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Jpmorgan Chase London Whale E: Supervisory Oversight, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

As a diversified financial service provider and the largest United States bank holding company, JPMorgan Chase (JPM) is supervised by multiple regulatory agencies. JPM’s commercial bank subsidiaries hold a national charter and therefore are regulated by the Office of the Comptroller of the Currency (OCC). Since the bank’s Chief Investment Office (CIO) invested the surplus deposits of JPM’s commercial bank units, the OCC was also CIO’s primary regulator. During the critical period from late January through March 2012, when CIO traders undertook the failed derivatives strategy that ultimately cost the bank $6 billion, JPM did not provide the OCC with …

Jpmorgan Chase London Whale D: Risk-Management Practices, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

JPMorgan Chase (JPM) prided itself on having the best risk-management practices in the financial industry, having survived the 2007-09 financial crisis in better shape than many competitors. Chief Executive Officer Jamie Dimon often spoke of the bank’s “fortress balance sheet.” A keen focus on risk management is vital to JPM’s longevity, as is the case with all highly leveraged financial institutions. However, the JPM Task Force that investigated the $6 billion 2012 London Whale trading loss concluded that risk-management practices at the bank’s Chief Investment Office (CIO), the unit in which the loss occurred, were given less scrutiny by senior …

Jpmorgan Chase London Whale C: Risk Limits, Metrics, And Models, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

Value at Risk (VaR) is one of the most commonly used ways to measure and monitor market risk. At JPMorgan Chase (JPM), very large derivative positions established by Bruno Iksil in the Synthetic Credit Portfolio (SCP) caused the bank’s Chief Investment Office (CIO) to exceed its VaR limit for four days in a row in January 2012. In response, the CIO changed to a new VaR model on January 30, which appeared to immediately reduce VaR by half. However, JPM soon discovered that this new VaR model had not been properly implemented and the bank went back to using the …

Jpmorgan Chase London Whale B: Derivatives Valuation, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

After consistently producing positive results through 2011, the JPMorgan Chase (JPM) traders who oversaw the bank’s Synthetic Credit Portfolio (SCP) grew alarmed by a consistent string of losses beginning in January 2012. (The SCP was maintained by JPM to help hedge default risk and was the source of the 2012 London Whale trading loss.) To minimize the losses reported to their superiors until such time that market prices hopefully turned in their favor, the SCP traders began valuing their largest derivative positions in a manner that was not consistent with Generally Accepted Accounting Principles (GAAP) and JPM policy. The fair …

The Temporary Liquidity Guarantee Program: A Systemwide Systemic Risk Exception, Lee Davison

Journal of Financial Crises

In the fall of 2008, short-term credit markets were all but frozen, creating liquidity issues for banks and bank holding companies that could not rollover their debt at reasonable rates. Fearing that the situation would worsen if something was not done, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board invoked, and the Secretary of the Treasury approved, the use of the “systemic risk exception” (SRE) under the Federal Deposit Insurance Corporation Improvement Act of 1991, to provide unprecedented broad-based relief to struggling banks. The SRE permitted the FDIC to depart from its “least-cost” requirement when addressing failing …

Criminal Arrests In Clark County, Nevada, By Jurisdiction 2006-2016, Elia Del Carmen Solano-Patricio, Caitlin Saladino, William E. Brown Jr.

Criminal Justice

Criminal arrests in Southern Nevada are on a downward trend. Despite a record-setting influx in population across the Las Vegas Valley and the surrounding metro area, officers in each of Clark County’s police jurisdictions arrest fewer people every year. The present study utilizes the Arrest Trends Tool created by the Vera Institute of Justice and the FBI’s Uniform Crime Reporting (UCR) Program to measure the number of arrests made over ten years for a variety of illegal activities, including drug abuse, violence and murder, property crimes, sex crimes, alcohol-related crimes, theft, white collar crimes, and other offenses. This data set …

Analysis Of The Impact Of International Maritime Laws And Regulations On China's Ocean Fisheries, Canyang Gao

Maritime Safety & Environment Management Dissertations (Dalian)

No abstract provided.

The Energy Policy Act Of 2005: The Rapid Decline Of Jura Majestatis For Communities In Ohio, Alexander Krokus

Hatfield Graduate Journal of Public Affairs

Since Nobel Prize recipient Svante Arrhenius realized that fossil fuel combustion increased CO2 emissions in our atmosphere in 1896, scientists and policy makers have acknowledged the calamitous potential for the oil and gas industry to render substantial deleterious effects on ecosystems. Yet in 2016, the U.S. utilized fossil fuels to facilitate 80.9% of all energy consumption.¹ Subsequent to the passage of the Energy Policy Act of 2005, the Federal Energy Regulatory Commission vastly encouraged outside economic investment into our oil and gas infrastructure. Natural resources situated in geologic formations that possess low permeability, which were once considered previously inaccessible …

Conversation With Jody Raphael About "Decriminalization Of Prostitution: The Soros Effect", Heather Brunskell-Evans

Dignity: A Journal of Analysis of Exploitation and Violence

George Soros and Open Society Foundation are supporting the decriminalization of prostitution by funding organizations around the world to advocate for this legal change. Heather Brunskell-Evans (FiLiA podcasts, London) interviews Jody Raphael, Senior Research Fellow, Schiller DuCanto & Fleck Law Center, DePaul University College of Law, Chicago, Illinois, USA, about her research on this topic and discusses her article "Decriminalization of Prostitution: The Soros Effect."

Do Prostitution Advertisements Reduce Violence Against Women? A Methodological Examination Of Cunningham, Deangelo, And Tripp Findings, Katie Feifer, Jody Raphael, Kezban Yagci Sokat

Dignity: A Journal of Analysis of Exploitation and Violence

A recent study by Cunningham, DeAngelo, and Tripp (unpublished 2017, 2019) found that advertising prostitution online led to a lower rate of homicide of women in the United States. These findings have circulated widely in the mainstream media as proof that advertising prostitution online increases the safety of prostituted women. The study’s findings were used to argue against the 2018 passage of a federal anti-trafficking bill: Allow States and Victims to Fight Online Sex Trafficking Act (FOSTA) and Stop Enabling Sex Traffickers Act (SESTA), known collectively as FOSTA-SESTA. This new law holds websites that knowingly facilitate sex trafficking accountable for …

The Fiduciary Obligations Of Public Officials, Vincent R. Johnson

St. Mary's Journal on Legal Malpractice & Ethics

At various levels of government, the conduct of public officials is often regulated by ethical standards laid down by legislative enactments, such as federal or state statutes or municipal ordinances. These rules of government ethics are important landmarks in the field of law that defines the legal and ethical obligations of public officials. Such provisions can form the basis for the kinds of government ethics training that helps to minimize wrongful conduct by public servants and reduces the risk that the performance of official duties will be clouded by appearances of impropriety. Codified government ethics rules also frequently provide mechanisms …

Municipal Annexation Reform In Texas: How A Victory For Property Rights Jeopardizes The State’S Financial Health, Julie Polansky Bell

St. Mary's Law Journal

Municipal annexation is the expansion of city boundaries. The greatest motivator behind municipal annexation is maintaining and improving economic prosperity of the annexing authority. The issue of annexation involves a balance of rights between property owners and municipalities of the state. Historically, Texas cities had broad annexation authority under an involuntary annexation scheme. However, in recent years the power has shifted as lawmakers have given property owners greater control over the annexation process. This trend culminated in the passage of the Municipal Annexation Right to Vote Act (MARVA) by the 85th Texas Legislature, which severely limits annexation authority.

Texas municipalities …

Turkish Domestic Actors’ Role In Foreign Policy Making: Case Of Turkey – Krg’S Strategic Bilateral Partnership, Luerdi L

Global: Jurnal Politik Internasional

This paper aims to describe the role of Turkish domestic societal actors in the state policy making in the case of strategic bilateral partnership between Turkey and the Kurdistan Regional Government (KRG); a quasi state within the Iraqi federal state. The rareness of literature describing domestic forces within Turkey and the consequence for the state’s policy in building a strategic partnership with the KRG was the gap that this research would be expected to narrow. The paper argues that Turkish domestic actors like the individual, the Justice and Development Party (AKP), the Turkish military and business people had an important …

Kashmir As A Symbol Of Pakistan: Why Violence In Kashmir Never Stop?, Wonjune Hwang

Global: Jurnal Politik Internasional

Kashmir has been a 'powder keg' in South Asia. In this region, India and Pakistan waged three all-out wars and numerous skirmishes. Kashmir has been occupied separately since 1947, but still, both sides claim the other’s occupation is illegal. Muslim Kashmiris, who are allegedly supported by Pakistan, continuously commit terrorist acts, and in return, Indian officials in Jammu and Kashmir violently suppress demonstrations and commit human right violations. After 9/11 in 2001, terrorists have become demonized and pardonless. This article focuses on analyzing the sources of violence and Pakistani intervention. The idea of this article is theoretically based on Volkan's …

Islamic State In Iraq And Syria (Isis) And Its Impact In Indonesia, Fredy B.L. Tobing, Erwin Indradjaja

Global: Jurnal Politik Internasional

This paper presents a historical and qualitative study to examine the rise of the Islamic State of Iraq and Syria (ISIS) as a force in international politics and its impacts on the dynamics of violent extremism threat in Indonesia. The rise of ISIS was a turning point from the nascent progressive shift toward democratization in the Arab world represented by the “Arab Spring,” and its influence has spread beyond Syria and Iraq to threaten regional and global security. Like in other countries in the Islamic world, Indonesian society and politics have been significantly affected by the activities of ISIS. In …

From Rivals To Partners: Constructing The Sino-Indonesian Strategic Partnership, Gatra Priyandita

Global: Jurnal Politik Internasional

This study is an inquiry into the use of strategic partnerships as an instrument of diplomacy in Indonesia. Strategic partnerships have become a key fixture of Indonesia’s omnidirectional foreign policy in the post-Suharto era. However, the rationale behind the formation of strategic partnerships for Indonesia’s strategic interests, as well as the process behind its formation, remain understudied. This paper seeks to fill this gap in the literature by examining how Indonesia utilizes its strategic partnership to engage China. Using Wilkins’ analytical framework for the study of strategic partnerships, this study finds that Indonesian policymakers have used strategic partnerships as instruments …

Indonesian Policy In Ratifying The 2015 Paris Agreement, Haekal Siraj

Global: Jurnal Politik Internasional

The 2015 Paris Agreement requires all participating countries to reduce emisson level. Indonesia as Non-Annex I accepted the norms of the 2015 Paris Agreement by ratifying this agreement. Meanwhile, Indonesia's emissions level continues to increase due to the rate of deforestation and forest degradation in Indonesia which ranks highest in the world. This study aims to analyze Indonesian policy in ratifying the agreement by using the Constructivism Perspective in explaining the International Regime and the Concept of Norm Influence by Finnemore and Sikkink. The study uses qualitative methods with explanatory designs. Data collection techniques are sourced from secondary sources as …

Celac: Mexican Foreign Policy Interest On Latin American And Caribbean Regionalism, Demeiati Nur Kusumaningrum

Global: Jurnal Politik Internasional

La Comunidad de Estados Latinoamericanos y Caribeños (CELAC) was initiated in 2011 as a forum for dialogue and consensus between Latin American and Caribbean governments where it forms a trading block that excludes the United States and Canada. The US objected to the establishment of CELAC which seemed to challenges the former regional organization (OAS). This paper aims to analyze the considerations of the Mexican government to join CELAC in the midst of mutual agreement with US and NAFTA. Theory of formulation of foreign policy is used to answer the sources of political consideration of the Mexican government. It is …

The Gendered Burdens Of Conviction And Collateral Consequences On Employment, Joni Hersch, Erin E. Meyers

Journal of Legislation

Ex-offenders are subject to a wide range of employment restrictions that limit the ability of individuals with a criminal background to earn a living. This Article argues that women involved in the criminal justice system likely suffer a greater income-related burden from criminal conviction than do men. This disproportionate burden arises in occupations that women typically pursue, both through formal pathways, such as restrictions on occupational licensing, and through informal pathways, such as employers’ unwillingness to hire those with a criminal record. In addition, women have access to far fewer vocational programs while incarcerated. Further exacerbating this burden is that …

The Perils And Promises Of Artificial General Intelligence, Brian S. Haney

Journal of Legislation

No abstract provided.

Lands Of Opportunity: An Analysis Of The Effectiveness And Impact Of Opportunity Zones In The Tax Cuts And Jobs Act Of 2017, Joseph Bennett

Journal of Legislation

No abstract provided.

Assessment Of Public Sector Service Quality: Gauging Experiences And Perceptions Of Racial Profiling, Aaron C. Rollins Jr.

Journal of Public Management & Social Policy

The absence of a culturally competent public sector workforce has led to increased public scrutiny and heightened levels of distrust. In the field of public safety, this is particularly important due to the sensitive nature of the task performed and the historically strained relationships that exist between racial minorities and law enforcement. Using national survey data to gauge the prevalence of citizen’s experiences and perceptions of racial profiling, this research reveals significant discrepancies amongst minorities and their white counterparts. In response, this research encourages public officials and agencies to eliminate inconsistencies in their interactions with the citizenry as a whole. …

The Torch (June 2019), Crtp

Torch: The Civil Rights Team Project Newsletter

Civic and Community Engagement | Civil Rights and Discrimination | Education | Gender and Sexuality | Inequality and Stratification | Politics and Social Change | Public Policy | Race and Ethnicity

In Search Of Equilibrium – How Regulatory Changes Impact The Gambling Industry In Poland, Sebastian Meitz, Stanisław Pogorzelski, Przemysław Bloch

International Conference on Gambling & Risk Taking

The so-called Polish “gambling affair” of 2009 resulted in the adoption of a new Act on Gambling. The regulation significantly changed the legal environment in Poland. It was also the starting point of what we identified as the search of equilibrium - a number of further legislative changes aimed at creating a sustainable environment for gambling. Some market segments became delegalized, some monopolized, and others liberalized. The Polish Ministry of Finance and the parliament tried to find the right balance between consumer protection, business growth, and government revenue. A goal that is still to be achieved.

This article examines the …

What Is A Game Of Chance? An Application To Loot Boxes, Wessel Oomens

International Conference on Gambling & Risk Taking

The traditional landscape of games of chance such as lotteries, betting, casinos and slots has become intertwined with complex financial products as well as digital games with elements of chance.

The Netherlands Gambling Authority has issued a guidance paper outlining a five-step decision process in order to determine whether a game classifies as gambling:

• Threshold: is the number of providers, players and the amount money involved considerable enough to warrant spending resources in assessing the game?
• Overlap: is there potential overlap with other rules and regulations, in particular those governing financial products?
• Prize: does the game award its winners with …

Skill-Based Gambling Machines: Consumer Attitudes And Capacity For Informed Choice, Sally M. Gainsbury, Kahlil Philander Ph.D., Georgia Grattan Ms

International Conference on Gambling & Risk Taking

Abstract

Skill-based gambling machines combine elements of video games (skill, social interaction, competition, achievement and progress) with the random pay-out schedule of electronic gaming machines (EGMs, slots, pokies, VLTs, FOBTS). These new machines are designed to be more engaging than traditional EGMs and specifically appeal to younger generations to address the aging EGM player base apparent in many international jurisdictions. Skill-based gambling machines are currently only legally-provided in a handful of U.S. states. International regulators have expressed concerns regarding the potential for machines to lead to harms due to players misunderstanding the extent to which skill can influence outcomes (illusions …

Sports Betting And Indian Gaming: Overcoming Barriers To Market Entry And Integration Of Sports Books Into Tribal Casinos, Steve Light

International Conference on Gambling & Risk Taking

Abstract

Even before the U.S. Supreme Court issued its decision In Murphy v. NCAA (2018) permitting states to legalize sports wagering, the biggest brand-names in gaming worldwide were positioning themselves to capitalize on the fan base for America’s most recognizable sports leagues.

Sports wagering already is up and running in five states; analysts predict that more than half the states will legalize it within five years. Many will be among the 29 states that currently have casinos owned and operated by American Indian tribes in this $32.4 billion market segment.

There is no firm sense and little data pointing to …

Killing Silence: A Path To Increasing Homicide Solvability In Urban Communities, Dennis Thornton

LSU New Orleans Theses and Dissertations

Relatively low rates of homicide solvability results in law-abiding citizens being forced to co-exist with known murderers, which is detrimental to a community’s psyche. This condition happens disproportionately in neighborhoods where crime is high, cohesiveness among its members is weak, and the citizen/police relationship is little or non-existent. This research sought to understand this phenomenon by asking,” How can murder solvability rates improve in marginalized communities?” and employing four theoretical lenses. Using the city of New Orleans as a case study and holding Social Disorganization Theory constant, Spiral of Silence, Habitus, and Dramaturgy were utilized in an attempt to understand …

Terrorism In The 2020s: Examining The Global Threat Landscape, Landon W. Swearngin

Graduate Theses/Dissertations

This thesis uses quantitative and qualitative research methods to (1) explore the global trends and trajectories of terrorism, (2) identify emerging strategic challenges, and (3) outline an opportunity analysis for U.S. counterterrorism strategy. Collectively, this project provides a strategic forecast for terrorism in the 2020s, demonstrating that terrorism is becoming increasingly dangerous, dynamic, and difficult to defeat.

Forensic Analysis Of Spy Applications In Android Devices, Shinelle Hutchinson, Umit Karabiyik

Annual ADFSL Conference on Digital Forensics, Security and Law

Smartphones with Google's Android operating system are becoming more and more popular each year, and with this increased user base, comes increased opportunities to collect more of these users' private data. There have been several instances of malware being made available via the Google Play Store, which is one of the predominant means for users to download applications. One effective way of collecting users' private data is by using Android Spyware. In this paper, we conduct a forensic analysis of a malicious Android spyware application and present our findings. We also highlight what information the application accesses and what it …