2013/10/21

Five things to know about JPMorgan settlement

NEW YORK (CNNMoney)

The tentative deal that JPMorgan Chase reached over the weekend with the Justice Department will cost the bank $13 billion, a record penalty.

Details of the proposed settlement have yet to be announced, although they are expected soon.
Here are the answers to five questions about the deal:
What was the wrongdoing that this settles?
In the years ahead of the financial meltdown of 2008, the nation's banks took trillions of dollars in individual home mortgages and created investments for people seeking to capitalize on the hot housing market. Some of the mortgages were of questionable quality, given to potential home buyers with weak credit or without verifying income.
Many of the securities were then sold to Fannie Mae and Freddie Mac, two private mortgage-backing firms that had the implicit backing of the U.S. government.
The government says units of JPMorgan were among those that deceived Fannie and Freddie about the quality of the home loans packaged in those securities between 2005 and 2007.
When the housing bubble burst and foreclosures started to soar, Fannie and Freddie both ended up with billions in losses they couldn't afford. That prompted one of the largest bailouts of the financial crisis. Eventually, taxpayers poured $187.5 billion into the two firms.
Who was responsible for the wrongdoing?
While some of the risky mortgages were written and packaged into securities by JPMorgan Chase, the bank says that 80% of the losses from problem loans were from Bear Stearnsand Washington Mutual, two companies it acquired during the height of the financial crisis.
Wall Street firm Bear Stearns was bought by the bank at a bargain price in March 2008, when the firm was on the cusp of bankruptcy. Federal authorities, including Treasury and the Federal Reserve, pushed for the deal in the hopes that by finding a buyer it could prevent a broader meltdown in financial markets -- something that occurred six months later when Lehman Brothers filed for bankruptcy.
In the midst of that fall meltdown, JPMorgan stepped in to buy Washington Mutual, the nation's largest savings and loan association at the time and a major mortgage lender. Once again, it was urged to make the purchase by federal authorities.
What are the potential criminal charges faced by the bank?
The proposed settlement only covers civil charges. It does not settle the question of whether any of the bankers engaged in criminal wrongdoing. There is an ongoing federal criminal probe based in Sacramento, Calif., the state where Washington Mutual was based.
JPMorgan originally sought to be protected from any criminal charges as part of this deal, but that was rejected by authorities.
Criminal charges against Wall Street firms have been limited. Most of the large fines that have been paid by banks have only settled civil charges. This includes the nearly $1 billion that JPMorgan agreed to pay earlier this year related to so-called London Whale trading losses.
The civil fines are likely to be greater than any criminal penalties. The largest criminal settlement reached with a corporation was the $4 billion that oil company BP (BP)agreed to pay last November when it pleaded guilty to manslaughter charges stemming from the Deepwater Horizon explosion and oil spill in the Gulf of Mexico.
Who will get the money?
A U.S. official familiar with the details of the tentative settlement tells CNN that $9 billion of the payment will be in fines and penalties and $4 billion in "consumer relief," including home loan modifications.
It's not yet clear which agency will receive what fine money. But any money received by the different agencies will eventually find its way to the Treasury Department's general fund.
What does this mean for JPMorgan and its CEO Jamie Dimon?
While $13 billion is a staggering amount of money, JPMorgan is large enough to pay it easily. It is the largest bank in the nation, with assets of $2.5 trillion. Its 2012 net income was $21.3 billion.
Earlier this month, the bank disclosed it has set aside about $23 billion to handle legal costs. Those legal costs caused the company to report a loss in the most recent quarter. But shares of JPMorgan (JPMFortune 500) were little changed in trading Monday on reports of the settlement, and are up more than 20% so far this year.
Dimon was once thought of as President Obama's favorite banker, and had been discussed as a possible candidate for Treasury secretary. That status has certainly been lost, but it's seen as very unlikely that he will lose his job at the head of JPMorgan due to this settlement. To top of page

2013/10/12

The start-up of you

更多有關 The Start-Up of You 的事情


更多有關 人生是永遠的測試版 的事情

 Quote :
To always be stating 
To forever be working in  progress

Permanent beta

Build a network of relationship through out industry.

Asset, Aspiration, Market reality

Skill, Concentration, Experience.

Intangeable asset. 

Value of soft asset can be seen by "going to networking"

Soft asset is " Other people find hard but you find it easy"

Entrepreneur spend a lot of time to confirm on "what customer can spend money to buy".

Listen to your heart and follow your passion

A worth aspiration

Planning is based on your competitive advantage.

Summary your competitive advantage, Skill, Experience, Strength.

非常潛力股

更多有關 非常潛力股 的事情 非常潛力股,這本書應該很多投資人都很熟悉. 投資觀念可以節錄當成箴言, 把觀念內化成投資操作原則,用在多人生哲理上,道理也是相通的.

很適合散戶的一本書. 但如果是金融從業人員,這些概念已有些成腔濫調了.  法人在尋找評估投資標地的投資過程中是很厲害的,  不只照書操課, 而是用各種方法和評估原則把一家公司的內部拆解, 讓企業價值現出原形. 

投資原則是最基本, 那些看破人性的妖鏡才是法門.

'徹底了解一家公司的經營特質,和管理人員的廣度和深度". 

閱讀年報絕對是必須,但年報也絕對不是完全反映一家公司的經營績效,  如果在企業任職, 自己的工作職掌對照年報是否完全反映? 要是光看這個報能否看出企業內的風風雨雨嗎? 金融風暴是最好的說明.  NYSE已是最嚴格資訊揭露的資本市場,都仍發生企業舞弊醜聞.

公司治理就是"人"如何做事情.  "經營者這個人" 是什麼樣的人? 是什麼咖? 什麼行事風格? 絕對要認識徹底.

我用個比喻, 投資人其實很像"老饕", 只想找到"肥肉"來吃, 吃越久越好. 肥肉就是成長股, 營業額,獲利, 營利率, EPS... 皆傑出成長的"肥肉".   廚師(經營者) 越懂, 越是美食達人越好.  

散戶就是用各種方法去找到這標地, 觀察 找市場恐慌時機, Under Value 的時刻買進.

這本書內容很好, 很適合給求職者當成理解公司的原則.  
最重要是自己要多練習, 知道Ratio 後面反映什麼意義? 
並能自己做財務分析. 在金融這行是基本紀律.  

另外, "培養良好的陳述表達能力" 其實是很重要的.

書中內容我不贅述, 有些點,寫的真是好,對創業者也會有很多啟發. 

閒聊法. 就是找與這相關利害關係人聊一聊 交流一下以得到些線索.

公司拜訪,關鍵是可以見到什麼人. 
拜訪前至少熟悉公司背景一半以上. 

尋找成長股, 約1/5來自業內的朋友, 約4/5訊息來自靈敏性強的投資人. 尋找成長股,一開始不用看公司年報. 現在有有選股軟件,可以直接篩選. 也不用者企業的管理人員, 彈藥看一下公司的資產負債表, 看公開說明書,了解總營業額,競爭情況,高管,大股東轉普通股的程度,也要看一下盈餘數字, 重點是'找到"而不是訊息全都看.

一家公司有無研究價值,看兩個重點 
(這是以散戶投資人的觀點) 

1 行業營業額有無成長? 
2.是否有進入障礙? 程度如何? 

不要太太...重視過去的EPS, 
但可觀察過去5年的EPS的起伏,以了解公司的週期性及受景氣影響的程度.

觀察生產 行銷 研發 財務 傑出之處. 
生產成本最低,
高於平均的利潤率.  

重點是對背景狀況的了解, 到何種程度. 
重點是未來前景

分析高管的年薪差距可看出企業文化是一人獨大還是團隊運作?

企業就是人格特質的組合 
企業就是一群不同的人做事情的方式
公司越成功,若干政策就越獨特

中階經理人的工作動機是利潤動機,鼓勵去尋找能賺錢的方法,
讓員工參與決策,員工團對為自己設定目標. 
(在實務上其實並不可行,常成高管卸責的理由)

閱讀地圖

歷史上人為書而瘋狂, 但現實裡, 愛書的人仍有但是越來越難尋. 一切知識的傳播都是靠書, 書靠印刷術的發明的普及與傳播. 書,權勢的權力還是在讀者, 有讀者,書才會有意義..