Scoping | 07.02.09

• JPMorgan Earnings Soar as It Finds Profit in Slump – “Even as it weathers the worst economic downturn in decades, JPMorgan Chase on Thursday announced a $2.7 billion second-quarter profit from stellar trading and investment banking results.” BO-NUS! BO-NUS! BO-NUS! [New York Times]
• U.S. Regulators to BofA: Obey or Else – “Bank of America Corp. is operating under a secret regulatory sanction that requires it to overhaul its board and address perceived problems with risk and liquidity management, according to people familiar with the situation.” Obviously the FDIC’s idea of double-secret probation. [WSJ]
• Citi close to secret deal with regulator – Wow! What a co-inky-dink! Citi is on double-secret probation too! [FT.com]

Waiting for Madoff, Angry Crowd Is Disappointed – Apparently, everyone was hoping for a lynching in Union Square. 150 years is so unsatisfying. [New York Times]

Madoff Faces Harsher Imprisonment Than Corporate Predecessors [Bloomberg]

Deficit forces California to issue IOUs – Still as good as cash, right? [FT.com]

UBS Selling Park Ave. Stake [New York Post]

State Street may face SEC charges over mortgages – “The Boston-based company said on Monday that Securities and Exchange Commission staff issued a ‘Wells’ notice to its banking unit on June 25 related to disclosures and management by State Street Global Advisors of “active” fixed-income strategies in 2007 and in prior periods.” [Reuters]

UBS Said to Seek U.S. Tax Deal in Weeks – “With a payment of 3 billion to 5 billion Swiss francs, UBS hopes in the next two weeks to settle a lawsuit over the tens of thousands of American clients suspected of tax evasion, the Swiss newspaper Sonntag reported. Analysts on Monday, however, questioned the figure.” [DealBook/NYT]
A Unified Bank Regulator Is a Good Start – Penned by rock star CEO, Jamie Dimon [WSJ]