Bloomberg-
Joshua Rosner, co-author of a book detailing Fannie Mae’s role in the housing crisis, said he sees parallels between the failed mortgage-finance giant and the strategies JPMorgan Chase & Co. (JPM) uses to win government and investor confidence.
JPMorgan, like Fannie Mae before its collapse in 2008, has a reputation among industry executives and analysts for being the best managed among its competitors, yet the bank still faces more regulatory and legal actions unrelated to mortgages than most of its rivals, Rosner, a 46-year-old analyst at Graham Fisher & Co. in New York, wrote yesterday in a 45-page note titled “JPMorgan Chase: Out of Control.”
“JPM appears to have taken a page out of the Fannie Mae playbook,” Rosner wrote, referring to the New York-based company by its stock ticker. Fannie Mae “perfected the art of cozying up to elected officials, dominating trade associations, employing political heavyweights and their former staffers and creating the image of American flag-waving, apple-pie-eating, good corporate citizen.”
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image: Reckless Endangerment