We officially have a new definition ot “thin-skinned”.
In what may be one of the most dramatic retaliations to a downgrade report, Indonesia’s government said it has terminated all business partnerships with JPMorgan Chase after the U.S. bank downgraded its outlook on stocks in Southeast Asia’s largest economy. The finance ministry announced it would stop using JPMorgan as a primary dealer and as an underwriter of its sovereign bonds, Robert Pakpahan, the ministry’s director-general for budget financing and risk management told reporters in Jakarta on Tuesday. The reason: Pakpahan said a November research report issued by the bank was not “accurate or credible.” Continue reading »
The Commission said on Wednesday they were part of a seven bank cartel that colluded on setting the euro interest rate instead of competing with each other between September 2005 and May 2008.
JPMorgan was fined €337 million and Credit Agricole €114 million for five-month involvement in the conspiracy. HSBC got a €33 million penalty for its one-month participation. Continue reading »