【NativeSpeaker每日综合训练—26系列】【26-17】经管 Chase!

君君爱TS

listening：
13b settlement, biggest fine. improper sale that caused the 08 crisis. on-going. Jammy Diamond, met general attorney.
morgage security, bad morgages. the loans were gabage.
where would the money go? 4b consumer 4b Freddie, 5b other penalties.
掌管 7        00:07:47.90        00:19:04.32
掌管 6        00:02:07.49        00:11:16.42
掌管 5        00:01:11.69        00:09:08.92
掌管 4        00:01:28.00        00:07:57.23
掌管 3        00:01:19.95        00:06:29.23
掌管 2        00:02:32.19        00:05:09.27
掌管 1        00:02:37.08        00:02:37.08
obstacle:
the big banks like JP morgan are indeed to big to manage.
JP margon is facig many problems and different charges over its behaviors in the past.
The CEO Mr.Dimon is puting preventing the bisiness risk as top priority and devoting many resourses into the control agenda to solve those problem.
Will this plan work? Will other big banks learn from JP morgan to solve the similar problems that they ar facing?
The answers are yet unknown.
谢谢楼主精选的文章，辛苦啦！！

lytymay

将近一个月没做阅读了。。。。
罪恶。。。。
占位先

Cri倩

1’50” JP Morgan was investigated by experts and it will pay $3 billion for global settlements
1’20”
JP Morgan may face criminal charges but the government may be accused for over punishing JP Morgan and failing to pre-crisis control
1’40” JP Morgan’s chairman will not be suited by government but he may not continue his job
1’40” what other banks think of Morgan’s future
2’20” guo guangchang buys a building in NYC which is the former office of JP Morgan
5’ all the large investment banks face the same problem in management
   JP Morgan is facing many problems and charges due to its previous behaviours
   in order to solve the problems, the ceo of jp morgan mention the control agenda in his letter to the shareholders
    the future of the plan and JP Morgan are still unknown
读的略晕。。。感觉是只睡了4小时的缘故

dianadai0029

谢谢小鱼精选的文章！

Part I
Main idea: JP Morgan's $13 billion chase. It is the biggest fine that American justice department has ever made in the history. Settlement is because JP offered improper sale of bad housing mortgage.
Part II
[Time 2] 1:54 JP Morgan is facing prosecution. 数字全都没有记住
[Time 3] 1:25 JP Morgan is now negotiation with the justice department for the settlement, it has been one of the biggest fine in the history.The justice department is also investigating criminal behavior in the case.
[Time 4]1:36 The CEO is being challenged by some broad members, while the majority still stand for him, including the author.
[Time 5]1:28 The altitude of other banks are fear and hope. Criminal prosecutions are still there.
[Time 6]2:21 Fosun signed purchase agreement with the building (Chase Manhattan Plaza) owner to buy the building for ~$700m. The building will remain for office purpose. Recently, Chinese companies are willing to invest real estate in the U.S..
Part III
[Time 7]6: 21
JP Morgan's current lawsuits. Listed many issues not only JP has, but also other financial institutions involve.
Though JP will face the biggest fine, it is still one of the profitable banks in the U.S..
Mr. Demon recently announced that the company's priority is ??control, and it will hire 5,000 new employees and spend ??million on building the team.
[rest]2:51
Regulations are not enough to solve and prevent the problems in the future. The core is the board behind the scene, the employees, the culture, etc.

irvan

Zhan~~~~~~~

_______________
Obstacle
06:20
Legal hurt and the necessities of control agenda in financial institutions

dianadai0029

看到London Whale 有些迷糊，送给和我一样的童鞋
London whale
The London whale was a UK-based trader called Bruno Iksil who worked for JPMorgan. He was known as the London whale among hedge funds and other traders, due to his big, and as it turned out, ill-advised position in a credit derivatives index. JP Morgan's chief executive at the time, Jamie Dimon, initially dismissed the claims – made by anonymous fund managers quoted in articles in the Wall Street Journal and Bloomberg – as a "tempest in a teapot". But as one of the anonymous hedge fund managers commented, "It wasn't just a giant whale, it was the size of the Atlantic Ocean".

The London whale in the news
In July 2012, JPMorgan announced losses of $5.8bn which it attributed to the London whale, who was also sometimes known as Voldemort. Iksil headed the credit desk in the London unit of JPMorgan's 400-strong chief investment office.
In October 2012 the bank issued a claim in London's High Court against Javier Martin-Artajo who supervised Iksil.
In January 2013 it emerged that Jes Staley, who had been head of JPMorgan's investment bank, although in a separate division to where Iksil was working, had crossed the divide to join BlueMountain Capital Management – one of the hedge funds that brought down the London whale.
In September 2013, JPMorgan was hit by $920m in fines over the London whale trades. In settlements with four regulators, JPMorgan's management was found to have withheld information from its audit committee, including the fact that it had hired an outside law firm to examine "significant control issues" around the disclosure and valuation of credit derivatives.
In October 2013, it emerged that JPMorgan had agreed to pay a $100m fine to the Commodity Futures Trading Commission and accepted that the London Whale trading episode had a manipulative effect on credit derivative markets.
Source: http://lexicon.ft.com/Term?term=London-whale

紫色精灵946

time2 2:13 .the bank is making a big fine to the Department of Justice.What constitute to the payment.
pittance
Extra 2:14 .It lists the historial settelments in the past few years.It shows that the JP sold unwanted products to consumers without telling them the risk.The SEC alleged JP not to don like that several times.Now,JP has to pay a great dela of payment to settle all claims about that.
time3 1:33 .The negotiation has entered into the final phase.No matter what the result will be, it will not satisfy both sides.However,JP is still the helm of the largest bank in the US.
time4 1:30 .Mr.Dimon is acoustic at using the best person to the proper place.Eric Holder assists Mr.Dimon to pass several barriers.Many shareholders try to replace Mr.Dimon,however,it will be a long-time plan.
time5 1:17 .The executive of JP does not touch the topic of the trading debacle.Recently,Jp has faced a dilemma that they may have to earn moneys from paying money.Other banks all foucus on the consequence closely with both fear and hope.
time6 2:03 .One Chase Manhattan Plaza has been bought buy a Chinese company.The owner of the company tries to use the building as a base to expand his business in the US.It shows how the original bank deal with his property and employees. China has shifted its role as a objective to invest to an invester,with another evidence from SOHO China.
time7 9:00 .Big companies always encounter limitation from laws and always chanllenge the regulatory regimes and engage in disputes about future laws.The financial problems are various and complicated.JP is large so it encounters big claim often.Currently,it has put the control agenda priority#1.
The article also introduce what is control agenda and the difficulty for JP such big company to do it.
It shows the JP's decision and strategy of the efforts for control agenda.

吐吐yeah

speaker:
about the tentative JPMorgan Deal over its questionable mortgage practices leading up to the U.S. financial crisis

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掌管 5        00:01:20.62        00:09:25.25
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掌管 3        00:01:26.80        00:06:17.69
掌管 2        00:01:59.71        00:04:50.88
掌管 1        00:02:51.16        00:02:51.16

obstacle：
main idea: Big banks such as JP morgan are too big to manage.
structure:
1.many major financial institutions are in a world of legal hurt
2.whether these major financial institutions can prevent the similar loss in the future
3.JP Morgan is facing many problems and charges due to its previous behaviours
4.a control agenda becomes a first priority, though it needs great efforts
5.(the rest)the future of the plan and JP Morgan are still unknown
6.(the rest)these huge financial institutions are too big too manage.

雪满山中8899

2-08
1-24
1-16
1-18
2-01
7-46

Cateriona

卤煮辛苦
Time2(2'07.95） J.P.Morgan has offered $3 billion for a global settlement.
Time3(1'29.98)  The tentative settlement can not satisfy neither side.J.P.Morgan is still not clear of the threat of criminal charges and the government is accused for over-reaching in punishing banks.
Time4(1'25.36)  Mr.Dimon remains the best person to run the company.
Time5(1'25.45)  The threat of criminal prosecutions still alive and J.P. Morgan is severely limited in its ability to change the narrative from paid dollars to earned dollars.Other banks are watching news with fear and hope.
Time6(2'32.76)  A Chinese company buys Chase Manhattan Plaza and both sides are pleased with the deal. Cinese companies are actively buying estate in the US.