Graham Fisher Sees Parallels to Fannie Mae in JPMorgan - Gf&Co Executive Summary: JPM - Out of Control

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Graham Fisher Sees Parallels to Fannie Mae in JPMorgan

Graham Fisher Sees Parallels to Fannie Mae in JPMorgan

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.”

[BLOOMBERG]

[ipaper docId=130290952 access_key=key-la5wuq2j4jgwn6frgzh height=600 width=600 /]

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One Response to “Graham Fisher Sees Parallels to Fannie Mae in JPMorgan”

  1. Sarah says:

    Compelling Josh, I imagine those 45 pages might be single spaced. When corporate typists revise history it’s important for them to establish sides in their feeble narration. It’s key to sooth the reader into an enhanced version of “the Government” made them do it. So it was the ‘Fannie motivation’ that drew JP Morgan around the bend. Rather then thieves meeting via a mutually agreed to whore-house. The efforts in propaganda must pay off indirectly to the “research” these companies provide.

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