JPMorgan Chase

J.P.Morgan Chase & Co.

Company type	Public (NYSE: JPM)
Industry	Finance and insurance
Founded	1799
Headquarters	New York City, USA
Area served	Worldwide
Key people	James L. Dimon (Chairman, President and CEO) Michael J. Cavanagh, CFO
Products	Financial services
Revenue	US$116.35 billion (2007)
Operating income	US$46.13 billion (2007)
Net income	US$15.36 billion (2007)
Total assets	US$2.30 trillion (Jan '09)
Total equity	US$123.22 billion ('07)
Number of employees	228,452 (2008)
Website	JPMorganChase.com JPMorgan.com Chase.com

JP Morgan Chase Headquarters in New York.

JPMorgan Chase & Co. (NYSE: JPM) is one of the oldest financial services firms in the world. It is a leader in financial services with assets of $2.3 trillion., and the largest market capitalization and deposit base of any U.S. banking institution. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States with $32,893 million in assets as of 2007. Formed in 2000 when Chase Manhattan Corporation acquired J.P. Morgan & Co., the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and governmental clients.

The JPMorgan brand is used by the Investment Bank as well as the Asset Management, Private Banking, Private Wealth Management, and Treasury & Securities Services Divisions. Fiduciary activity within Private Banking and Private Wealth Management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, and commercial banking.

JP Morgan Chase is one of the Big Four Banks of the United States with Bank of America, Citigroup and Wells Fargo.

Business

JPMorgan Chase’s activities are organized, for management reporting purposes, into six business segments:

• Investment Bank
  • Investment banking: advisory; debt and equity underwriting
• Market making and trading: Fixed income, Equity)
  • Corporate lending
  • Principal investing
• Retail Financial Services
  • Regional banking: Consumer and business banking; home lending; education lending
  • Mortgage banking
  • Auto finance

• Card Services
  • Credit cards
  • Merchant acquiring
• Commercial Banking
  • Middle market banking
  • Mid-corporate banking
  • Real estate banking
  • Chase business credit
  • Chase equipment leasing
  • Chase Capital Corporation
• Treasury & Securities Services
  • Treasury Services
  • Investor Services
  • Clearance and Agency
• Asset Management
  • Investment Management
  • Private Bank
  • Private Wealth Management
• Corporate - Includes the company's private equity (One Equity Partners, Treasury and Corporate functions.

Key financial data

Financial data in $ millions

Year	2004	2005	2006	2007
Revenue	43,097	54,533	61,437	71,372
EBITDA	7,140	13,740	22,218
Net Income	4,466	8,483	14,444	15,365
Employees	160,968	168,847	174,360	180,667

History

JPMorgan Chase logo, prior to the 2008 rebranding

JPMorgan Chase, as it exists since 2008, is the result of the combination of several large U.S. banking companies over the last decade including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank.

Chemical Banking Corporation

Main article: Chemical Banking Corporation

Chemical Bank Logo used prior to its merger with Chase Manhattan Bank

The New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals. In 1824, the company amended its charter to perform banking activities and created the Chemical Bank of New York. After 1851, the bank was separated from its parent and grew organically and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce Bank (a large bank in Texas) in 1986, and Manufacturer's Hanover Trust Company in 1991 (the first major bank merger "among equals"). At many points throughout this history, Chemical Bank was the largest bank in the United States (either in terms of assets or deposit market share).

In 1996, Chemical acquired the Chase Manhattan Corporation taking the more prominent Chase name. In 2000, the combined company acquired J.P. Morgan & Co. and combined the two names to form what is today JPMorgan Chase & Co. JPMorgan Chase retains Chemical Bank's headquarters at 277 Park Avenue and stock price history.

Chase Manhattan Bank

Main article: Chase Manhattan Bank

File:Chase logo pre merger.jpg

Logo used by Chase prior to rebranding and its merger with J.P. Morgan & Co. Created by Chermayeff & Geismar.

The Chase Manhattan Bank was formed upon the 1931 purchase of Chase National Bank (established in 1877) by the Bank of the Manhattan Company (established in 1799), the company's oldest predecessor institution. The Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank.

Led by David Rockefeller during the 1970s and the 1980s, Chase Manhattan emerged as one of the largest and most prestigious banking concerns, with leadership positions in syndicated lending, treasury and securities services, credit cards, mortgages, and retail financial services. Weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996 but retained the Chase name. Prior to its merger with J.P. Morgan & Co., Chase acquired San Francisco-based Hambrecht & Quist in 1999 for $1.35 billion.

According to page 114 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows:

“At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature. This of course injected a powerful element of politics into the process and invited what today would be called corruption but then was regarded as business as usual. Hamilton's political enemy—and eventual murderer—Aaron Burr was able to create a bank by sneaking a clause into a charter for a company, called the Manhattan Company, to provide clean water to New York City. The innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the company's creation, and long before it had laid a single section of water pipe, the company opened a bank, the Bank of the Manhattan Company. Still in existence, it is today J.P.Morgan Chase, the second largest bank in the United States.”

J.P. Morgan & Company

Main article: J.P. Morgan & Co.

J.P. Morgan & Co. logo before its merger with Chase Manhattan Bank in 2000

The heritage of the House of Morgan traces its roots back to the partnership of Drexel, Morgan & Co. which in 1895, was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan). Arguably the most influential financial institutions of its era, J.P. Morgan & Co. financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the world's first billion-dollar corporation. In 1895, J.P. Morgan & Co. supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million. In 1892, the company began to finance the New York, New Haven and Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in New England.Although his name was big, Morgan actually only owned 19% of Morgan assets. The rest owned by the Rothschild family after 10's of bailouts and rescues due to Morgan's stubborn will and seemingly "non-existent" investment savy.

September 16, 1920: a bomb exploded in front of the headquarters of J.P. Morgan Inc. at 23 Wall Street, injuring 400 and killing 38 people.

Built in 1914, 23 Wall Street was known as the "House of Morgan," and for decades the bank's headquarters was the most important address in American finance. At noon, on September 16, 1920, a terrorist bomb exploded in front of the bank, injuring 400 and killing 38. Shortly before the bomb went off, a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. The warning read: "Remember we will not tolerate any longer. Free the political prisoners or it will be sure death for all of you. American Anarchists Fighters." While theories abound about who was behind the Wall Street bombing and why they did it, after twenty years of investigation the FBI rendered the file inactive in 1940 without ever finding the perpetrators.

In August 1914, Henry P. Davison, a Morgan partner, traveled to the UK and made a deal with the Bank of England to make J.P. Morgan & Co. the monopoly underwriter of war bonds for UK and France. The Bank of England became a "fiscal agent" of J.P. Morgan & Co. and vice versa. The company also invested in the suppliers of war equipment to Britain and France. Thus, the company profited from the financing and purchasing activities of the two European governments.

In the 1930s, all J.P. Morgan & Co. along with all integrated banking businesses in the United States, was required by the provisions of the Glass-Steagall Act to separate its investment banking from its commercial banking operations. J.P. Morgan & Co. chose to operate as a commercial bank, because at the time commercial lending was perceived to be more profitable and prestigious business in the post depression era. Additionally, many within J.P. Morgan believed that a change in the climate would allow the company to resume its securities businesses but it would be nearly impossible to reconstitute the bank if it were disassembled.

In 1935, after being barred from securities business for over a year, the heads of J.P. Morgan made the decision to spinoff its investment banking operations. Led by J.P. Morgan partners, Henry S. Morgan (son of Jack Morgan and grandson of J. Pierpont Morgan) and Harold Stanley, Morgan Stanley was founded on September 16, 1935 with $6.6 million of nonvoting preferred stock from J.P. Morgan partners. In order to bolster its position, in 1959, J.P. Morgan merged with the Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company. The bank would continue to operate as Morgan Guaranty through the 1980s before beginning to migrate back toward the use of the J.P. Morgan brand. In 1984, the group finally purchased the Purdue National Corporation of Lafayette Indiana, uniting a history between the two figures of Salmon Portland Chase and John Purdue. In 1988, the company once again began operating exclusively as J.P. Morgan & Co.

Bank One Corporation

Main article: Bank One Corporation

File:Bank one logo.png

Bank One logo used prior to its merger with JPMorgan Chase

In 2004, JPMorgan Chase merged with Bank One Corp., bringing on board current chairman and CEO Jamie Dimon as president and COO and designating him as CEO William B. Harrison, Jr.'s successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006.

Bank One Corporation was formed upon the 1998 merger between Banc One of Ohio and First Chicago NBD. These two large banking companies had themselves been created through the merger of many banks. This merger was largely considered a failure until Jamie Dimon—recently ousted as President of Citigroup—took over and reformed the new firm's practices—especially its disastrous technology mishmash inherited from the many mergers prior to this one. Mr. Dimon effected more than sufficient changes to make Bank One Corporation a viable merger partner for JPMorgan Chase.

Bank One Corporation traced its roots to First Bancgroup of Ohio, founded as a holding company for City National Bank of Columbus, Ohio and several other banks in that state, all of which were renamed "Bank One" when the holding company was renamed Bank One Corporation. With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One", though for a long time they resisted combining them into one bank. After the NBD merger, adverse financial results led to the departure of CIO John B. McCoy, whose father and grandfather had headed Banc One and predecessors. Jamie Dimon, a former key executive of Citigroup, was brought in to head the company. JPMorgan Chase completed the acquisition of Bank One in 2004.

Bear Stearns

Main article: Bear Stearns

Bear Stearns logo

At the end of 2007, Bear Stearns & Co. Inc. was the fifth largest investment bank in the United States but its market capitalization had deteriorated through the second half of 2007. On Friday, March 14, 2008 Bear Stearns lost 47% of its equity market value to close at $30.00 per share as rumors emerged that clients were withdrawing capital from the bank. Over the following weekend it emerged that Bear Stearns might prove insolvent and on or around March 15, 2008 the Federal Reserve engineered a deal to prevent a wider systemic crisis from the collapse of Bear Stearns.

On March 16, 2008, after a weekend of intense negotiations between JPMorgan, Bear, and the federal government, JPMorgan Chase announced that it had plans to acquire Bear Stearns in a stock swap worth $2.00 per share or $240 million pending shareholder approval scheduled within 90 days. In the interim, JPMorgan Chase agreed to guarantee all Bear Stearns trades and business process flows. Two days later, on March 18, 2008, JPMorgan Chase formally announced the acquisition of Bear Stearns for $236 million. The stock swap agreement was signed in the late-night hours of March 18, 2008, with JPMorgan agreeing to exchange 0.05473 of each of its shares upon closure of the merger for one Bear share, valuing the Bear shares at $2 each.

On March 24, 2008, after considerable public discontent by Bear Stearns shareholders over the low acquisition price threatened the deal's closure, a revised offer was announced at approximately $10 per share. Under the revised terms, JPMorgan also immediately acquired a 39.5% stake in Bear Stearns (using newly issued shares) at the new offer price and gained a commitment from the board (representing another 10% of the share capital) that its members would vote in favour of the new deal. With sufficient commitments thus in hand to ensure a successful shareholder vote, the merger was completed on June 2, 2008.

Washington Mutual

Main article: Washington Mutual

File:Wamu svg.svg

Washington Mutual logo

On September 25, 2008; JPMorgan Chase bought most of the banking operations of Washington Mutual from the receivership of the FDIC. That night, the Office of Thrift Supervision had seized Washington Mutual Bank and placed it into receivership in by far the largest bank failure in American history. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase & Co for $1.836 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity.

JPMorgan Chase raised $10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual. Through the acquisition, JPMorgan Chase now owns the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company announced plans to complete the rebranding of Washington Mutual branches to Chase by late 2009.

Currently, shareholders are fighting what they consider the illegal seizure of Washington Mutual through such websites as WamuCoup.com, WamuStory.com, and WamuEquity.org, claiming that the OTS acted in an arbitrary and capricious manner and seized the bank for political reasons or for the benefit of JPMorgan Chase, which acquired a large network of branches at what they claim to be an unfairly low price. Shareholders claim that as of the date of the takeover, the bank had enough liquidity to meet all its obligations and was in compliance with the business plan negotiated with the OTS 2 weeks earlier and that the holding company's board and management was kept completely in the dark about the government's negotiations with Chase, hampering the bank's ability to sell itself on its own. Chief executive Alan H. Fishman was flying from New York to Seattle on the day the bank was closed, and eventually received a $7.5 million sign-on bonus and cash severance of $11.6 million after being CEO for 17 days.

Collegiate Funding Services

In 2006, JPMorgan Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.

Other recent acquisitions

On April 7, 2006, JPMorgan Chase announced it would be swapping its corporate trust unit for The Bank of New York Co.'s retail and small business banking network. The swap valued The Bank of New York business at $3.1 billion and JPMorgan's trust unit at $2.8 billion and gives Chase access to 338 additional branches and 700,000 new customers in the New York, New Jersey, and Indiana operations

On March 26, 2008, JPMorgan acquired the UK-based carbon offsetting company ClimateCare.

Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

(merged 2000) Logo used by Chase prior to rebranding and its merger with J.P. Morgan & Co. Chase Manhattan Bank (merged 1995) Chemical Bank (merged 1991) Chemical Bank The Chemical Bank of New York (est. 1823) Manufacturers Hanover (merged 1961) Manufacturers Trust Company (est. 1905) Hanover Bank (est. 1873) Chase Manhattan Bank (merged 1955) Bank of the Manhattan Company (est. 1799) Chase National Bank of the City of New York (est. 1877) J.P. Morgan & Co.  (Formerly: Morgan Guaranty Trust) (merged 1959) Guaranty Trust Company of New York (est. 1866) J.P. Morgan & Co. ("The House of Morgan") (est. 1895) Bank One logo Bank One (acq. 2004) Banc One Corp. (merged 1968) City National Bank & Trust Company Farmers Saving & Trust Company First Chicago NBD (merged 1995) First Chicago logo First Chicago Corp. (est. 1863) NBD Bancorp. (Formerly National Bank of Detroit) (est. 1933)   Louisiana’s First Commerce Corp. Bear Stearns (acq. 2008)    Washington Mutual logo Washington Mutual (acq. 2008)   Washington Mutual (founded 1889)   Providian Financial (acq. 2005)   Great Western Bank (acq. 1997)

Banking subsidiaries

JPMorgan Chase & Co. owns five bank subsidiaries in the United States:

• Chase Bank USA, National Association
• JPMorgan Chase Bank, National Association
• JPMorgan Chase Bank, Dearborn
• J.P. Morgan Trust Company, National Association
• Custodial Trust Company

Offices

Although Chase Manhattan Bank's headquarters were once located at the One Chase Manhattan Plaza building in downtown Manhattan, the current world headquarters for JPMorgan Chase & Co. are located at 270 Park Avenue.

The bulk of North American operations take place in four buildings located adjacent to each other on Park Avenue in New York City: the former Union Carbide Building at 270 Park Avenue, the hub of sales and trading operations, and the original Chemical Bank building at 277 Park Avenue, where most investment banking activity took place. Asset and wealth management groups are located at 245 Park Avenue and 345 Park Avenue. Other groups are located in the former Bear Stearns building at 383 Madison Avenue. Approximately 10,000 employees are located at the McCoy Center, the former Bank One offices at 1111 Polaris Parkway, Columbus, Ohio.

The bank moved some of its operations to the JPMorgan Chase Tower (formerly Texas Commerce Bank Tower) in Houston, when it purchased Texas Commerce Bank. Since merging with Bank One in 2004, retail services (branded as "Chase") are headquartered at The Chase Tower in Chicago.

• 
  JPMorgan Chase Tower at 270 Park Avenue, New York
• 
  Former Bear Stearns headquarters at 383 Madison Avenue, New York
• 277 Park Avenue, New York
  277 Park Avenue, New York
• 
  One Chase Manhattan Plaza, New York
• 
  The Chase Tower, Chicago
• 
  The JPMorgan Chase Tower, Houston

The Card Services division has its headquarters in Wilmington, DE, with Card Services offices in Elgin, IL, Mumbai, India, San Antonio, TX, Springfield, MO, and Frederick, MD. There are also large operations centers in Brooklyn, NY, Rochester, NY, Columbus, OH, Dallas, TX, Fort Worth, TX, Indianapolis, IN, Tampa, FL, Orlando, FL, Louisville, KY, Newark, DE, Phoenix, AZ, Milwaukee, WI, Toronto, Ontario, and Burlington, Ontario. Operations centers in the United Kingdom are located in Bournemouth, Glasgow, London, Liverpool and Swindon of which Bournemouth hosts the European headquarters. There are also backoffice and technology operations offices based in Manila and Cebu, Philippines, and Mumbai and Bangalore, India.

The JPMorgan Investment Bank also maintained a number of high-profile offices around the globe, with the largest concentrations outside the US in London, Tokyo, Hong Kong and Singapore. In August 2008, the bank announced plans to construct a new European headquarters, based at Canary Wharf, London.

Controversy

Legal proceedings

Washington Mutual

On July 07, 2009 Chase was served with the first subpoenas request documents over the behavior of Chase before the destruction of Wamu, particularly concerning share manipulation by shorting and wrong information of the media. http://www.kccllc.net/documents/0812229/0812229090709000000000002.pdf

WorldCom

J. P. Morgan Chase, which helped underwrite $15.4 billion of WorldCom's bonds, agreed in the middle of March 2005 to pay $2 billion; that was 46 percent, or $630 million, more than it would have paid had it accepted an investor offer in May of $1.37 billion. J. P. Morgan was the last big lender to settle. Its payment is the second largest in the case, exceeded only by the $2.6 billion accord reached in Q4 2004 by Citigroup ([2]).

In March 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors ([3]).

Enron

According to a University of California press release, allegations were filed in national court in an attempt to hold stock advisors responsible for poor investment decisions. The suits seek to recover the losses suffered by individual and company clients. Groups claiming JP Morgan Chase stock fraud resulted in loss of investments are the University of California and former Enron employees, among others.

Bernard Madoff

On April 23, 2009, Chase was served with a complaint from MLSMK Investment Company, a Palm Beach, Florida partnership that directly deposited $12.8 million into Bernard Madoff's account between October and early December, 2008. The lawsuit alleges the bank of aiding Madoff's crime by maintaining his checking accounts and trading with his brokerage firm long after the bank realized that he was running a vast fraud. In September, 2008, Morgan Chase began withdrawing $250 million of its own money from the Sentry funds operated by the Fairfield Greenwich Group, a Madoff feeder fund. If the bank had terminated Madoff's accounts then, the plaintiffs would not have lost their money.

Government subsidies and incentives

BBC News reported that JPMorgan Chase struck a deal to receive large incentives and subsidies from the City of New York and the State of New York to ensure that the company does not follow through on threats to leave downtown New York for Connecticut. While there are other companies that have received similar incentives to stay in New York's Downtown after 9/11, BBC News reports that this is the largest deal of its kind to date. A quote from the BBC article:

New York City officials have already paid Goldman Sachs $650m (£330m) to build new offices in Battery Park City. [...] But the paper says that JP Morgan Chase will receive an even better deal, with tax breaks, discounted electric power and rent subsidies worth $100m from city and state authorities. And it says that rent subsidies will amount to $50m per year for 15 years, or $750m. JP Morgan Chase is a huge, and very profitable company.

However, following the acquisition of Bear Stearns, JPMorgan Chase abandoned its relocation plans.

TARP and home foreclosures

The US Treasury Department transferred $25 billion of US funds to JPMorgan Chase on Oct 28 via the Troubled Asset Relief Program (TARP).. This was the fifth largest amount transferred under the United States 2008 bailout bill (TARP) primarily related to USA mortgages.. A main stipulation in TARP was to help troubled assets related to residential mortgages and all obligations as such.

In October 2008 a New York Times reporter was able to access a telephone employees-only conference call with JP Morgan Chase:

"Twenty-five billion dollars is obviously going to help the folks who are struggling more than Chase,” he began. What we do think it will help us (JPMorgan Chase) do is perhaps be a little bit more active on the acquisition side or opportunistic side for some banks who are still struggling. And I would not assume that we are done on the acquisition side just because of the Washington Mutual and Bear Stearns mergers. I think there are going to be some great opportunities for us (JPMorgan Chase) to grow in this environment, and I think we have an opportunity to use that $25 billion in that way and obviously depending on whether recession turns into depression or what happens in the future, you know, we have that as a backstop.

Employees only conference call with JP Morgan Chase

TARP states "Troubled assets" are defined as "(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability" , But a news release issued by JP Morgan Chase noted on December 23, 2008 showed a diversion from TARP.

JPMorgan Chase & Co. is using the TARP funding for the purposes that the government has designated. The company (JP Morgan Chase) is lending to consumers, small businesses, corporations, municipalities and other institutions in a disciplined and responsible manner .

JPMorgan Chase Press Release

Jamie Dimon, JPMorgan chief executive, was quoted the week of February 1, in the face of the US government's lack of enforcement:

JPMorgan would be fine if we stopped talking about the damn nationalization of banks. We've got plenty of capital. To policymakers, I say where were they? … They approved all these banks. Now they're beating up on everyone, saying look at all these mistakes, and we're going to come and fix it.

Jamie Dimon, JPMorgan chief executive

In February 2009, JPMorgan Chase moved forward in using their monetary strength to acquire new businesses by advertising the strength of their capital base . Yet to be determined as to whether these funds were provided by TARP and possibly in direct violation of TARP’s main intent; to help troubled assets related to residential mortgages and all obligations as spelled out in TARP, the US Government as of Feb 2009 had yet to move forward in enforcing TARPs’ intent in funding JP Morgan Chase $25 billion

In January 2009, JPMorgan Chase announced its intent to change the terms of upwards of a trillion dollars-worth of mortgages in an effort to keep them from foreclosure. Jamie Dimon, JPMorgan chief executive, criticized a proposed law that would allow bankruptcy judges to cut the mortgage rates in existing mortgages for borrowers who would otherwise be forced into default. Despite its announcement in January 2009, JPMorgan Chase had continued to process foreclosures on hundreds of thousands of properties. .

In June 2009, JPMorgan Chase repayed $10 billion of TARP money that it received under $700 billion Federal economic stimulus plan.

Accusations of Precious Metal Market Manipulation

When JPMorgan Chase took over Bear Sterns, it inherited massive short positions in silver and gold. It has not liquidated these positions, leading some to believe that they are intentionally manipulating those markets, holding prices down.

Major sponsorships

• Chase Field, Phoenix, Arizona, - Arizona Diamondbacks, MLB.
• Major League Soccer
• Chase Auditorium (formerly Bank One Auditorium) in Chicago is the home of the nationally syndicated NPR program, "Wait Wait... Don't Tell Me!"
• The JPMorgan Chase Corporate Challenge, owned and operated by JPMorgan Chase, is the largest corporate road racing series in the world with over 200,000 participants in 12 cities in six countries on five continents. It has been held annually since 1977 and the races range in size from 4,000 entrants to more than 60,000.
• JPMorgan Chase is said to be finalizing a deal to be the principal sponsor for a New York Yacht Club backed America's Cup challenge.
• JPMorgan Chase is the official sponsor of the US Open.

Notable former employees

Business

• Andrew Crockett - former General Manager of the Bank for International Settlements (1994-2003)
• Pierre Danon - Chairman of eircom
• Dina Dublon - member of the Board of Directors of Microsoft, Accenture and PepsiCo and former Executive Vice President and Chief Financial Officer of JPMorgan Chase.
• Maria Elena Lagomasino - member of the Board of Directors of The Coca-Cola Company and former Chief Executive Officer of JPMorgan Private Bank.
• Thomas W. Lamont - acting head of J.P. Morgan & Co. on Black Tuesday
• Lewis Reford - Canadian political candidate
• Jan Stenbeck - former owner of Investment AB Kinnevik
• David Rockefeller - patriarch of the Rockefeller Family
• Winthrop Aldrich - son of the late Sen. Nelson Aldrich
• Henry S. Morgan - son of J. Pierpont Morgan, co-founder of Morgan Stanley
• Harold Stanley - former JPMorgan partner, co-founder of Morgan Stanley

Politics and public service

• Tony Blair - Prime Minister of the United Kingdom (2007-present)
• William M. Daley - U.S. Secretary of Commerce (1997-2000)
• Michael Forsyth, Baron Forsyth of Drumlean - Secretary of State for Scotland (1995-97)
• Thomas S. Gates, Jr. - U.S. Secretary of Defense (1959-61)
• Rick Lazio - Member of the U.S. House of Representatives (1993-2001)
• Antony Leung - Financial Secretary of Hong Kong (2001-03)
• Frederick Ma - Hong Kong Secretary for Commerce and Economic Development (2007-present)
• Dwight Morrow - U.S. Senator (1930-31)
• Margaret Ng - Member of the Hong Kong Legislative Council
• George P. Shultz - U.S. Secretary of Labor (1969-70), U.S. Secretary of Treasury (1972-74), U.S. Secretary of State (1982-89)

Others

• Douglas Cliggott - economist
• Henry P. Davison - philanthropist
• David Dodd - economist
• Samuel Gottesman - philanthropist
• Corliss Lamont - humanist
• Tarik O'Regan - composer
• Nicholas Pietryga - assistant

See also

• Rockefeller family
• JPMorgan Chase Tower

Index products

• JPMorgan EMBI
• JPMorgan GBI-EM Index

External links

• JPMorgan Chase & Co. website
• California Attorney General's announcement of 2006 settlement with Chase regarding Trilegiant/Affinion marketing fraud, and Text of Settlement Judgement

• Company Profile & News