Tuesday, 23 September 2014
Last updated 4 hours ago
Apr 1 2013 | 9:38am ET
Federal authorities are looking into whether JPMorgan Chase, Bernard Madoff's chief bank, failed to report the archfraudster's suspicious activities prior to the collapse of his $65 billion Ponzi scheme.
The U.S. Attorney's Office in Manhattan and the U.S. Office of the Comptroller of the Currency believe that JPMorgan may have violated a federal law requiring disclosure of suspicious transactions, The New York Times reports. The probe is looking into allegations similar to those made three years ago by Madoff trustee Irving Picard, who sued JPMorgan for $21 billion.
Picard's suit was dismissed, with a federal judge ruling he did not have standing to sue the bank.
"We believe that the personnel who dealt with the Madoff issue acted in good faith in seeking to comply with all anti-money-laundering and regulatory obligations," JPMorgan spokesman Joe Evangelisti told the Times.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.