JPMorgan shareholders file lawsuits
May 15th, 2012
Shareholders of JPMorgan Chase have filed two lawsuits against the biggest US bank, accusing it and its leaders of taking excessive risk and causing a monumental US$2 billion (NZ$2.6 b) trading loss. The company disclosed the loss last week, saying it resulted from a failed hedging strategy. The lawsuits filed on Wednesday in New York claim JPMorgan changed its risk model without telling investors. They say the shift led to the losses and claim company leaders misled investors. One suit was filed by California shareholder James Baker.
Tags: File Lawsuits, Lawsuits
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Unsecured Business Lines of Credit That Do Not Report To Personal Credit Reports
May 13th, 2012
Imagine having access to large amounts of cash credit for anything such as marketing campaigns, aggressive expansion, or even flipping real estate. 
Whether your business is just starting out, or it’s established and profitable, chances are you’ll require capital in the near future.
The good news is the funding sources we have will extend unsecured business lines of credit based on your company’s size, location, industry, age, and other key factors, allowing you to receive several times the amount of unsecured business credit you would get from your typical bank.
There are three major reasons why our unsecured business credit lines are superior to typical banks.
Unsecured Business Credit Line Highlights
Low Interest
- Rates as low as 6.99% for FULL DOC applicants.
- As low as 8.99% for STATED INCOME applicants.
No Doc or Full Doc
- We have products that tailor to how established your business is.
Tags: Credit, Credit Reports
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JPMorgan’s ‘London Whale’ trader is leaving
May 11th, 2012
The JPMorgan Chase trader based in London who is at the center of the bank’s recently announced $2 billion losses is leaving the bank, colleagues said.
The New York Times reported Wednesday Bruno Iksil, known as “the London whale,” and also reportedly nicknamed “Voldemort,” is still working at the bank but is expected to tender his resignation soon with a departure timed before the end of the year.
JPMorgan Chief Executive Officer Jamie Dimon has said the bank lost $2 billion in market bets in a 15-day period. Reportedly, the bank was attempting to reposition its portfolio to avoid trouble generated by the financial crisis in Europe.
Ina Drew, one of the bank’s chief investment officers and one of Wall Street’s most successful women, resigned from JPMorgan Monday as a result of the losses, which have provoked regulatory reviews in Britain and the United States. Sen.
Tags: Leaving
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Colleges rethink aid to immigrants
May 7th, 2012
Social justice is central to the mission of Dominican University, a small private Catholic college in suburban Chicago. Serving poor immigrants is part of its history.
So as the school began to get more applications where Social Security numbers weren’t provided, there was never a question of turning qualified undocumented students away, President Donna Carroll says. This year, the school pulled together $274,000 in financial aid for 17 undocumented students. Despite pushback from some donors and alumni, Carroll says her only regret is that she can’t help more students.
“Is it controversial? Yes,” she says. But “it’s against the law to discriminate against any student group. You need to start from that premise.”
Each year, about 65,000 undocumented students graduate from U.S. high schools, says a report by the College Board.
Tags: Immigrants
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Student Creates Gluten/Dairy Free Pizza
May 3rd, 2012
One year ago, Aaron Greenwald was a sophomore at Washington University in St. Louis when a business professor challenged him to formulate a business plan for a class project. Having experienced the benefits of gluten and dairy-free eating as a competitive tennis player and frustrated with the poor taste of suitable foods available in supermarkets, he set out to develop a pizza that was both delicious and healthy.
Working with local St. Louis renowned chef, Eric Brenner, he succeeded. His company, BOLD Organics is currently distributed throughout 200 stores around the country, including independent shops and chains.
BOLD Organics’ mission is about creating healthy, great-tasting products that consumers will have fun eating.
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Stocks fall as Greece struggles to form government
May 3rd, 2012
Stocks are closing lower after political instability in Greece sent U.S. and European markets reeling.
European indexes closed near multi-month lows Tuesday as Greek politicians appeared unable to form a coalition government. A key political leader said Greece is no longer bound by its earlier promises to cut spending in exchange for international bailouts.
U.S. markets opened lower and fell for most of the morning. The Dow Jones industrial average dropped nearly 200 points before late-afternoon buying erased much of the decline.
The Dow closed down 76 points at 12,932. The S&P 500 was down six at 1,363. The Nasdaq was off 11 at 2,946.
About three stocks fell for every two that rose on the New York Stock Exchange. Volume was average at 4.21 billion shares.
Tags: Greece, Greece Struggles
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Losses keep mounting at American Airlines
April 13th, 2012
FORT WORTH, Texas (AP) — American Airlines’ parent company is telling a bankruptcy court that it lost $619 million last month, with fuel and labor its biggest expenses.
AMR Corp. says $375 million of that is for expenses related to its bankruptcy reorganization, including $15 million to pay advisers.
Revenue last month was $1.81 billion. The company didn’t give a comparable figure for February 2011, but revenue declined from $2.03 billion in January.
American Airlines and AMR filed for bankruptcy protection in November. The airline wants to cut 13,000 jobs and get labor-cost concessions from its unions.
Tags: Airlines, American Airlines
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