Jamie Dimon is really sorry that his bank invested too heavily in Italian leather laptop tote bags, and though he's said as much many times since the world learned that JP Morgan lost $2 billion, he'll likely have to bust out his gilded apology-kneepads at the bank's annual shareholders meeting today in Tampa. The Times reports that despite the official line that the chief investment office alone got out of hand in ramping up riskier, high-yield trades, former and current employees describe an "increased appetite" for those trades by the bank's "upper echelons." Presumably the paper is referring to the top-secret memo from Dimon to his deputies entitled, "Braaaaiinnnss." more ›

There's no shortage of intelligent explanations of just exactly what went wrong at JP Morgan, but our favorite is the Times' quasi-flow chart that breaks it down for people who haven't done any math whatsoever since 2004. Who knew losing $2 billion could look so easy! more ›

Occupy Wall Street protesters rallied outside Bank of America this afternoon, as part of a nationwide demonstration to symbolically "foreclose" on the giant predatory behemoth. Activists intend to target Bank of America on the 15th of every month until executives break down into tears and turn every branch into a C.S.A. farmshare. Bank of America is infamous for cranking out foreclosures, and has received two bailouts from Washington totaling $45 billion; it was also the first major bank to get into the subprime-mortgage business. more ›

The United States and 49 state Attorneys General (no Oklahoma) reached a settlement with five banks over mortgage loan servicing and foreclosure abuses and fraud. A press release states, "The settlement addresses past mortgage loan servicing and foreclosure abuses and fraud, provides substantial financial relief to borrowers harmed by bank fraud, and establishes significant new homeowner protections for the future. This is the largest joint state-federal settlement in history and it is the result of a massive civil law enforcement investigation and initiative by state attorneys general, state banking regulators, and nearly a dozen federal agencies." more ›

The city's proposal to rezone part of the Upper West Side to discourage big box chain stores and banks from proliferating will have "unanticipated consequence," according to the Columbus Avenue Business Improvement District. BID Executive Director Barbara Adler tells us the city's plan "is a solution looking for a problem. We have no problem on Columbus now. Columbus has been able to weather all markets for many years, it's in the historic district, it's different from Broadway and Amsterdam, and we feel tampering with our storefronts and telling property owners what they can or can't do would be huge mistake. " more ›

New York Attorney General Eric Schneiderman filed a lawsuit against Bank of America, JP Morgan Chase and Wells Fargo yesterday for using "false and misleading information" to foreclose on properties. more ›

It's easy to get caught up in the moment and forget about those who are hurting the most this holiday season: old, rich white men, who have suffered the slings of the 99% despite being responsible for all that is good in the world. Thankfully Bloomberg News was able to track down these noble creatures to find out what they think about the legions of Americans who believe in greater income equality. "Who gives a crap about some imbecile?" 82-year-old billionaire and co-founder of Home Depot, Bernard Marcus says. "Are you kidding me?" more ›

If you want to save money in the city here are two really solid pieces of advice worth following: Don't take cabs if in any way possible and do everything you can to avoid paying ATM fees. Thanks to the MTA, a bike and a good pair of shoes the first is easy. The second? Really depends on your bank. But one clever startup, Free ATM NYC, would like to make it a smidge easier. They just ask that you watch a quick ad while you wait for your cash. more ›

Remember when we taxpayers just had to bail out all those financial institutions because they were in terrible financial shape and "too big to fail?" If we fronted them a little money now, we were told, these normally successful banks would keep on humming. But through FOIA requests, Bloomberg News reveals that the bailout was much larger than initially believed—$7.7 trillion by September of 2009, and banks made an estimated $13 billion of the generous terms of the loans. more ›

As the Post and other Occupy Wall Street detractors know, it's easy to dismiss protesters when they're young, vocal, and occasionally law-breaking. But trying to get charges of impudence and ignorance to stick to nuns is a little tougher. The Sisters of St. Francis of Philadelphia have been taking their message of corporate responsibility to board rooms years before anyone pitched a tent in Zuccotti Park, and even if the businessmen they talk to don't heed their advice, they're at least obliged to listen. "You're not going to get any sympathy for cutting off a nun at your annual meeting," a leader of a shareholder firm tells the Times. more ›

According to an analysis by the Times, 51 violations of the SEC's anti-fraud statutes committed over the last 15 years can be traced back to the same 19 banks. In each case, the bank usually pays a nominal fine and promises that it will never happen again, only to be caught breaking the same laws. Basically, these Wall Street banks SWEAR that they'll stop cheating, but the SEC keeps catching them taking showers at 3 a.m. and working "really late tonight." more ›

Approximately 1,000 Occupy Wall Street protesters marched to Foley Square at around 3 p.m. this afternoon to protest the Obama administration's role in a settlement that would indemnify banks who were directly involved with creating the mortgage crisis. Though the NYPD could not confirm the number of arrests, a DCPI officer noted that "they would be in the family of 20 or so," more than the four that the movement claims were arrested on the steps of the Supreme Court building. Eyewitnesses wrote that the NYPD began arresting protesters after they blocked pedestrian traffic in front of the courthouse, and one claims that video will surface of a NYPD officer punching a protester in the face. more ›

It appears that yesterday's rumors are true: Bank of America is dropping their plans for a $5 monthly debit card fee. A spokesperson for BOA declined to tell the AP whether or not the fee's announcement caused an increase in account closures or flaming bags of dog poop found inside BOA ATM vestibules. The flack noted that the decision to scrap the fee was based on a "changing competitive marketplace," and said, "Over the past couple of weeks, customer sentiment changed." more ›

Using a clever new technique, "foreign gangs" are attempting to steal your debit card information and the last $64 in your checking account. According to CBS, the criminals set up card skimmers on the outside of the ATM entrance, so when you swipe your card to enter the kiosk, your information has been stolen. Asked if the scanners can be identified with the naked eye, a Yonkers police sergeant said, "Absolutely not." Remember when people used to physically remove your wallet on the subway? Ahh, the good old days. more ›

After successfully securing their place in Zuccotti Park and seeing more violent reactions from the NYPD, the Occupy Wall Street protesters will take their message worldwide. 951 cities spread over 82 countries will feature marches and demonstrations in an effort to enact "Global Change." New York City will host several events, beginning with a march on Chase Bank at 11 a.m. and culminating in a 5 p.m. meet up in Times Square. more ›

A new report [pdf] from the New York State Comptrollers office tells us what we already know: people who work in finance make a lot of money. But the gap between those in the financial sector and everyone else didn't use to be so wide. In 2010 the average salary of an employee in the securities industry was $361,330, five times the $66,120 salary of everyone else in the private sector. Thirty years ago they only made twice as much as everyone else. But let's not get too upset: they did bail the rest of us out a few years ago. more ›

One of the first of the 80 protesters to be arrested during the Occupy Wall Street protests on Saturday was a young man who dropped to his knees in the street in front of a Chase Bank. He repeatedly screamed "That's the bank that took my family's home!" before being arrested. But now, Glenn Beck's news website The Blaze claims that they talked to the man's mother, and at no point was their house ever in foreclosure. more ›

At least five protesters have reportedly been arrested earlier today in Zuccotti Park after police forced demonstrators to remove tarp that was protecting electronic equipment from the rain. OccupyWallStreet, a group not affiliated with Adbusters or Anonymous, claims there were injuries as well, one of them "critical." Allan Eaton, who has camped in the park since Saturday, tells us that NYPD officers demanded the removal of the tarps at around 10:30 a.m. because they acted as "tents." When they weren't removed fast enough, "things got rough." Eaton saw one man "being dragged away in cuffs and he was bleeding out of the mouth." more ›

The police and the FBI are on the lookout for 54-year-old Sam Chatman, a man who is now connected with four bank robberies. Yesterday Chapman entered a Chase bank on Fifth Avenue a little before noon, brandished a gun and handed a note to the unlucky teller demanding cash and promising to "shoot anybody." more ›

And the twists just keep coming in the tale of beleaguered bagel institution H&H! Last night was the hotly anticipated "Save H&H" rally at Riverside Park, where about 25 people showed up, and there were not, as promised, free bagels. But there were some interesting hints about where the store might land next. more ›

We've heard plenty of stories about people using ATMs to skim money from unsuspecting customers, but it seems that banks have been taking note, and have decided to get in on the action: several banks are rolling out dastardly new charges that could increase ATM fees to $5! more ›

A retired NYPD Sergeant who went into the money transfer industry pleaded guilty yesterday to multiple counts of bank and wire fraud. Robert Egan, 65, of Bedford, admitted to stealing $50 million from various banks who used his company, Mt. Vernon Money Centers, to stock ATM's with cash. Egan was caught on tape admitting to taking $12 million from Webster Bank alone, in order to fund other aspects of his failing business. In addition to stocking thousands of ATM's, the company was used by universities and hospitals to help cash paychecks. He faces up to 15 years for the money fraud, and appeared as contrite as Frank Sobotka when he faced a similar situation: "I knew this was wrong. I justified it because I always thought I could make up the difference." more ›

Senator Chuck Schumer took a break from arguing about carry-on luggage and set his sights on big banks for his latest crusade, saying they need to warn customers before ending free checking account programs. He's asking Fed Chairman Ben Bernanke to police banks like Citibank that are using checking account fees to recoup lost revenue, saying, "The new fees will be a punch in the gut of customers who rely on free checking accounts." Citibank began charging $7.50 each time a member's checking account dipped below $1,500. more ›

Early this morning, House and Senate leaders agreed on reconciling financial reform legislation. President Obama said, before leaving for Toronto to attend the G20 Summit, "Over the last 17 months, we passed an economic Recovery Act, health insurance reform, education reform, and we are now on the brink of passing Wall Street reform. And at the G20 summit this weekend, I’ll work with other nations not only to coordinate our financial reform efforts, but to promote global economic growth while ensuring that each nation can pursue a path that is sustainable for its own public finances." more ›

According to officials and experts, the city's financial crisis is almost over and the job market is on the rise, but who do we thank for the less-devastating-than-expected downturn? Address cards and flowers to the federal government, which provided huge bailouts to Wall Street institutions like Citigroup, JPMogran Chase and Goldman Sachs, economists say. “If you pick almost any economic statistic—income, house prices, construction activity—it would tell the same story: New York has gotten hit, but it hasn’t gotten creamed," Mark Zandi, chief economist for Moody's Economy.com, tells the Times. more ›

Gov. Paterson now projects the deficit for the coming year at $8.2 billion, that's up $750 million from the figure he named in his budget. According to the budget division, low tax revenues from the banks are to blame. "We know that big guys typically pay us at the end of January,” said Robert L. Megna, the state budget director, referring to large banks like Goldman Sachs and JPMorgan Chase. “Last week, after the budget came out, they didn’t pay us.” Typical. more ›