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Thread: JPMorgan Marketing Downtown’s 1 Chase Manhattan Plaza

  1. #1

    JPMorgan Marketing Downtown’s 1 Chase Manhattan Plaza

    JPMorgan Chase & Co. (JPM) is seeking to sell 1 Chase Manhattan Plaza, the lower Manhattan tower built by David Rockefeller in the late 1950s, as the company reduces its office space in the city.

    The bank would relocate about 4,000 employees, most of the people who work in the 60-story skyscraper, to other New York locations, said Brian Marchiony, a spokesman. JPMorgan occupies about half of the space in 2.2 million-square-foot (204,000-square-meter) building, according to CoStar Group Inc. (CSGP), a Washington-based firm that follows office leasing.

    .An offering of the tower, a city landmark designed by architect Gordon Bunshaft, would test the downtown office market. Shrinking financial companies have left lower Manhattan landlords with at least 6.3 million square feet of space to fill, according to data from brokerage Newmark Knight Frank Grubb. The tower may achieve its highest value as a mixed-use property, with a hotel, additional retail or apartments added, said Dan Fasulo, managing director of Real Capital Analytics Inc., a New York-based research firm that tracks commercial real estate sales.

    “You could do a department store in the base,” he said. “It’s a very exciting potential mixed-use opportunity, in my mind. I think the market will receive it very well.”

    The building may fetch at least $600 million, according to a person with knowledge of the offering. The cost to buyers would be higher because they would assume any conversion expenses, said the person, who asked not to be identified because the discussions are private.
    JPMorgan Marketing Downtown’s 1 Chase Manhattan Plaza - Bloomberg

    I think JP Morgan Chase is in troubles. I have also heard about the work of Blythe Masters which managed 1500 traders in commodities. Now the picture is even clearer that high level of speculations on commodities about 60% ~ 80% shake the world market. Basically the bank buy from the manufacturers, farmers, crude oil producers, transportation, etc to industrial with a speculated prices. No wonder prices are going exponentially high for the people, businesses, etc

    U.S. Attorney: JPMorgan's 'funky' business

  2. #2
    JPMorgan Is Selling The Building That Houses Its Gold Vault

    Great articles to read and don't forget to follow the links source!

    Why Is JPMorgan's Gold Vault, The Largest In The World, Located Next To The New York Fed's?

    Chase Plaza (now the Property of JPM) is linked to the facility via tunnel... I have seen it. The elevators on the Chase side are incredible. They could lift a tank.
    Why Is JPMorgan's Gold Vault, The Largest In The World, Located Next To The New York Fed's? | Zero Hedge

    Oops! It would be interesting if they do an audit....

  3. #3
    FBI Said to Hunt for Criminal Acts in JPMorgan Bid Probe

    A Justice Department probe of JPMorgan Chase & Co. (JPM)’s energy-trading practices is examining whether criminal laws were violated by individuals, a person briefed on the matter said. The Federal Bureau of Investigation is working with U.S. Attorney Preet Bharara, said the person, who asked not to be named because the review isn’t public. Bharara’s inquiry, reported by the Wall Street Journal and Bloomberg News earlier this week, focuses on conduct outlined last month in the bank’s $410 million civil settlement with the Federal Energy Regulatory Commission. The FERC had accused the bank of manipulating power markets in California and the Midwest.

    It’s the second criminal probe of the bank to emerge this month, after the lender disclosed Aug. 7 that the U.S. Attorney’s Office in Sacramento, California, opened a separate criminal inquiry into the firm’s mortgage-bond practices. Investigators in that case told the bank in May that they have preliminarily concluded the company violated civil laws, JPMorgan said in the disclosure.
    JPMorgan’s energy-trading unit, which is overseen by commodities chief Blythe Masters, engaged in 12 bidding strategies in wholesale energy markets from September 2010 to November 2012 that resulted in tens of millions of dollars in overpayments from grid operators, the FERC said while announcing the settlement on July 29.

    It didn’t bring claims against any individuals. The bank publicly defended individual employees during that inquiry.
    FBI Said to Hunt for Criminal Acts in JPMorgan Bid Probe - Bloomberg

    Blythe Masters in the spotlights again!
    Those who can make you believe absurdities can make you commit atrocities.


  4. #4
    Jamie Dimon No Longer Chairman Of JPM's Primary Banking Subsidiary

    Hidden deep in the pages of JPMorgan's Living Will report just realesed by the FDIC, the WSJ has found that CEO Jamie Dimon (still Chairman of the overall JPM entity) has relinquished his position as Chairman of the banking conglomerate's major deposit-taking subsidiary. While the bank claims this is "solely to create a more uniform structure among our subsidiary boards," one can't help but feel this is driven by unrelenting pressure from the administration (and its regulators) as the deposit-taking subsidiary had its confidential management rating downgraded from a 2 to a 3 on a scale of 5, a rare score for such a large institution; and faces public enforcement actions demanding changes to alleged risk-management, anti-money-laundering and debt-collection weaknesses.
    Via WSJ,

    James Dimon has relinquished his chairmanship of J.P. Morgan Chase & Co.'s main operating bank, according to public records and people familiar with the situation.

    He shed the title on July 1, one of these people said. In a document made public Thursday, Mr. Dimon is listed as chairman emeritus of J.P. Morgan Chase Bank N.A., the deposit-taking subsidiary that operates branches in 23 states as well as several other countries
    Jamie Dimon No Longer Chairman Of JPM's Primary Banking Subsidiary | Zero Hedge

    Something is happening in this big bank...
    Those who can make you believe absurdities can make you commit atrocities.


  5. #5
    JPMorgan Chase Reports $380 Million Loss As Legal Costs Jump

    JPMorgan Chase & Co , the biggest U.S. bank by assets, reported a rare quarterly loss after incurring $9.2 billion in legal expenses, including money set aside for future settlements.

    The bank posted a loss of $380 million, or 17 cents per share, in the third quarter, compared with net income of $5.71 billion, or $1.40 per share, a year earlier.
    Excluding litigation expense and reserve release, the company posted a profit of $5.82 billion, or $1.42 per share.
    Analysts on average had expected earnings of $1.20 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the results were comparable.
    JPMorgan's shares were up 1.9 percent at $53.50 in premarket trading.
    The prospect of additional legal expenses have been weighing on JPMorgan and CEO Jamie Dimon for more than a year as the company has come under intense scrutiny from regulators following the disclosure of derivatives loss in May 2012.
    JPMorgan Chase Reports $380 Million Loss As Legal Costs Jump

    I think the lost of this bank is only the beginning, they have already a pile of cases on their back and they are losing them.
    Those who can make you believe absurdities can make you commit atrocities.


  6. #6
    JPM Hammered By Massive $9.2 Billion In Legal Expenses, Posts First Loss Under Dimon; Takes $1.6 Billion Reserve Release

    So much for the JPM "fortress balance sheet." Moments ago the bank which 18 months ago stunned the world with the biggest prop trading loss in history, just reported its first quarterly loss under Jamie Dimon, missing expected revenue of $24 billion with a print of $23.88 billion, but it was net income where the stunner was in the form of a $0.4 billion net income. The reason: the fact that from the government's best friend, Jamie Dimon has become the punching bag du jour, and having to pay $9.15 billion in pretax legal expenses, the biggest in company history.
    Quote Jamie Dimon:

    While we had strong underlying performance across the businesses, unfortunately, the quarter was marred by large legal expense. We continuously evaluate our legal reserves, but in this highly charged and unpredictable environment, with escalating demands and penalties from multiple government agencies, we thought it was prudent to significantly strengthen them. While we expect our litigation costs should abate and normalize over time, they may continue to be volatile over the next several quarters.
    Speaking of "strong underlying performance", considering that the other key component of Q3 net income was a whopping $1.6 billion in loan loss reserve releases, one wonders just how truly strong Q3 earnings really were. But of course, this being Wall Street, all negative news is "one-time" and to be added back. Which is why JPM promptly took benefit for all charges, which means adding back the $7.2 billion legal expense and $992 MM reserve release after tax benefit. In short: of the firm's $1.42 in pro forma EPS, a whopping $1.59 was purely from the addback of these two items.
    JPM Hammered By Massive $9.2 Billion In Legal Expenses, Posts First Loss Under Dimon; Takes $1.6 Billion Reserve Release | Zero Hedge

    If that continue like this, this bank is going to end like Lehman brothers and will all know the consequences...
    Those who can make you believe absurdities can make you commit atrocities.


  7. #7
    JPMorgan to Pay $13 Billion for Mortgage Claims

    JPMorgan Chase has reached a tentative $13 billion agreement with the U.S. Justice Department to settle a range of mortgage issues, a source familiar with the talks said on Saturday.

    The tentative deal does not release the bank from criminal liability, a factor that had been a major sticking point in the discussions, the source said.

    As part of the deal, the bank will continue to cooperate in criminal inquiries into certain individuals involved in the conduct at issue, the source, who declined to be identified.

    Officials at JPMorgan and the Justice Department declined to comment.

    A breakthrough in the weeks-long talks came Friday night, after Attorney General Eric Holder and JPMorgan Chief Executive Jamie Dimon spoke on the phone and the bank agreed to leave criminal liability out of the settlement, the source said.

    The bank and the Justice Department have been discussing a broad deal that would resolve not only a civil investigation into mortgage securities that the bank sold in the runup to the financial crisis, but also similar lawsuits from the Federal Housing Finance Agency, the National Credit Union Administration, the state of New York and others.

    Reuters reported late Friday that JPMorgan and FHFA had reached a tentative $4 billion deal. That agreement is expected to be part of the larger $13 billion settlement.

    JPMorgan is seeking a single settlement to resolve all claims from federal and state agencies over its mortgage-related liabilities stemming from the bust in house prices.
    Morgan Chase to Pay $13 Billion for Mortgage Claims

    Lehman Brothers look like a dwarf compared to JP Morgan....buckle up!
    Those who can make you believe absurdities can make you commit atrocities.


  8. #8
    I wonder how Obama will blame this on Bush's policies.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin

  9. #9
    JPMorgan Chase Cancels Twitter Q&A as 'Bad Idea'

    Like many other companies JPMorgan Chase was trying a newfangled thing called Twitter to engage customers and leverage the bank's brand. But like McDonald's and other companies before it, the bank was unprepared for the unpredictable and downright nasty response from cyberspace. After JPMorgan announced vice chairman and veteran investment banker James "Jimmy" Lee was going to be available to answer questions via the hashtag #AskJPM, Twitter users harangued the firm's Twitter account.
    JPMorgan Chase Admits Its Twitter Q&A Was a 'Bad Idea' - ABC News

    It looks like the people backfire to JP Morgan Vice Chairman Jimmy Lee. What do they expect? Duh!
    Those who can make you believe absurdities can make you commit atrocities.


  10. #10
    JPMorgan’s Fruitful Ties to a Member of China’s Elite

    To promote its standing in China, JPMorgan Chase turned to a seemingly obscure consulting firm run by a 32-year-old executive named Lily Chang. Ms. Chang’s firm, which received a $75,000-a-month contract from JPMorgan, appeared to have only two employees. And on the surface, Ms. Chang lacked the influence and public name recognition needed to unlock business for the bank.
    But what was known to JPMorgan executives in Hong Kong, and some executives at other major companies, was that “Lily Chang” was not her real name. It was an alias for Wen Ruchun, the only daughter of Wen Jiabao, who at the time was China’s prime minister, with oversight of the economy and its financial institutions.

    JPMorgan’s link to Ms. Wen — which came during a time when the bank also invested in companies tied to the Wen family — has not been previously reported. Yet a review by The New York Times of confidential documents, Chinese public records and interviews with people briefed on the contract shows that the relationship pointed to a broader strategy for accumulating influence in China: Put the relatives of the nation’s ruling elite on the payroll.
    And the Wen family’s sway was not just political. After Ms. Wen’s father joined the inner circle of China’s rulers as vice prime minister in 1998, the family amassed a secret fortune through a series of partnerships and investment vehicles, a 2012 investigation by The Times found.
    Now, United States authorities are scrutinizing JPMorgan’s ties to Ms. Wen, whose alias was government approved, as part of a wider bribery investigation into whether the bank swapped contracts and jobs for business deals with state-owned Chinese companies, according to the documents and interviews. The bank, which is cooperating with the inquiries and conducting its own internal review, has not been accused of any wrongdoing.

    At this level the word "corruption" is replaced by "wrongdoing".

    Take a look at the scheme:

    JPMorgan and the Wen Family

    For two years beginning in 2006, JPMorgan Chase employed a consulting firm run by Wen Ruchun, the daughter of former Prime Minister Wen Jiabao of China. During this period and later, the bank was involved with several companies in which members of the Wen family or their colleagues had investments. The bank’s primary ties to the Wen family and its colleagues are shown in the panel at bottom.
    Those who can make you believe absurdities can make you commit atrocities.


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