According to Bloomberg,
JPMorgan Chase & Co., the target of at least eight Justice Department investigations, was mocked and taunted by Twitter users after asking followers to send questions to an executive using the hashtag #AskJPM.
JPMorgan Headquarters (Bloomberg)
The online forum, which the bank canceled late yesterday, was intended in part to give college students an opportunity to communicate directly with a senior executive, said Brian Marchiony, a spokesman for the New York-based company.
“#Badidea! Back to the drawing board,” the bank posted less than six hours after its original post, which drew more than 6,000 responses from users in that span, according to social media tracking service Topsy.
The “Snarkpocalypse,” as @ReformedBroker dubbed it, started after the bank’s official Twitter account posted a call for questions at 1:26 p.m. in New York for investment bank Vice Chairman James Lee, using #AskJPM.
JPMorgan, the biggest U.S. bank, faces criminal probes including one into possible bribery in Asia and another examining its relationship with Ponzi scheme operator Bernard Madoff. The firm also has been negotiating an agreement with the U.S. to resolve multiple mortgage-bond probes, and two ex-employees were indicted for allegedly trying to cover up a record trading loss last year.
JPMorgan’s call for questions provoked jeers from Twitter users, who responded with sarcastic posts about the bank’s mounting legal woes.
“Can I have my house back?” @AdamColeman4 posted. “Is it true ‘JPM stands for ‘Just Pay More’?’’ asked @SconsetCapital.
Posted in Events, Finance, JPMorgan, New York, U.S.
Tagged Bernard Madoff, Chairman, JPMorgan Chase, New York, New York City, Ponzi scheme, twitter, United States Department of Justice
U.S. Stocks Fall as GDP Fuels Stimulus Concern; Twitter Soars (Bloomberg)
According to Bloomberg, U.S. stocks fell, dragging the Standard & Poor’s 500 Index to its biggest loss in two months, as speculation the Federal Reserve may scale back stimulus amid faster-than-estimated economic growth overshadowed a move by the European Central Bank to cut a key interest rate.
Twitter Inc., which raised $1.82 billion in its initial public offering, rallied 73 percent in its debut. Qualcomm Inc. dropped 3.8 percent after the largest maker of smartphone chips predicted quarterly sales that missed analysts’ estimates. Whole Foods Market Inc. slumped 11 percent after cutting its profit forecast. J.C. Penney Co. jumped 5.6 percent after posting its first rise in monthly same-store sales in two years.
The S&P 500 fell 1.3 percent, the most since Aug. 27, to 1,747.15 at 4 p.m. in New York. The Dow Jones Industrial Average (INDU) slid 152.90 points, or 1 percent, to 15,593.98. The Nasdaq Composite Index dropped 1.9 percent for the biggest decline in a month. About 7.6 billion shares changed hands on U.S. exchanges, the busiest trading since Sept. 20.
“The market will be volatile,” Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co. in Bryn Mawr, Pennsylvania, said in a phone interview. His firm oversees about $7 billion. “You had some good economic news today and we’ll see what the payrolls numbers are tomorrow. The fear is that with better-than-expected economic numbers, tapering will commence sooner rather than later.”
The Dow climbed to a record yesterday and the S&P 500 (SPX) closed at a one-week high as Fed officials said economic weakness warrants continued stimulus from the central bank. The broad gauge of American equities has rallied 23 percent this year, challenging 2009 for the best annual gain in a decade, as corporate earnings beat estimates and the central bank kept interest rates low to spur economic growth.
For a half-hour on Friday afternoon, the eyes of Wall Street were not on the usual fixations, like the fiscal talks in Washington, or Apple’s earnings or a potential takeover of Dell.
Instead, they were turned to the cable channel CNBC, watching verbal fisticuffs that could rival anything on reality TV, a spat between two hedge fund magnates with a decade-long grudge against each other.
Nominally, the two titans, Carl C. Icahn and William A. Ackman, called into CNBC to discuss their contrasting views on Herbalife, a nutritional supplements company. Instead, they slung invective back and forth in a fight that riveted traders and Twitter alike.
How sophisticated was the debate?
“He’s like a crybaby in the schoolyard,” Mr. Icahn thundered in his thick Queens accent. He later declared that his foe was “the quintessential example that if you want a friend on Wall Street, get a dog.”
“This is not an honest guy who keeps his word,” Mr. Ackman later shot back. “This is a guy who takes advantage of little people.”
Posted in Economy, Finance, Hedge Funds, Uncategorized
Tagged Carl C. Icahn, Dell, hedge fund, Hedge Fund Happy Hour, Herbalife, or Apple, twitter, Wall Street, Washington, William A. Ackman