This morning, all of the major stock indexes around the world are trading lower. The catalyst for the decline comes as JP Morgan Chase & Co (NYSE:JPM) reports a $ 2 billion trading loss caused by the a trader known as the “London Whale.” Traders are now wondering if other firms have similar trading losses out there. Just last week, Prudential Financial Inc (NYSE:PRU) plummeted after reporting earnings. The company sited a large derivative trading loss as the reason for the poor earnings results. This news from JPM is now the second report by a major firm that has admittedly taken a large loss from derivative trading. JPM has been one of the most outspoken firms against the controversial Volker Rule which would eliminate banks from proprietary trading. Other leading financial equities such as Goldman Sachs Group Inc (NYSE:GS), Morgan Stanley (NYSE:MS), ProShares UltraShort Financials (ETF) (NYSEARCA:SKF) and BlackRock, Inc (NYSE:BLK) are all likely to be very volatile today.
Complete video at: fora.tv Calling out weaknesses to money market funds and underlying structural problems with equity markets, SEC Chairman Mary Schapiro laid out her main concerns about global financial markets at a breakfast sponsored by The Christian Science Monitor in Washington, DC —– On Wednesday, February 22, Mary Schapiro, Chairman of the SEC, joined the Monitor Breakfast for a conversation with reporters. Mary L. Schapiro is the 29th chairman of the US Securities and Exchange Commission (SEC). She is the immediate past chairman and CEO of the Financial Industry Regulatory Authority (FINRA), the securities industry self-regulatory organization for broker-dealers and exchanges in the United States, and served in various roles as a financial services regulator in the administrations of Bill Clinton, George HW Bush, and Ronald Reagan. She is the first woman to chair the SEC. In 2009, Forbes ranked her the 56th most powerful woman in the world.
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Morgan Stanley upgraded Hartford Financial Services Group (NYSE:HIG) to overweight from equal-weight andmaintained its price target. The bank sees 2011 EPS of .94, down from .20 per share, and 2012 EPS of .35, down from .40 per share. Hartford Financial Services has potential upside of 52.7% based on a current price of .52 and an average consensus analyst price target of .75.
www.connecticutstyle.tv – Jim Ian from Barnum Financial Group talks about the value of systematic savings. He discusses the importance of creating and maintaining a budget. Finally, he reveals how to minimize taxes to maximize long term growth.
www.connecticutstyle.tv – September is life insurance awareness month. Barnum Financial Group discusses the importance and gives some helpful advice about life insurance.
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