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No doubt, next stop on the money train for President of Finra, Rick Can't Ketchum is JPM.
This guy is cruises into Citi from SEC, then to NYSE and now Finra..major career theft lotto!
Wall Street, the SEC, and FINRA are really just one big messy orgy... there is no way to keep track of where are the hands and legs are at from one moment to the next... or who is benefiting who... and it all takes place behind closed doors... I hope they all wake up 'the next morning' feeling like the trash that they really are.
(and as a matter of disclosure I have no personal experience in this area)
Don't forget the counterfeiters at DTCC in that mix of malevolent miscreants.
Wow, great investigative reporting Tyler. Sadly, they are conducting their fraud more openly everyday knowing that while you and other honest jounalists that are out there will catch it either way, the MSM will NEVER report on this. Indeed its very unlikely J6P will care even if he did hear Erin Burnett report on this and even less likely that the regulators will do anything other than provide a mirage of enforcement. So the question remains: how do we get one of those two to care? If the foreclosure of their house not enough? If the continuos debt servitude not dire enough for them to look at the source?
Oh well, the orgy porgy is on scheduled for one oclock and it gives release so I might as well pop some somas and forget about all this trifling babble.
CFAI code of ethics extend beyond silly FINRA idealogy. CFA code of ethics maintains that the higher standard applies regardless of legalise. ie if insider trading is legal in country X, the charter holder still cannot engage in insider trading.
If there are violations in the CFA code of ethics, this charterholder will be accountable for their actions.
Uhhh... not exactly. It still goes through a "process", just like any other bureaucracy.
But that didn't stop me from sending this post to interested persons at the CFAI.
Perhaps if you have the ability, you should do the same.
I'm so glad I didn't pursue my CFA certification, what a joke it has become. Unfortunately I still see many job postings requiring the "prestigious" title.
The charter is still good. Just remember the limitations of the curriculum. More importantly, remember that having a piece of paper does not actually make you more ethical.
These firms, the games, the secondaries<
They're all dead to me!
you can just feel the desperation in the air....get it done before the clock runs out....pitch a deal, earn a fee, web based roadshow, earn a fee, squawk the deal in the AM , earn BIG FEE, release the research, earn a fee,
6mos later, advise losers, earn a fee
quietly settle shareholder lawsuits for pennies on the dollar, small % of aggregated fees.
Employees of JPM are not allowed to short stocks, sell calls, buy puts, or participate in any IPO's (than can buy inverse etf's). Further, once a name is purchased it must be held for a minimum of 30 days (no day trading).
The house of Dimon seems very concernced with avoiding the apperance of a conflict of interest without actually avoiding the conflict.
Tyler, just once could a picture of jamie accompany an article on JPM (please).
But how many of them really trade that way?
how hard would it be to have someone else trade the information they are "not allowed" to trade?
methinks not very
They monitor accounts pretty closely. I knew a guy who got in a LOT of trouble at JPM because his wife traded a stock without approval. The stock was unrelated to his business (CRE finance), and he worked in an office that had no other lines of business (it was a stand-alone CMBS origination/underwriting office). He got a call the same day she made the trade, and he was under pretty tight scrutiny for a while.
Only the accounts of people directly living with you are actually monitored (after signed consent). I know guys that have accounts in different jurisdictions and under distant relatives. WAY, WAY too easy to game.
The only compliance actually catches these guys is because they inevitably get greedy and trade with options... Think of a grandmother in Croatia buying 200k of options in just 1 very specific stock 1 week before a merger
MS financial , and the recently departed Coruptus, has execs based in Chicago, where JPM has big outpost..Jamies boys .have to make pretty for the corporate & personal accounts the brokers want to push REIT's, newly rated AAA CDOS and maybe some new IPos into....
The mandate is clear: support our best boys, just use the newly expanded (and endless) government equity cheese program....
you need funding? -we got cheese!
I attended WHARTON. What is a CFA?
I don't know you, but I have definately met Wharton guys around my floor. Some were good, but sorry, on average I will take the CFA. Partially because they are a lot more humble (thnx for the example)
Personal favorites, love guys from Chicago, Dartmouth and my own alma mater. Even then, if I needed a number cruncher, I would still get the CFA.
From the bottom of Page 1 of the research report: "See page 5 for analyst certification and important disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision."
So we are back to the days where you can say whatever you want and 'investor beware'?
If anyone is actually curious, this is what it looks like as a nation descends into banana republic status.
There's a simple way to fix all this BS. Pay investigative agents commission, a cut of the fine, and make the fines actually proportional to the crimes. If you earn 100mill through fraud and get busted, then the fine should be > 100mill and the investigators should get a big cut of that. Meritocracy. Let the 'agents' come from anywhere, if the info is good enough, it's a win.
Encourages them to go after the biggest offenders and the big money. Instead, they're out chasing a few hundred bucks from certain individuals and complaining about being underfunded.
Typical fucking bureaucracy. Inefficient and useless.
That's a good idea.
In addition, we (the govt) should poach the top talent away from wall street and pay them whatever they want (ask them to write a # down) and think up ways to prevent wall street from getting around any current or future regs are put in place.
We all need to be Rakoff. Read his commencement address and we can see same ethical standards in his BofA/ SEC drama.
Tyler - you have inspired so many people through your blog but with time it is turning into frustration and feeling of failure. Besides online petition etc, can you spearhead something that could change the dirty dealing in DC and NY that are going on right in our face.
I hope so....
Rakoff's commencement address:
I don't know that I ever felt quite so honored as when I received the letter from the College informing me that I was to receive this degree. Getting a first degree from Swarthmore was thrilling enough; but this time I don't even have to take exams.
However, there is one catch: the letter said I had to deliver to you, the graduating seniors, a five-minute "charge." Now, I always thought a charge was something reserved for dead batteries or light brigades, for arrest warrants or credit cards. So I hope I can still qualify for this degree if, instead of a charge, I give you a bit of history.
Specifically, I would like to tell you about the worst of all Swarthmore graduates. I know there are a number of candidates for this position (your freshman roommate perhaps?). But in my book the worst of all Swarthmore graduates - because he most betrayed what Swarthmore stands for - was A. Mitchell Palmer, class of '91 ... as in 1891.
After graduating from Swarthmore, Palmer launched a career as a progressive Democratic Congressman from Pennsylvania. In 1912, he played a key role in securing the Democratic Party nomination for Woodrow Wilson, and in return he was rewarded with various posts in the Wilson administration, ultimately becoming Attorney General in 1919. So far, so good.
But with the dislocations that followed World War I, 1919 was also a year of turmoil and upheaval abroad, and corresponding insecurity at home. In the summer of 1919, a Marxist or an anarchist - no one was quite sure which - blew himself up while attempting to detonate a bomb on Mr. Palmer's front lawn. Utilizing his broad powers as Attorney General, Palmer reacted with what came to be known as the "Palmer Raids." Beginning in the Fall of 1919 and continuing through the following May, he directed Government agents, led by a very young but already zealous J. Edgar Hoover, to arrest, without warrants, literally thousands of Americans, mostly immigrants with leftist leanings. All of them were held without bail, and many were held incommunicado, without access either to counsel or to the judicial process. Where they were aliens, they were summarily deported; where not, they were frequently detained for prolonged periods on the flimsiest of charges.
At first no one protested. The general public supported the raids with patriotic fervor, and most politicians were afraid to dissent. Because most charges were dropped before the cases could be brought before judges, few judges had any opportunity to register their disapproval. Indeed, the Palmer Raids might have continued for years had not a group of prominent private citizens, most of them leaders of the bar in major U.S. cities, publicly denounced the raids in a report issued in the Spring of 1920 entitled "Illegal Practices of the United States Department of Justice." With the example of their courage on display, hundreds of other prominent citizens came forward to criticize the raids, public opinion turned, the raids ceased, and Palmer was disgraced.
Now why today - this day of joy and celebration at your own graduation - do I bother you with this history of Swarthmore's most infamous graduate? Because, as George Santayana so famously said, "Those who cannot remember the past are condemned to repeat it." Ironically (and regretfully), no one today remembers George Santayana. But it does not take a Swarthmore education to figure out that the same combination of insecurity and xenophobia that led to the Palmer Raids - and to the Alien and Sedition Acts of 1798, to the internment of Japanese Americans in World War II, and to McCarthyism in the 1950's - is alive and well in certain corridors of power today. Now as then, combating a real enemy also provides a convenient cover for limiting the rights of aliens and radicals ... and who knows how many others.
Please do not misunderstand. I do not for a moment suggest that the threat of terrorism is anything less than real and significant. Nor do I suggest that, in combating it, any measure has yet been taken that approaches the sheer lawlessness of the Palmer Raids.
Nevertheless, it is difficult to understand how combating the terrorist threat justifies deporting hundreds of aliens without meaningful judicial review, or sending Government agents to interrogate thousands of Americans on no better basis than that they are of Middle Eastern descent, or holding those Americans designated as "enemy combatants" incommunicado and without access to counsel before they have been convicted of anything, or jailing as so-called "material witnesses" more than fifty persons against whom no charge whatever has been lodged. If, in the name of combating terrorism, we so restrict our own freedom, have we not thereby lost part of the very battle we seek to win?
Among the periodic assaults on our freedom in the name of combating foreign threats, the Palmer Raids were perhaps unique in the way they so quickly collapsed once private citizens summoned enough courage to denounce them. It is one thing to speak one's mind in the protected cocoon of a college campus. But those who protested the Palmer Raids ran the risk of personal vilification, social ostracism, economic retribution, career destruction, and even possible criminal prosecution.
Pretty soon, you'll be part of that world of social pressures, and as those pressures mount, you will be able to find a hundred good reasons to remain silent. But if freedom means anything to you, please don't be silent. After you reach a considered judgment, please speak your mind, whatever the cost. In so doing, you will fulfill your alma mater's ideals and win the gratitude of all of us who believe that liberty is this great nation's most precious, and most vulnerable, treasure
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