May 13 (Bloomberg) — Kenneth Langone, founder and chief executive officer of Invemed Associates Inc. and a co-founder of Home Depot Inc., talks about a shareholder proposal to separate Jamie Dimon’s chairman and chief executive officer roles at JPMorgan Chase & Co. He speaks with Betty Liu and Jonathan Weil on Bloomberg Television’s “In the Loop.” 'Get ValueWalk's Daily Edition By Email and Never Miss Our Top Stories'
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The embattled CIO unit at JPMorgan Chase & Co. (NYSE:JPM) which was rocked hard last year by major losses from the “London Whale” saga hasn’t missed on all of their trades. A close look at their holdings in their $360bil plus available for sale (AFS) portfolio reveals pretty substantial bets on UK & Dutch RMBS. As of year end 2012, JPMorgan Chase & Co. (NYSE:JPM) held over $70bil in non-US non-agency MBS bonds. This is...
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Bloomberg has hired former International Business Machines Corp. (NYSE:IBM) CEO Samuel Palmisano in an independent advisory position to deal with the company’s burgeoning privacy problems. Last week it became clear that investment banks were worried about using Bloomberg Terminals as they believe that the company’s journalists used terminal data to inform their reporting on the London Whale scandal. In a piece that appeared on Reuters earlier today, Jennifer Saba reported the new hire at the...
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The Dow Jones Industrial Average (Dow Jones Indices: .DJI) sits above 15,000, an all-time high. But don’t be fooled, this doesn’t mean that stocks are expensive. I understand that it seems logical to assume that if the Dow Jones industrial average, what many believe to be the bellwether index of the stock market, is at an all-time high, then it must simultaneously be overvalued. Herein is the danger of relying on headlines and simple...
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Rafferty Capital bank analyst Dick Bove spoke with FOX Business Network (FBN) about whether JPMorgan Chase Chairman and CEO Jamie Dimon will leave the bank if shareholders vote to split the chairman and CEO roles. Bove said if shareholders vote to remove Dimon as chairman it would prompt Dimon’s exit and that “if he loses the vote, the vote of confidence would be with the government… In reality, this is no longer a corporate...
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JPMorgan Chase & Co. (NYSE:JPM) shareholder T. Rowe Price Associates Inc. says it plans to vote against splitting the CEO and chairman roles, according to The Wall Street Journal. If the two roles are split, current CEO and chairman Jamie Dimon would be pushed out of the chairman role at the bank. The firm is the bank’s sixth biggest shareholder and owns a little over 2 percent of the company. T. Rowe Price released...
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John Chambers, Chairman and Chief Executive Officer of the biggest maker of networking equipment Cisco Systems, Inc (NASDAQ:CSCO) said his successor probably won’t immediately hold both roles. In his television interview with Bloomberg Television’s “In The Loop” with Betty Liu, John Chambers outlined his plans to step down, the company’s succession plan and how the CEO and Chairman roles would be handled with his successor. He indicated that it would be appropriate to split...
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JPMorgan Chase & Co. (NYSE:JPM) sent a formal demand letter to Bloomberg requesting data on all staff members since 2008, who have used its terminals to track activities of the bank’s Bloomberg subscribers. In its letter sent this week, the largest U.S. bank is seeking logs for five years of what precisely Bloomberg journalists accessed concerning the use of terminals by JPMorgan Chase & Co. (NYSE:JPM) employees. JPMorgan Chase & Co. (NYSE:JPM) is one of the...
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Billionaire investor, George Soros’ latest 13F filing with the Securities and Exchange Commission (SEC) showed that market value of his hedge fund was $8,560, 747, 477 for the first quarter of 2013. New Stockholdings During the period, Soros Fund Management’s purchased 88 new equities and some of its significant stock acquisitions include Brocade Communications Systems, Inc. (NASDAQ:BRCD), BMC Software, Inc. (NASDAQ:BMC), MeadWestvaco Corp. (NYSE:MWV), Red Hat Inc (NYSE:RHT), and Akamai Technologies, Inc. (NASDAQ:AKAM). Soros...
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Odey Asset Management Group, the investment management firm founded by Crispin Odey, reported in its 13F filing with the Securities and Exchange Commission (SEC) that the market value of its portfolio increased to $2,890,429,763 in the first quarter of 2013. During the previous quarter, the amount of its total stockholdings was $1,708,063,826. During the March quarter, Odey Asset Management purchased 23 new stocks, boosted its stake in 30 companies, reduced its stockholdings in 11...
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Elliott Management Corp has filed its 13f for the first three months of 2013. The company showed an increase to $3,259,501,418 from $4,786,409,478 in its 13F portfolio in the period. It was a reasonably active period for Paul Singer’s fund. The firm bought into 21 new positions and sold out of 13 in the opening three months of 2013. The full SEC filing can be found at this link. Elliott Management’s Top Ten Holdings...
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