Jamie Dimon, CEO of JPMorgan Chase, appeared before Congress on Wednesday. Admitting that the bank let people down, but not admitting that stronger regulation might have kept them out of trouble, Dimon pinned the bank’s surprise loss on an internal complacency based upon the London hedging unit’s past successes. What is it that mutual fund prospectuses warn about? Oh yeah, past results are no guarantee of future success.
News of the World’s Rebekah Brooks made a court appearance and posted bail. She will be back in court next week.
Rajat Gupta, former director of Goldman Sachs, former head of McKinsey & Co., and former member of Proctor & Gamble’s board of directors, is on trial for insider trading. His case was went to the jury yesterday. Gupta allegedly fed inside information to now imprisoned felon Raj Rajaratnam who was then the co-founder of Galleon Group, LLC.
R. Allen Stanford was sentenced to 110 years in prison for running a $7 Billion-with-a-B ponzi scheme. Stanford Financial was based in Houston. Some of my Houston friends invested money in Stanford’s “Certificates of Deposit” that were “issued” by his “bank” in the Caribbean. Paid good interest too. How do you spell Madoff?Follow @ethicsbite