Jpmorgan Fined $920 Million In ‘london Whale’ Trading Loss

jamie dimon

British police said Friday they have arrested eight men after a gang stole ??1.3 million (1.5 million euros, $2.09 million) from Barclays bank by taking control of a branch computer system.AFP/File LONDON (AFP) British police said Friday they have arrested eight men after a gang stole ??1.3 million (1.5 million euros, $2.09 million) from Barclays bank by taking control of a branch computer system. The men, aged between 24 and 47, were arrested on Thursday and Friday morning on allegations of conspiracy to steal from Barclays and conspiracy to defraud British banks. They are accused of a theft in April, when a man purporting to be an IT engineer arrived at a Barclays branch in north London saying he was there to fix the computers. He then attached a keyboard, video and mouse (KVM) device with a 3G router to one of the computers, according to a statement from the Metropolitan Police. Such devices are routinely used by people in business to work remotely on their office computer systems, but it allowed the gang to remotely transfer money into their bank accounts. “Those responsible for this offence are significant players within a sophisticated and determined organised criminal network, who used considerable technical abilities and traditional criminal know-how to infiltrate and exploit secure banking systems,” said Detective Inspector Mark Raymond of the Central e-Crime Unit. Barclays recovered “a significant amount” of the money stolen, police said, but the arrests are the first in the five-month investigation into the crime. Officers searched a number of addresses across London and Essex, east of the capital, and seized cash, jewellery, drugs, “thousands of credit cards” and personal data, the statement said. One central London premises searched was described by detectives as the “control” centre of the operation. Police foiled a similar plot against Santander last week, arresting 12 men accused to trying to take control of a computer in a branch in London’s financial district. Four men were later charged with conspiracy to steal.

Eight arrested over e-theft from Barclays in London

I see lots of patch pockets in various alignments on jackets, which I love; they give texturized fabric a casual feel. Turnbull & Asser has a 127-year old history of making bespoke garments with the highest level of precision in the world (the Royal Family has had their shirts made here for decades, and the space is steeped in tradition). The patterns of famous clients who have long since passed still live inside the shop its more like a museum than a store, and thats why Im here. With tailoring becoming so technical, I love to see that everything is still recorded by hand on a ledger! Another Savile Row house, Richard James, is showing a $12,000 Swarovski crystal jacket. I chat with the store manager, who takes me through the construction process and gives me his card so I can follow up with questions when I get back. This trade is like a brotherhood in this way. Bloomingdales mens fashion director Josh Peskowitz and his team are on the flight to Florence. We chat about how to tailor soft-shouldered jackets and comedian Russell Peters. Were both in our 30s but have been working in fashion for almost 20 years, so we get along well. We agree that Hardy Amies was the best ready-to-wear line of the London collections and on the importance of helping men develop their own style.

London Calling: Garrison Bespoke designer Michael Nguyen shares his diary of the fashion collections

The money-losing trade was made with JPMorgan funds, not customers’ assets. None of the bank’s customers were hurt by the trading. Related: London Whale fine excessive and political The charges JP Morgan settled were civil, not criminal, and none of its current officers were penalized by the authorities. Cornelius Hurley, director of Boston University’s Center for Finance, Law & Policy and a former counsel to the Fed, said the large civil fines are the only check on the so-called “too big to fail” banks that rarely face any kind of criminal enforcement. “Bank regulators are under pressure to fill the gap left by prosecutors who are giving large banks a pass for egregious behavior,” he said. JPMorgan was forced to take the unusual step of admitting it broke federal securities law, in a sentence buried deep in an annex to the SEC order. Typically banks and other companies that reach a settlement with the SEC agree to pay a fine without either admitting or denying any wrongdoing. That is a legal dodge that has sparked criticism of the SEC in the past. The bank said it has changed its practices to make sure this kind of loss can not be repeated. “We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them,” said JPMorgan Chase Chairman and CEO Jamie Dimon. The fine is a small fraction of the bank’s $2.4 trillion in assets. The nation’s largest bank earned $13 billion in the first half of this year on revenue of $51.8 billion. But the trading loss has been a black eye to the reputation of JPMorgan Chase, which weathered the financial crisis five years ago better than many of the nation’s other major banks. Dimon: Road back to normal ‘scary’ When he revealed the loss in May 2012, Dimon admitted that the bank had been “stupid.” Still, Dimon kept both his jobs despite a shareholder effort to separate the positions following the loss.

London Fashion Week Closes After Flurry of Shows

The 5-day style event wound down Tuesday after a whirlwind of next season’s womenswear preview shows, from the commercially driven big fashion houses like Burberry Prorsum, Tom Ford and Paul Smith to young and emerging talents such as Peter Pilotto and Christopher Kane. Although London is known for being the most eclectic and unpredictable of the fashion capitals, there were a few themes that emerged from the dozens of runways. Romance was in the air for many designers, with many catwalks awash in pretty pastels, petal appliques and floral prints and embellishments. All shades of pink were popular. Temperley London went for the kind of classic old Hollywood glamor it relishes, with grand silk ball gowns and matching opera coats in shades of rose, powdery carnation pink, and rich fuchsias, while at Burberry feminine sheer lace pencil dresses in sugary pastels were worn with soft cashmere sweaters and coats for a sophisticated and sexy look. Preen chose to feature a bright neon pink, which appeared on plastic and rubberized dresses and raincoats. Volume was big, too, with many trapeze shapes and floor-sweeping gowns and wide-leg trousers seen at shows including Mulberry and Erdem. This being London, many designers were impossible to fit into any talk of trends. Vivienne Westwood produced a collection featuring her signature draped dresses and tailored separates, though those designs were sidelined by a modern dance performance with an environmentalist message by model Lily Cole. Christopher Kane, known for his quirky and imaginative designs, showed futuristic dresses that looked like they could be Star Trek costumes and floral prints that looked like biology text book illustrations. Bay Garnett, a stylist for British Vogue, said that Kane and Meadham Kirchhoff, which showed Tuesday, stood out as two of her highlights of the week because they were so creative.”It’s so imaginative. It’s the kind of eclecticism, the kind of spirit of Britishness, I think,” she said.