Citigroup Inc, JPMorgan Chase & Co and Wells Fargo & Co as well as six other banks that received taxpayer bailout funds and who were demanding information on upper management bonus pay received a letter from Andrew Cuomo a New York Attorney.

In the letters the banks received Cuomo requests detailed accounts of what the top executives in the upcoming bonus season are expecting to receive, as well as information regarding expected bonus pool for this year, according to the letter sent on October 29. Cuomo has also asked for bonus information from before and after the banks knowledge of the feds troubled asset relief program.

In the letter Cuomo wrote: “In this new era of corporate responsibility we are entering, boards of directors must step up to the plate and prevent wasteful expenditures of corporate funds on outsized executive bonuses and other unjustified compensation.”

The other six banks that were requested to send the same bonus information to the New York attorney are Bank of America Corp, State Street Corp, Morgan Stanley, Merrill Lynch & Co, Mellon Corp, Bank of New York and Goldman Sachs Group Inc.

Source: Bloomberg

WaMu one of the biggest US banks filed for Chapter 11 bankruptcy according to reports in Business Wire, WaMu’s spokesperson said they couldn’t comment.

The 119-year old Seattle-based bank on September 25 had its banking unit seized by government officials after customers of the failing bank withdrew $16.7 billion over the period of 10 days. JPMorgan Chase & Co brought £1.9 billion of WaMu’s branches from the federal Deposit Insurance making it the biggest US bank by deposits.

Washington Mutual whose bank had $188 billion in deposit shares fell 98 percent over the last year due to the losses tied to subprime lending before the FDIC seized the bank, this came shortly after the bank became one of the many banks who were banned from short selling.

WaMu is now the latest victim of the credit crunch which has led to the financial crisis that has engulfed the world and torn down Wall Street, with IndyMac BankCorp and Lehman Brother Holdings Inc forced into bankruptcy, Bank of America Corp brought out the troubled Merrill Lynch & Co and the Federal Reserve-financed purchased Bear Stearns by JPMorgan Chase & Co. Other big banks showed interest in buying all or parts of WaMu before JPMorgan Chase brought the seized bank.

Read the full article in Bloombergfree three and out movie download

Washington Mutual (WaMu) became the next big bank to be bailed out by the federal government on Thursday, WaMu is now considered as the biggest US bank failure in history.

WaMu whose venture into subprime mortgages led to the federal regulators seizing the company on Thursday after $1.9 billion of deposits and banking assets were brought by JPMorgan Chase. The falling house prices and Collapse of the mortgage market has kept WaMu struggling over the last year leaving investors anxious about the future of the bank.

WaMu’s was left holding billions of dubious loans, added to last week’s financial crisis in Wall Street the bank rapidly deteriorated loosing $16.7 billion between Sept. 15 and this past Wednesday. Finally JPMorgan Chase took over $134.7 billion in deposits from WaMu, previously $181.9 billion was held by WaMu.

No immediate action will be taken with WaMu’s 43,200 staff, although it is said that JPMorgan will take drastic measures to reduce its employees.

Read the full article in seattletimes

JPMorgan have found that there is no pullback in their investment strategies, even in the current challenging market conditions that we are in today.

The JPMorgan Asset Management has looked into the investment practices of 191 of the largest in the U.S institutional investors. In the survey conducted by Greenwich Associates, JPMorgan looked at the companies endowments, public funds as well as their corporate plans which all add up too $1.26 trillion in assets.

JPMorgan Asset Management, said: “What our survey indicates is that alternatives, used in the right way, are enabling investors to better tailor investment strategies to address their myriad of financial and investment concerns, be it controlling volatility, boosting returns, or hedging inflation.”

Source

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