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“A little girl, mistletoe, and destroying capitalism” by Jon Rappoport

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“A little girl, mistletoe, and destroying capitalism” by Jon Rappoport

Sallie Krawcheck on JPMorgan’s Billions in Fines: “A Real Cost of Doing Business”

Sallie Krawcheck on JPMorgan’s Billions in Fines: “A Real Cost of Doing Business”
http://currenteconomictrendsandnews.com/wp-content/uploads/2013/10/e7518__p-89EKCgBk8MZdE.gif

Last Wednesday was the annual Rocktoberfest event in New York City, featuring live musical performances from several financial services industry professionals. The event was to benefit A Leg to Stand On, a non-profit organization that provides free orthopedic care – including prosthetic limbs and corrective surgery – to children in the developing world.

Yahoo Finance was a media sponsor of Rocktoberfest this year and kicked off the event with a VIP Roundtable that included Sallie Krawcheck, owner of 85 Broads and former president of wealth management at Bank of America Merrill Lynch.

Related: JPMorgan “Just the First Domino”: Bill Cohan

In the wake of all the controversy surrounding JPMorgan (JPM) – the Jamie Dimon-led bank agreed on Friday to pay more than $ 5 billion to Fannie Mae and Freddie Mac over charges it misled the housing giants over mortgage-backed securities – roundtable emcee and Daily Ticker anchor Aaron Task asked Krawcheck whether the fines were an example of justice delayed or regulatory overreach?

“The truth is, it’s a real cost of doing business,” Krawcheck says. “We always tend to, as analysts, [say] ‘well that’s a one-time charge. Right, so put that aside.’ That’s not a one-time charge. That’s a tax against the high earnings of some years ago. That is a real cost of doing business overall.”

Krawcheck pointed out during the roundtable that she, of course, hasn’t been a research analyst for awhile but sometime just can’t resist diving into an earnings statement.

Watch the video above to see what Krawcheck thinks is currently going on with banks like JPMorgan and how Wall Street currently judges their return-on-equity (ROE).

Related: Jamie Dimon: Still ‘Last Man Standing’ But Knocked Down a Few Pegs

Over the past year Krawcheck took over the global women’s network 85 Broads. Here’s part of their mission statement:

We think women are awesome. And we know economic engagement of the women leads to great things. We are a professional women’s network that provides in-person events, on-line educational opportunities and access to business leaders and peers. Because networking is the number 1 unwritten rule of success in business, and everyone benefits when women are more successful.

To find out more about 85 Broads click here.

Related: Sallie Krawcheck: Big Banks Still Don’t Have Enough Capital

Yahoo Finance: The Daily Ticker

Read more about Sallie Krawcheck on JPMorgan’s Billions in Fines: “A Real Cost of Doing Business” and other interesting subjects concerning Commentary at TheDailyNewsReport.com

Listicles Dept: http://www.hollywoodreporter.com/lists/hollywood-reporters-20-influential-chefs-559184/group/H%20-%20N">The Hollywood Reporter has released a...

Eater National

Listicles Dept: http://www.hollywoodreporter.com/lists/hollywood-reporters-20-influential-chefs-559184/group/H%20-%20N">The Hollywood Reporter has released a...

Op-Docs: ‘A Long Ride Toward a New China’

By Stephen Maing

A Long Ride Toward a New China: Every summer, the blogger “Tiger Temple” bikes around China to report on rural news stories censored by state-run media.

Every summer, the 59-year-old Chinese blogger Zhang Shihe rides his bicycle thousands of miles to the plateaus, deserts and hinterlands of North Central China. In this Op-Doc video, we meet Mr. Zhang, known to his many followers online as “Tiger Temple,” as he goes to great lengths to document the stories of struggling rural villagers whose voices are seldom heard in China’s state-monitored media.

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In a country with one of the most sophisticated media and Internet censorship systems, Mr. Zhang and other bloggers must exercise great caution when writing about politically sensitive content — often skirting the label “citizen reporter.” But as Mr. Zhang told me during filming: “If they want to get you, they can find a way. Not even a wise man can be wise all the time.”

In 2010, he was taken by the police and put under house arrest for 10 days, during the country’s annual parliamentary meetings. News spread quickly. That day he received more than 2,000 text messages — good wishes poured in from concerned friends and readers who supported his efforts to help flooded villagers, defrauded farmers and the Beijing homeless. On this day, he said, he “felt the true power of the Internet.”

In 2012, Mr. Zhang was forced by the police to pack up his Beijing apartment and leave the city indefinitely. He now lives and blogs in the city of Xi’an with his elderly mother. As the summer months near, he prepares to set off on his seventh year of grueling bicycle trips deep into the countryside to continue his reporting.

When I asked Mr. Zhang why he continued his work, despite the persistent risks and challenges, he replied: “My blog is about hope. Having hope one story at a time.”

Stephen Maing is a filmmaker based in New York City. This Op-Doc expands on themes explored in his recent feature-length documentary “High Tech, Low Life,” which made its debut at the 2012 Tribeca Film Festival and will have its television premiere this summer on the PBS series “POV.”

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Op-Docs: ‘A Long Ride Toward a New China’