Deutsche Bank AG designed a derivative for Banca Monte dei Paschi di Siena SpA at the height of the financial crisis that obscured losses at the world’s oldest lender before it sought a taxpayer bailout.
There was disheartening news last week regarding the way the U.S. financial system operates. I’m not referring to the opinion piece by a departing Goldman Sachs Group Inc. employee, which suggested that the company has little respect for its customers.
The U.S. Securities and Exchange Commission is asking banks that issue structured notes to boost disclosures to investors, including the banks’ own estimates for the securities’ market value at the time of sale.
RE: “Buffett and the Prince” June 2010 I’ve read many articles on Warren Buffett. It was fascinating to see how yours interwove the personalities. It makes me want to read more about both men. Dick Wendelburg, Big Canoe, Georgia RE: “Rebuilding the House of Cards” June 2010 Your article explained a lot about the credit industry. I’ll hang on to my American Express and be aware of the tricks and traps. If consumers are abused by banks, banks will lose the consumers. Charles Westfall, Chula Vista, California RE: “Estate-Tax Trap” June 2010 Under the federal estate-tax law that expired on Dec. 31, when a family business owner or farmer passed away, heirs paid the Internal Revenue Service 45 percent or more of the value of all assets above $3.5 million. In 2001, the rate was 55 percent on assets above $675,000. If Congress fails to act this year, the rate returns to 55 percent on Jan. 1, 2011, on assets above $1
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the firm suffered a $2 billion trading loss after an “egregious” failure in a unit managing risks, jeopardizing Wall Street banks’ efforts to loosen a federal ban on bets with their own money.
JPMorgan Chase & Co. fell the most in nine months after Chief Executive Officer Jamie Dimon said the firm suffered a $2 billion trading loss he attributed to “egregious” failures in a unit managing risks.