Almost three years ago, when Goldman Sachs Group Inc. paid $550 million to settle fraud accusations by the Securities and Exchange Commission, one of the claims was that Goldman misled the bond-insurer ACA Financial Guaranty Corp. in a horribly complex deal named Abacus.
Warren Buffett says he supports Jamie Dimon keeping his dual roles as chairman and chief executive officer of JPMorgan Chase & Co. And his remarks have been getting a lot of attention in advance of JPMorgan's annual meeting on May 21 in Tampa, Florida.
In 2006, during Jamie Dimon’s first year as JPMorgan Chase & Co.’s chief executive officer, a proposal on the company’s proxy statement called for separating the bank’s CEO and chairman positions. It received 38 percent of the votes. And back then, JPMorgan already had someone else as its chairman: William Harrison, Dimon’s predecessor as CEO.
So much for the notion that diluting banks' shareholders is necessarily bad for them. Deutsche Bank shares were up as much as 7.9 percent this morning after Germany's largest bank sold 2.96 billion euros of stock.