Jpmorgan Chase Will Pay $920 Million To Settle ‘london Whale’ Probes

London Fashion Week Closes After Flurry of Shows

Maybe it’s my passion for music, especially the 60s British Invasion and late 70s/early 80s punk that has always rocked my world. I love that a place so royal, regal and right could birth the most rebellious trends with such long-lasting impact on global pop culture, whether it be the Beatles, Clash, Sex Pistols or Vivienne Westwood. I guess one shouldn’t be too surprised that restraint leads to resistance and revolt. The Catholic schools always produced the wildest kids, at least where I lived. When things get tough, the tough get…creative. And then there’s the perpetual drizzle and grey and fog that hangs around like that negative friend you can’t shake. It pisses people off. And so the colors come aggressively: bright reds and pinks, plaids, neons, prints. Coincidentally, I have just moved to the “London” of San Francisco, up in Golden Gate Heights, a very foggy part of the city. And damn if it hasn’t made me want more color around me. And so with this all close to my heart, I devour all that London Fashion Week has to offer.

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JPMorgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses, George S. Canellos, co-director of enforcement for the U.S. Securities and Exchange Commission , said in a statement. While grappling with how to fix its internal control breakdowns, JPMorgans senior management broke a cardinal rule of corporate governance and deprived its board of critical information it needed to fully assess the companys problems and determine whether accurate and reliable information was being disclosed to investors and regulators. Thomas Curry, the Comptroller of the Currency, said the penalties and JPMorgan’s losses should “serve as important reminders to all bankers of the importance of prudent controls, strong governance and effective risk management.” The U.S. Office of the Comptroller of the Currency assessed the largest penalties among the regulators: $300 million. Under the broad settlement, the Federal Reserve and the SEC will each get $200 million, while the British Financial Conduct Authority will get $220 million. The penalties mark the latest chapter in the “Whale” saga that has bedeviled JPMorgan for more than a year. The episode stunned Wall Street when it came to light last year. JPMorgan had a reputation for strong management, and the bank survived the financial crisis virtually unscathed. In addition to congressional and regulatory probes, the fiasco sparked a criminal investigation; federal prosecutors have charged two of the bank’s former employees. In a statement, JPMorgan said the bank has cooperated extensively with the investigations. “We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them,” Jamie Dimon , JPMorgan’s chairman and chief executive, said in a statement. “We will continue to strive towards being considered the best bank — across all measures — not only by our shareholders and customers, but also by our regulators. Since these losses occurred, we have made numerous changes that have made us a stronger, smarter, better company.” JPMorgan’s stock fell in early trading.

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Although London is known for being the most eclectic and unpredictable of the fashion capitals, there were a few themes that emerged from the dozens of runways. Romance was in the air for many designers, with many catwalks awash in pretty pastels, petal appliques and floral prints and embellishments. All shades of pink were popular. Temperley London went for the kind of classic old Hollywood glamor it relishes, with grand silk ball gowns and matching opera coats in shades of rose, powdery carnation pink, and rich fuchsias, while at Burberry feminine sheer lace pencil dresses in sugary pastels were worn with soft cashmere sweaters and coats for a sophisticated and sexy look. Preen chose to feature a bright neon pink, which appeared on plastic and rubberized dresses and raincoats. Volume was big, too, with many trapeze shapes and floor-sweeping gowns and wide-leg trousers seen at shows including Mulberry and Erdem. This being London, many designers were impossible to fit into any talk of trends. Vivienne Westwood produced a collection featuring her signature draped dresses and tailored separates, though those designs were sidelined by a modern dance performance with an environmentalist message by model Lily Cole. Christopher Kane, known for his quirky and imaginative designs, showed futuristic dresses that looked like they could be Star Trek costumes and floral prints that looked like biology text book illustrations. Bay Garnett, a stylist for British Vogue, said that Kane and Meadham Kirchhoff, which showed Tuesday, stood out as two of her highlights of the week because they were so creative.”It’s so imaginative. It’s the kind of eclecticism, the kind of spirit of Britishness, I think,” she said. Asked which looks she expected to see copied in shops in spring, she said: “I haven’t gotten that far yet. I’m just looking around and taking in the ideas.” Many in attendance must be thinking the same, as they pack up and head for two more weeks of preview shows in Milan and Paris.