JP Morgan Great PR Stunts through Social Media - Twitter

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'What's it like working with Mexican drug cartels?' Banking giant JPMorgan cancels Twitter Q&A after thousands of abusive tweets

• Firm had planned public relations stunt with senior executive Jimmy Lee
• But it decided to cancel session after deluge of insults from angry users
• One said: 'Is it true that, while you don't always spit on poor people, when you do, you have perfect aim?'
• Another drew picture making reference to 'London whale' trading scandal
• Bank faces $13bn for its role in credit crunch that caused global slump

By Simon Tomlinson

PUBLISHED: 11:03 GMT, 14 November 2013 | UPDATED: 11:05 GMT, 14 November 2013

Banking giant JPMorgan Chase was forced into a humiliating climbdown over its plans to hold a question-and-answer session on Twitter today after receiving a barrage of abusive tweets.

The bank had arranged an event where top executive Jimmy Lee would field questions from users in what it hoped would be a positive public relations stunt.

But the company said it had scrapped the session after being flooded with insults, confirming the decision with the matter-of-fact tweet: 'Tomorrow's Q&A is cancelled. Bad Idea. Back to the drawing board.'


Read more: http://www.dailymail.co.uk/news/article-2507113/JPMorgan-forced-cancel-Twitter-Q-A-barrage-abuse.html

http://www.dailymail.co.uk/news/art...-Twitter-Q-A-barrage-abuse.html#ixzz2kgmDrJKQ

 

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Monday, November 4, 2013
Jamie Dimon, the Lance Armstrong of Finance

I’m sure some readers will protest that comparing Jamie Dimon to Lance Armstrong is unfair. After all, Dimon is better looking than Armstrong. But this post will demonstrate that the big reason that Armstong’s reputation has crashed while Dimon’s remains largely intact is first, that bank CEOs have a powerful and largely compliant messaging apparatus in the financial media and second, that we hold sports stars to much higher standards than titans of finance and commerce.

Denial of Performance Enhancement and Exaggeration

Let’s look at the main claims Dimon and his fans make for Dimon’s performance:

Myth 1: JP Morgan Didn’t Need a Bailout. This clip is from the horse’s mouth:

You can see here how Dimon’s response does not address Merkley’s points, of the benefit that JP Morgan received from the Fed dropping rates to the floor and from the AIG rescue. Dimon gives a misleading reply by redefining bailout and assistance to mean TARP only and to claim that the value that JP Morgan derived from the rescue of AIG was limited to its direct exposure.

The real picture is actually much worse that Merkley presents. Most people, and that includes most financial writers and reporter, are ignorant of the risks that JP Morgan runs being one of the two clearing banks for US repo transactions (the other is Bank of New York Mellon). Repo is the major way that securities dealers (which included the trading operations of commercial banks like Citigroup) fund themselves. Net repo borrowing accounted for 30% to 40% of broker/dealer funding in the years before the crisis, and even with banks and dealers being urged to rely more on more stable sources of funding (and super-low interest rates allowing them to sell bonds cheaply), net repo continues to be a significant source of their financing. JP Morgan also acts as a clearing bank for derivatives transactions.

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With all of the foregoing, it’s simply appalling to see the media depict Dimon as some sort of victim. The bank appears to be pulling in all its media chips precisely because it is in so much hot water. But Lance Armstrong demonstrates how long the media will defend or ignore the conduct of a useful high profile figure. Dimon clearly assumes he’s even more deeply in the too big to fail category for anything other than a criminal case to put his reign at risk, and if he wins the public relations war, the Administration won’t dare to go after him. Sadly, that is likely to prove to be correct.

Read more at Jamie Dimon, the Lance Armstrong of Finance « naked capitalism

 

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'Can I have my house back?' JPMorgan cancels Twitter Q&A after receiving 'offensive' questions

Published time: November 14, 2013 23:54
Edited time: November 15, 2013 01:13

AFP Photo / Timothy A. Clary / Files

JPMorgan canceled a question-and-answer session on Twitter Wednesday after receiving a barrage of critical questions skewering the multinational banking company for legal problems, foreclosure practices, and other ethical transgressions.


Starting at least since last week, JPMorgan, the investment and services portion of financial behemoth JPMorgan Chase & Co, asked followers and others on Twitter to send questions about the bank’s operations for veteran investment banker and company vice chairman Jimmy Lee using the hashtag #AskJPM ahead of the planned Thursday session.

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'Can I have my house back?' JPMorgan cancels Twitter Q&A after receiving 'offensive' questions — RT USA