JPMorgan

Cuomo Today Announces His Office is Focusing Attention on other Industry Players Including JP Morgan Chase, Morgan Stanley and Wachovia

NEW YORK, NY (August 11, 2008) - New York Attorney General Andrew M. Cuomo today announced his office is expanding its investigation into the auction rates securities scandal. Cuomo today sent letters to JP Morgan Chase, Morgan Stanley and Wachovia announcing that his office will look into the firms’ behavior pertaining to misrepresenting auction rate securities to investors as safe, cash-equivalent products, when in fact they faced increasing liquidity risk.

Last week Cuomo’s office secured landmark agreements with UBS and Citigroup that will return over $20 billion to investors across New York State and the nation.    » read more »

Order-to-Pay Service Receives Highest Scores in Invoice Management, Usability, Invoice-Driven Financial Optimization, and Financial Resources to Pursue Strategy

NEW YORK July 2, 2008 - JPMorgan today announced that it has been named as a leading vendor of accounts payable electronic invoice presentment and payment (AP-EIPP) by independent research firm Forrester Research. According to the June 2008 report The Forrester Wave™: AP-EIPP, Q2 2008, JPMorgan was named a leader in the market for solutions that streamline the invoice-to-pay process for its Order-to-Pay service.    » read more »

London, 2 July 2008 -- JPMorgan today announced an agreement with Shell Asset Management Company (SAMCo), the asset management arm of Royal Dutch Shell, enabling a global provision to service Shell corporate pension and insurance plans with total assets in excess of $70 billion. With this relationship, JPMorgan launches a range of sophisticated services for SAMCo and participating Shell pension funds, including fund accounting, fund administration and certain securities lending services all from segregated and/or pooled accounts that will prove to be a new market milestone.    » read more »

BURLINGTON, June 2 – Senator Bernie Sanders (I-Vt.) said today that excessive speculation on oil futures by Wall Street hedge funds and such major financial investment houses as Goldman Sachs and J.P. Morgan Chase are driving oil and gas prices much higher than they should be based on supply and demand fundamentals.

Gas prices in Elmont, New York, June 2, 2008: Photo by scarlatti2004 (CC)    » read more »

March 17, 2008 -- Responding to the Federal Reserve’s emergency action on the sale of Bear Stearns, John Irons, Research and Policy Director of the Economic Policy Institute, issued this statement:

“Emergency actions by the Federal Reserve over the weekend to back and coordinate the fire-sale of the investment bank Bear Stearns were necessary to ensure the stability of the financial market, but underlying instabilities remain unaddressed.    » read more »

17 March 2008 -- Asian stocks opened sharply lower and the dollar fell Monday morning despite steps taken by the U.S. Central Bank to avert a credit crisis that threatens to plunge the U.S. economy into recession.

Late Sunday, the Federal Reserve cut its lending rate to banks, about the same time U.S. banking giant JPMorgan Chase agreed to buy cash-strapped rival Bear Stearns.    » read more »

New York, March 16, 2008 -- JPMorgan Chase & Co. (NYSE: JPM) announced it is acquiring The Bear Stearns Companies Inc. (NYSE: BSC). The Boards of Directors of both companies have unanimously approved the transaction.

The transaction will be a stock-for-stock exchange. JPMorgan Chase will exchange 0.05473 shares of JPMorgan Chase common stock per one share of Bear Stearns stock. Based on the closing price of March 15, 2008, the transaction would have a value of approximately $2 per share.    » read more »