New York police chief in talks on JPMorgan security role

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article.

The uncompromising chief of the New York Police Department, is in talks to join JPMorgan Chase in a senior security-related role, according to people familiar with the matter.

Winning plaudits for the falling New York City murder rate but attracting criticism for the force’s stop-and-frisk policy, Mr Kelly would be a controversial choice for JPMorgan. And the bank, which is mired in investigations into diverse business practices including by the Federal Bureau of Investigation – would be a contentious employer for the police commissioner. Read more.

POLITICO Playbook, presented by JPMorgan Chase & Co. -- 'EXPEDITED BID PROCESS'

GOOGLE’S ERIC SCHMIDT SLAMS NSA – WSJ’s Deborah Kan  in Hong Kong: “Schmidt bristled at reports that the U.S. government … spied on the company's data centers, [calling it] … potentially illegal … ‘It's really outrageous that the National Security Agency was looking between the Google data centers, if that's true. The steps that the organization was willing to do without good judgment to pursue its mission and potentially violate people's privacy, it's not OK,’ Mr. Schmidt [said] in an interview … Schmidt said Google … registered complaints with … NSA, … Obama and members of Congress. ‘The National Security Agency allegedly collected the phone records of every phone call of 320 million people in order to identify roughly 300 people who might be a risk. That's just bad public policy…and perhaps illegal … There clearly are cases where evil people exist. Read more.

Why trader is selling JP Morgan puts

Shares of JP Morgan dipped yesterday, but one large trade is looking for the stock to hold current levels.

More than 61,000 JPM options turned over yesterday, above its daily average for the last month. Topping the action were the Weekly 51 puts that expire on Nov. 29.

A block of 7,652 puts was sold for $0.47, below the listed bid price at the time. It is clearly a new position, as previous open interest was just 966 contracts. Read more.

JPMorgan discloses wider probes of hiring, currency trading

The company also said that it is being questioned about its currency trading by various authorities, which are in the early stages of their investigations.

 

Other big banks have made similar disclosures recently about probes of possible manipulation of foreign exchange rates.

JPMorgan also gave more details about U.S. government investigations into the bank's relationship with convicted Ponzi schemer Bernie Madoff. Two government offices, the U.S. Attorney's Office for the Southern District of New York and the Office of the Comptroller of the Currency, are currently looking into the ties between Madoff and the bank. Read more.

JPM's Dimon will be just fine

JPMorgan (JPM)'s potential $13 billion fine-a record amount-and a newly cool relationship with Washington won't end Jamie Dimon's run as chairman and chief executive.

That's how most analysts are responding to the news that the nation's largest bank is likely to settle with the government over problematic mortgage-backed securities issued before the financial crisis.

"We expect him to remain CEO. I think both board members and shareholders realize that Jamie Dimon is one of the, if not the, best bank managers out there," said Jeff Harte, an analyst with Sandler O'Neill & Partners. JPM.

J.P. Morgan, BofA, Citi among banks sued by Fannie

NEW YORK (MarketWatch) -- Bank of America Corp. BAC +0.14%  , Citigroup Inc. C +0.31%  and J.P. Morgan Chase & Co. JPM +0.35%  are among the banks that Fannie Mae FNMA +5.88%  filed charges against Thursday.

Alleging that they manipulated a key interest rate known as the Libor. The lawsuit also names four banks that have settled previous Libor-related charge.

Royal Bank of Scotland Group PLC RBS +0.64%  and Dutch bank Rabobank.  JPM.

Mobile Payments: Plastic is so Passé

Mobile payments refer to payment services that are made through mobile devices. This may become the next disruptive technology, based on the growth in the number of mobile wallet apps globally and the adoption of mobile payment methods by large businesses like Starbucks Corporation (SBUX) which has been an early adopter of this technology.

Mobile Payments Growth

Technology research firm Gartner, Inc. (IT) estimated that the total value of mobile payments exceeded $170 billion worldwide in 2012 and predicts that they will grow fourfold to more than $700 billion by 2017. Gartner has also estimated that the total users of mobile payments will more than double from an estimated 212 million in 2012 to almost 450 million in 2016. read more about Mobile Payments.