Financial Business Review: JPMorgan ERASES Share Loss, Blackstone Gets SEC SUBPOENA

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JPMorgan Chase & Co. (NYSE:JPM) shares have now erased the decline of as much as 24 percent that resulted from the firm’s famous multibillion-dollar trading loss. On Thursday, the shares rose by 3.7 percent to $41.40, passing the $40.74 May 10th closing price when a trading loss of approximately $2 billion (then) was announced. The total amount of the loss this year currently stands at $5.8 billion, according to Bloomberg.

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The Securities and Exchange Commission has sent subpoenas to investment firms which were present at a meeting in July 2008 that inquired as to whether the attendees traded on the information that the then-Treasury Secretary Henry Paulson shared, according to the Wall Street Journal. The pertinent information now includes a possible suggestion on Paulson’s part that the government was willing to rescue Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB). The meeting participants included GSO, which is now part of The Blackstone Group L.P. (NYSE:BX), and Taconic.

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