「我離港前到過一間精神科醫院。當時有位病人禮貌地問,一個以作為世上最悠久民主政體而自傲的國家,如何能夠將此地交給一個政治制度非常不同的國家,且既沒諮詢當地公民,又沒給予他們民主的前景,好讓他們捍衞自己的將來。一個隨行同事說,奇怪,香港提出最理智問題的人,竟在精神科醫院。」彭定康 金融時報

“During a visit to a mental hospital before I left Hong Kong, a patient politely asked me how a country that prided itself on being the oldest democracy in the world had come to be handing over his city to another country with a very different system of government, without either consulting the citizens or giving them the prospect of democracy to safeguard their future. Strange, said one of my aides, that the man with the sanest question in Hong Kong is in a mental hospital.”Chris Patten Financial Times

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Wednesday, October 23, 2013

Dimon isn't Demon?

Dimon isn't Demon?



當香港吵鬧得不亦樂乎的 王維基 vs 梁振英,嗜悲 不想拾人牙慧,所以另闢話題講講 Demon!(關於免費電視台舊文


Who is Dimon?請先讀讀一下一段 。。。。


曾幾何時銀行 Banks 的業務,由賺取存貸的利息差,貸款的抵押品由有到冇,也從匯款外幣買賣賺取手續費,之後加上押匯 trade financing 賺利息和手續費兼收。。。。。。逐漸、漸漸、因利乘便由 retail banking,到 commercial banking,發展成 merchant banking,更加去到 investment banking 。。。。。由中間人變成直接介入!


攪出很多名目將自己的風險 ”證劵化“,向客戶推銷說是投資 。。。。。執咗笠的 雷曼兄弟 發行的所謂迷你債劵,其實是 ”信貸違約掉期(CDS)“,也是一種金融衍生工具 derivative,就累到很多人輸錢此其例子。Lehman Brothers 死了,不過其中一隻巨鱷,仍然生存 。。。。。


【維基百科】The Volcker Rule (伏克爾法則)is a specific section of the Dodd–Frank Wall Street Reform and Consumer Protection Act originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers.

Volcker argued that such speculative activity played a key role in the financial crisis of 2007–2010. The rule is often referred to as a ban on proprietary trading by commercial banks, whereby deposits are used to trade on the bank's own accounts, although a number of exceptions to this ban were included in the Dodd-Frank law.

The rule's provisions are scheduled to be implemented as a part of Dodd-Frank on July 21, 2012, with preceding ramifications.



The Volcker Rule 伏克爾法則 就是在 2007 至 2010 金融海嘯,由美國蔓延至全球,把全球的金融、經濟、甚至政治,攪得翻天覆地的元兇:”華爾街“ 引進所需要改革,是美國制定的金融改革的一項目,要把不務正業的金融機構重納正軌!


2012年,繼 Union Bank of Switzerland 輸掉 20億美元,JPMorgan Chase 又發生了 $2(至$3)billion 兩(至三)億美元 Losses 損失!


JPMorgan Chase 的 CEO Dimon 中譯:戴蒙,也有譯成:戴文,6月13日被宣召到華盛頓國會山對著班 lawmakers 作證。在 CNN 見到 Dimon 在聽證會上,present 他的 testimony,鼓起彈簧之舌,舌戰群愚(不是儒)。Dimon 有時 humble 謙卑得像條死魚,有時 arrogant 傲慢得趾高氣揚,既帶著群愚遊花園之餘,卻是滴水不漏。


看看 Dimon 進身 JP Morgan Chase CEO 過程,和 赫魯曼教授的評語:


【維基百科】James "Jamie" Dimon (born March 13, 1956) is an American business executive. He is the current chairman, president, and chief executive officer of JPMorgan Chase, one of the Big Four banks of the United States, and has served as a Class A director of the Board of Directors of the New York Federal Reserve since January 2007. He received a $23 million pay package for fiscal year 2011, more than any other bank CEO in the United States.

1982 after graduation from Harvard Business School, Sandy Weill convinced him to turn down offers from Goldman Sachs, Morgan Stanley, and Lehman Brothers to join him as an assistant at American Express ........ In March 2000, Dimon became CEO of Bank One, the nation's fifth largest bank.

When JPMorgan Chase purchased Bank One in July 2004, Dimon became president and chief operating officer of the combined company. On December 31, 2005, he was named chief executive officer of JPMorgan Chase and one year later, on December 31, 2006, he was named chairman of the board.

On May 10, 2012, JPMorgan Chase initiated an emergency conference call to report a loss of at least $2 billion in trades that Dimon said were "designed to hedge the bank's overall credit risks".

The strategy was, in Dimon's words, "flawed, complex, poorly reviewed, poorly executed, and poorly monitored". The episode is being investigated by the Federal Reserve, the SEC, and the FBI.

After JPMorgan's $2 billion loss, Paul Krugman criticized Dimon as:

The point man in Wall Street's fight to delay, water down and/or repeal financial reform. He has been particularly vocal in his opposition to the so-called Volcker Rule, which would prevent banks with government-guaranteed deposits from engaging in "proprietary trading", basically speculating with depositors' money. Just trust us, the JPMorgan chief has in effect been saying; everything's under control. Apparently not.

The key point, wrote Krugman, "is not that the bet went bad; it is that institutions playing a key role in the financial system have no business making such bets, least of all when those institutions are backed by taxpayer guarantees".



事件初初揭發時 Dimon 輕描淡寫 tempest in a teapot,到後來炒了 Chief Investment Officer Ina Drew 和 Trader Bruno Iksil, (Iksil nicknamed the London Whale accumulated outsized CDS positions in the market. A series of derivative transactions involving credit default swaps (CDS) were entered into, reportedly as part of the bank's "hedging" strategy.)



【CNN】Dimon said he wasn't aware of the problems with the trade or the extent of the loss when he called news reports of massive losses from the bank's derivatives positions a "tempest in a teapot" during an April 13 call with analysts.

"When I made that statement, I was dead wrong," said Dimon. "Under no event did it look like it would be getting nearly as bad as it got after April 13th."

He declined to give any details about the actual trades or the size of JPMorgan's losses, during his testimony but he told CNBC shortly after the hearing that he would offer more information during JPMorgan's second-quarter earnings call on July 13.

While Dimon wouldn't defend the trades, JPMorgan's CEO repeatedly called the $2 billion loss "purely management's mistakes." He said, "It would have been very hard for regulators to catch this."



因為銀行不務正業,伸展到 derivatives 衍生工具 non balance sheet items,要 engineering 這些交易 deals,有時是依照着法例 tailor made,帶埋一班 lawyers 去 ensure 和 assure 繞道,沒有抵觸任何監管條例。對於這個 2-3億美元的 tempest in a teapot 之前的交易,作為 首席執行官 戴蒙 說:他是知道,但沒有批准 。。。。。。。。


【CNN】When asked by Democratic Sen. Sherrod Brown whether he personally approved the trade, Dimon said: "No, I was aware of it, but I didn't approve it."

Democratic Sen. Bob Menendez, one of the few committee members to grill Dimon, asked: "So this transaction that you said morphed -- what did it morph into? Russian Roulette?" Dimon responded: "It morphed into something that I can't justify. It was just too risky for our company."

Since Dimon first announced the losing trades on May 10, JPMorgan has lost roughly $30 billion of its market value. Shares of JPMorgan have dropped nearly 20% during that same time period.



對於 JP Morgan Chase 的股票持有人,究竟 Dimon 是不是 Demon 呢?


上週傳來了消息,美國司法部與摩根大通,達成臨時和解協議,130億美元包括了罰款和賠嘗給投資者。但有關刑事方面,卻有兩種說法:


一) 只屬臨時性未能免除被刑事調查和將來的刑事檢控。

二) 美國司法部將不會尋求以刑事罪名調查或者起訴摩根大通集團。


後者的說法較多,因為給了 130億美元還要負將來的刑責,Dimon 應該沒有咁笨呱!


【WSJ】摩根大通與美國司法部達成 130億美元臨時性和解。

一位知情人士透露,摩根大通公司(JPMorgan Chase & Co.,JPM)與美國司法部(Justice Department)就多項住宅抵押貸款支持證券業務的調查達成臨時性和解,和解金額為 130億美元。

該知情人士表示,美國司法部長霍爾德(Eric Holder)、司法部官員韋斯特(Tony West)以及摩根大通公司總法律顧問卡特勒(Stephen Cutler)在上周五晚間舉行的電話磋商中就和解協議的一般性條款達成一致。

知情人士稱,協議尚未最終定稿,包括措辭在內的一些細節還在磋商,一旦達成最終協議,將成為美國政府與單一企業之間規模最大的一次和解。

知情人士表示,針對摩根大通的刑事調查并不隨著上述和解而了結,刑事調查是由加州薩克拉門托的聯邦檢察官負責的。

但知情人士稱,上述和解包括了與美國聯邦住房金融局(Federal Housing Finance Agency)達成的約 40億美元的和解,聯邦住房金融局指控摩根大通在 2008年金融危機前出售抵押貸款支持證券時誤導向房利美(Fannie Mae)和房地美(Freddie),并未告知貸款的真實質量。

知情人稱,與司法部的和解還將同時了結紐約州總檢察長施奈德曼(Eric Schneiderman)對摩根大通提起的訴訟。


還有 furthermore


【BBC】美國的《華盛頓郵報》報道稱,摩根大通集團已經就房貸證券部分與美國司法部達成了和解協議。據稱,和解的金額可能高達130億美元,包括美國公共廣播電台NPR在內的多家媒體也作了類似的報道。

彭博社的報道說,摩根大通集團的主席戴蒙與美國司法部長霍德爾在當地時間周五晚間達成協議,摩根大通集團同意將和解金額從110億美元增加到130億美元。據稱,按照此一協議,美國司法部將不會尋求以刑事罪名調查或者起訴摩根大通集團。

美國的媒體報道說,摩根大通集團自今年 9月底便與司法部展開協商,試圖停止司法部對該集團的多項刑事調查。除了司法部之外,美國的證券交易委員會SEC、紐約州政府都在調查摩根大通是否在金融危機發生前,誤導投資者購買其發行的房產地業抵押證券。

另外有報道說,摩根大通集團為解決法律糾紛已經籌措了 230億美元的凖備金。俗稱「小摩」的摩根大通集團在 2005年至 2007年發行房產抵押擔保證券(MBS),但是 2008年發生金融危機,摩根大通集團發行的MBS大幅虧損。

摩根大通集團幾天前與美國聯邦住宅金融管理局以 40億美元達成和解,該局指控摩根大通集團在金融危機前向美國的房利美與房地美不當銷售 MBS,導致這兩家美國主要房貸公司在金融危機中被政府接管。

摩根大通與在金融危機中受創嚴重、現已被併購的貝爾斯登、華盛頓互惠等銀行被形容是「催生金融危機的殺手」。




不過作為摩根大通的小股東,股票投資者就起碼在未來,要承受總額 130億元罰款(EPS 有數得計),雖云依照會計準則來說,應該早就撥備妥當了吧,即先前所指的 110億,如今多加 20億少少啫,摩根大通應該承受得起有餘(嗜悲 要等中期或季度業績出來至有料去研究研究)。Anyway,嗜悲 相信所謂刑事調查和責任部份的後着,應該就是好似判 “緩刑” 咁,冇事冇痛就不會行使,一旦摩根大通又攪出大頭佛,美國的司法部還可以掣出殺手諫,以釋公眾的追究!


Dimon and Demon 一個字母之差,這位 57歲的仁兄和摩根大通,在有線新聞的《新聞通識》有幾則以他們為題,有興趣的讀者可以到:《新聞通識》,可以看看。有線新聞部:指出摩根大通出售按揭抵押證券時涉隱瞞風險,引發二零零八年金融海嘯。即是:始作俑者!


When JPMorgan Chase purchased Bank One in July 2004, Dimon became president and chief operating officer of the combined company. On December 31, 2005, he was named chief executive officer of JPMorgan Chase and one year later, on December 31, 2006, he was named chairman of the board.


James ‘Jamie’ Dimon or Demon 摩根 or 魔根!



2008年捲起的全球金融大海嘯至今還未恢復元氣!Dimon 可是 Demon?


嗜悲註:
本人與家人沒有在 Cable 和九倉工作,及持有 Cable 和九倉 的任何股票!



伸延閱覽:
Volcker Rule 維基百科
伏克爾法則 理財網
Jamie Dimon 維基百科
Dimon on Capitol Hill CNN
2012 JPMorgan Chase trading loss 維基百科
摩根大通與美國司法部達成130億美元臨時性和解 WSJ
摩根大通與司法部達成和解協議 BBC
《新聞通識》-- 經濟 有線新聞




我的舊文:
UBS $2 billion


6 comments:

Anonymous said...

憶憶聲咁燒錢給先人就話叫孝義,呢位大叔而家憶憶聲咁燒緊別人的錢當然係叫邪惡了。
Vera

Ebenezer said...

唉,世界邊度有公義架?!

Anonymous said...

SBB: Even Lord Conrad Black went to jail. Sometimes, justice is served!!!

Haricot

the inner space said...

Vera,OPM = Other people's money!!!
投行如今積極把風險資產證劵化,加上坊間的:財富管理,fund 佬,投資顧問,都是剝削小本投資者的邊際利潤而自肥啫,短期不斷買賣到餂嗮本,又有更多老親盲踵踵,踵埋嚟!

the inner space said...

以便兄:邊處有?首先公義是用來咩用架呢?公義是演說家們用來煽動民眾又唔使用錢買的最佳迷藥!

the inner space said...

Dear HBB though I couldn't recognize Lord Conrad Black‘s name in my first attempt! When I googled “The Hollinger group” popped up,AH! it was him 。。。。。。