 29, 2013 08:23AM ET
Ongoing travails for JP Morgan (JPM) and other members of the financial sector yield opportunities for investors.
There was no shortage of speculation concerning the matters discussed in a secret meeting held on Thursday morning between United States Attorney General Eric Holder and JP Morgan Chase CEO, Jamie Dimon. Because no specific details of the matters discussed at the 50-minute meeting were disclosed “on the record”, a wide range of theories emerged. The more cynical among us assumed that Holder was simply interviewing for a job with the megabank, in the hope of landing a more comfortable and lucrative position in the private sector. Another theory focused on the notion that Dimon was negotiating with the shareholders’ money in attempt to buy his way out of serving time in prison. While being confronted by reporters about the substance of the meeting, Dimon became impatient with a reporter who raised a question on the subject of “prison time”.
The reluctance of the federal government to actually prosecute any of the Wall Street bankers for the malfeasance which led to the financial crisis has been a favorite subject of William Black, a professor of Law and Economics at the University of Missouri-Kansas City. On December 28, 2011, Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC.
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