There she blows! With no where to hide Security and exchange (SEC) quarterly reports due the losses continue to explode at the J. P Morgan bank. What was initially reported by Morgan Ceo Dimon as an initial bump in the road a mere 2 billion dollar derivative loss is now restated in first quarter earnings and is now up to 6 billion dollars and soon could reach 7 BILLION DOLLARS! IN losses.
As a comparison value, a yardstick for measurement for all future Colorado University (CU) students to consider before enrolling in any Colorado University curriculum we have now completely demolished every single building on the 227 acre CU Anschutz Medical Campus in Aurora Colorado and we are now moving towards the Colorado University downtown campus and start demolishing buildings on the Auraria campus….that’s how large the losses are at the J. P Morgan bank… the financial partner at the soon to be open Colorado University J.P. Morgan commodities school located in the new 120,000 square foot downtown Colorado University campus. What a way for Colorado University (CU) officials to introduce a new course curriculum! Right off the bat the financial partner looses 6 BILLION DOLLARS…..talk about selecting the right partner…..talk about brand damage to the 125 year old Colorado University tradition. Exactly where was CU Anschutz legal oversight for this criminal partnership?
And the bad news continues to come in droves Federal regulators are looking at Morgan employees for fraud and filing criminal charges. Federal regulators from the securities and exchange (SEC), comptroller of currency and Federal bank of New York are carefully analyzing the reported value of the derivative trades. It appears several internal traders at J. P. Morgan have disguised their trades to lessen their losses.
J. P. Morgan is now seeking claw backs from several key traders pay equal to approximately their last 2 years of employment pay. Claw backs could also come from Ceo Dimon however the bank did not indicate it would pursue this course of action.
Why would the Ceo Jamie Dimon not be held financially accountable for this loss? Where are the Morgan shareholders? Well for one the Ohio state attorney is seeking to file a class action lawsuit of behalf on Ohio state pension fund shareholders. Mike De wine Ohio Ag
states pension fund managers were given false and misleading information which hid the true risk of the investment. This lead to 27 million dollars in pension fund losses from Ohio school teachers, school employees and public employees.
Talk about the 5.5 million dollar Colorado University gift that keeps giving! National federal legislation is being discussed as it directly correlates to J. P. Morgan actions. All this in an election year!
