The London Whale

London cabs will promote Philadelphia

Thats a lot of money until you remember that it didnt stop the bank from earning a record profit of $21.3 billion . The pain came elsewhere: Two former traders face criminal charges, the bank admitted violating securities laws and agreed to pay fines of more than $1 billion, a U.S. Senate subcommittee wrote a scathing report and the banks chief executive, Jamie Dimon, took a pay cut .The London Whale case has drawn a bigger reaction than other missteps by banks since the 2008 financial crisis, partly because of Dimons previous rock-star status. More importantly, it raised a worrisome question: What if the banks are still addicted to risk? Related Articles The Situation Source: JPMorgan Chase & Co. Neither the Whale himself, Bruno Iksil, nor any senior managers were charged. (Iksil is cooperating with prosecutors.) The August indictments were against Iksils former boss and a junior trader, and the charges werent about the trades themselves U.S. prosecutors say the pair committed securities fraud by hiding the true extent of losses from bank management. Lawyers for both men, who remain in Europe, say theyre innocent . A trial is on hold while prosecutors seek to have them extradited to New York. For his part, Dimon was criticized in the Senate report, which said the bank misled investors and dodged regulators as losses mounted. The adulation he had earned for steering the biggestU.S. lender through the financial crisis gave way for a time to questions about his management.But aside from the pay cut he emerged unscathed, as a shareholder effort to strip him of his chairmans title fell short.

Email | Twitter | Google+ | LinkedIn London cabs are bearing advertising promoting Philadelphia. The campaign launched this week by the city, the airport and the Philadelphia Convention & Visitors Bureau is promoting Philadelphia as a destination for trade, conventions and leisure travel. Next month Mayor Michael Nutter will take a trade mission to London and Tel Aviv, Israel. In London, hell attend the World Travel Market trade show, where some 47,000 travel professionals are expected. Philadelphia will have a group at the London show, including Jack Ferguson , president and CEO of the Philadelphia Convention & Visitors Bureau. The delegation will host an event for airline executives, urging them to add international flights to Philadelphia International Airport a move that could net business and leisure travelers. Through these relationships, we will attract new international travelers, students, investment and trade opportunities for Philadelphia businesses, and create new jobs for Philadelphians, Nutter said. Nutter and Ferguson will attend the World Travel Markets ministerial dinner on Nov. 5. It will include tourism ministers from around the world. The magnitude of this mission is powerful with so many partners from various business sectors coming together to promote our great city as a hub for trade, travel, education and innovation, while positioning Philadelphia a world-class destination, Ferguson said. As part of the promotional effort, 11 London taxis have been wrapped with Philadelpia messaging and images, which will also appear on interior headrests and taxi receipts.