Some interesting - actually disturbing - figures on the size and activities of JP Morgan that were released by the US Senate Permanent Subcommittee on Investigations. They are due to release their full report this Friday 15 March.
(for original article please click here: http://www.ritholtz.com/blog/2013/03/jpmorgan-chase-out-of-control-introduction/print/#comments_controls)
- JP Morgan's balance sheet is one-ninth the size of the US economy.
- The company has paid more than US$8.5b in settlements for regulator and legal problems. This is 12% of net income the bank generated between 2009-2012.
- "JPM’s ability to retain its reputation, its political power and support of investors in the face of financials that lack the details necessary for a proper analysis are reminiscent of another too-big-to-fail institution: Fannie Mae."