Business HighlightsReported by MyNorthwest.com on Friday, 13 July 2012 (on July 13, 2012)
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(AP) - ___ JPMorgan traders may have sought to conceal losses NEW YORK (AP) _ JPMorgan Chase said Friday that its traders may have tried to conceal the losses from a soured bet that has embarrassed the bank and cost it almost $6 billion _ far more than its CEO first suggested. The bank said an internal investigation uncovered evidence that led executives to "question the integrity" of the values, or marks, that traders assigned to their trades. JPMorgan also said that it planned to revoke two years worth of pay from some of the senior managers involved in the bad bet, and that it had closed the division of the bank responsible for the mistake. ___ With slower growth, China cant play economic hero BEIJING (AP) _ Chinas economic growth fell to a three-year low, and a potential recovery later this year will probably be too weak to pull the world out of its slump. The worlds second-largest economy grew by 7.6 percent over a year earlier in the three months ending in June, its slowest since early 2009 during the global crisis, data showed Friday. Analysts pointed to strong bank lending as a sign of a possible recovery in the second half, but slower growth in retail sales and factory output left them uncertain how fast or how vigorously the economy will improve. ___ NY Fed told of interest rate manipulation in `07 WASHINGTON (AP) _ The Federal Reserve Bank of New York released documents Friday that show it learned five years ago of big banks understating their borrowing costs to manipulate a key interest rate. The documents also show Treasury Secretary Timothy Geithner, who was then president of the New York Fed, urged the Bank of England to make the rate-setting process more transparent. A congressional panel requested the documents and is investigating manipulation of the London interbank offered rate (LIBOR) rate, which affects the interest paid on loans. The process for setting LIBOR has come under scrutiny since Britains Barclays bank admitted two weeks ago that it had submitted false information to keep the rate low.
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