Like "The Killer," Jerry Lee Lewis, says, "there's a whole lotta shakin' goin' on" at JP Morgan Chase. CEO Jamie Dimon still has his job, even as the bank's stock price took a hit, and chief investment officer Ina Drew took a hike, by taking early retirement from her $15-million-a-year job.
This is all because of that $2 billion loss incurred by the London branch that was supposed be hedging financial risk by trading in credit derivatives. Sound familiar? It should. That's similar to the financial hocus-pocus that triggered economic chaos back in 2008.
All this is jacking up the debate over what's known as the Volker Rule, named for former Federal Reserve chair Paul Volker. It would limit proprietary trading, which is the way banks make money in the markets instead of on commissions.
Things are also poppin' over at Yahoo! , where CEO Scott Thompson turned in his keys after being unmasked as a big fat liar-liar, a guy who fibbed about his college degree to help advance his career.
Before he left the job he took in January, Thompson let some Yahoo! insiders know he has thyroid cancer. We hope it`s not true, but given his track record, who knows?
Yahoo! media chief Ross Levinsohn will sit in the big chair until a permanent CEO comes along.
Yahoo, JP Morgan Chase in turmoil after scandals
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