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JP Morgan (NYSE:JPM) and its London-based ‘Whale’ trader will probably hold the can for jeopardizing banks’ efforts to dilute or stall new legislation that would restrict their operations and possibly hurt profits. News of the Whale trade, which cost JP Morgan about $6 million in losses, reinforced views in Washington that banks needed to be more closely regulated, says the Wall Street Journal. Before news of the loss emerged, banks were seen to successfully lobbying against the proposed new laws, but “then the London whale blew all of that out of the water,” says Michael Greenberger, finance professor at the University of Maryland.
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Delay in arriving at an interim agreement on wages, working conditions and terms to protect pilot seniority may result in the merger proposed between US Airways (NYSE:LCC) and AMR Corp (NYSE:AAMRQ) to not occur during the latter’s bankruptcy, says the American Airlines pilot union, according to Bloomberg.
A report in Digitimes quoting component makers says Intel (NASDAQ:INTC) will join hands with Hewlett-Packard (NYSE:HPQ), Lenovo, Quanta Computer and Compal Electronics to launch Smart TVs in 2013. According to the sources, Intel’s effort will include a user interface along with voice, gesture, and face recognition systems, thus going beyond the simple marriage of a TV with inbuilt PC functionality.
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