Business

Jun 4, 2018

What happens when the masters of the financial universe turn on each other

JPMorgan is reported to have received immunity in exchange for turning on ANZ. That's worth some examination.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

The very male bonhomie of the Australian investment banking class has been shattered by the Australian Competition and Consumer Commission’s (ACCC) criminal cartel charges to be filed against ANZ, Deutsche Bank and Citigroup (as soon as Tuesday).

In fact, it would be fair to say that nothing has driven a wedge through the masters of the Australian financial universe as much as one of the class -- JPMorgan, the local arm of the US giant -- turning tail and dobbing them in. This development runs all the way to the New York headquarters of Citi and JPMorgan and the US operations of Deutsche (which is the world’s weakest "bulge bracket" bank at the moment).

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5 comments

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5 thoughts on “What happens when the masters of the financial universe turn on each other

  1. Peter Wileman

    Well, if the CBA fine is anything to go on, even this government should be able to balance the budget with the windfall income they will be receiving.

  2. AR

    Government revenue by financial industry malfeasance – love it!

  3. 1984AUS

    Turnbull has investments in JP Morgan.

  4. 1984AUS

    According to the Financial Review, transaction fees for .. the NSW power grid were a ‘massive’ $134 million:

    ‘Banking sources place the fees for their advisers JP Morgan and Royal Bank of Canada at about $20 million. Each. Plus a cut of the debt and equity fees. Sweet Mary! As for the government’s advisers UBS and Deutsche Bank, disclosure on the NSW tender website “estimated” they would each earn $17.5 million for their work …’

    Three of these recipients – JP Morgan, [Turnbull investments] Deutsche Bank [Baird, Frydenberg, Whish Wilson all ex Deutsche] and UBS [John Fraser, appointed secretary to the Treasury in January 2015, gave up his posts as chairman of UBS Global Asset Management, UBS Saudi Arabia and UBS Grocon Real Estate] – have been generous donors to the NSW Liberal Party.

    An inquiry must determine why so many beneficiaries reaped such huge ‘rewards’ from the public purse.

    https://independentaustralia.net/politics/politics-display/corruption-and-incompetence-flourish-under-turnbull,8430

  5. 1984AUS

    “That shortfall was how Kerry Packer briefly gained control of just on 10% of the bank’s shares.”

    The vulture family, good friends of Turnbull.

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