Business, Economics and Jobs

Macro chatter: JPMorgan is swimming in alphabet soup


A sign outside JP Morgan Chase headquarters on Park Avenue in New York City.


Mario Tama

Need to know:
The world may be in for another US debt ceiling battle.

US Treasury Secretary Tim Geithner already is lobbying Congress to increase the country’s debt ceiling later this year without all the drama that happened last time around.

Talking Points Memo reports that House Speaker John Boehner isn’t planning to play along. He plans to use the US approach toward its debt limit as an opportunity to push for spending cuts equal to the the amount of extra borrowing room the Treasury is seeking — again. 

Want to know:
JPMorgan is quite literally swimming in alphabet soup.

The FBI, SEC, DOJ and Federal Reserve are sniffing around JPMorgan’s $2 billion-and-counting trading loss.

Meanwhile, CEO Jamie Dimon managed to hang on to his role as chairman of his company’s board and his $23 million pay package. Some shareholders had been pushing for Dimon to step aside as board chairman to make way for an independent director.

At least four people so far are out of jobs at JPMorgan and Dimon has said the bank may pursue opportunities to claw back some of their pay.

Just because:
The world’s biggest telecom carrier may soon be getting the iPhone.

China Mobile, the lone Chinese operator that doesn’t officially carry the Apple iPhone, is trying to figure out a way to get the popular smartphones onto its network, Reuters reported.

Apple’s iPhone isn’t currently compatible with China Mobile’s network, but Reuters said analysts expect the next generation model will be. 

On the other side of the Pacific, Facebook's IPO could be getting even bigger (again).

Facebook will sell more shares than previously anticipated and is now expected to raise up to $16 billion, Reuters said

Dull but true:
The world could be getting closer to a Grexit.

IMF Chief Christine Lagarde told France24 Greece could have to leave the euro zone if it isn’t able to get its finances in order.

Meanwhile, Greece still hasn’t gotten a new government in place, and many of its people already have decided its time for them to make a Grexit of their own. Many Greeks have been draining their bank accounts in recent days, Dow Jones reported

Strange but true:
One student loan debt collector made twice as much as the US secretary of education in 2010, Bloomberg reported.

Joshua Mandelman earned $454,000 chasing down unpaid school loans.

The salary was paid by a Minnesota nonprofit that earns money from taxpayers by tracking down deadbeat student borrowers.