JPMorgan sees $4.5 billion legal hit

Think you've got problems? Check out JPMorgan Chase's legal docket.

The second-biggest U.S. bank by assets said Monday that its legal losses in coming years could exceed the amount it has already set aside by as much as $4.5 billion.

See you in court

That makes JPMorgan Chase (JPM), by its own assessment, the bank with the biggest legal headaches coming up, unseating Citi (C), which last week said its own costs MORE

China passes $1 trillion in Treasuries

It turns out China does own more Treasury bonds than the government's official numbers have been letting on.

China held $1.16 trillion of U.S. government bonds at the end of 2010, Treasury said Monday in its preliminary revision of data on foreign portfolio holdings.

Onto something

That's up $268 billion from the previous official tally covering the same dates, released two weeks ago, and puts China ahead of the No. 2 U.S. MORE

Tech-focused PE firm raises $2 billion

Tech-focused private equity firm Francisco Partners has raised over $1.9 billion for its third fund, according to a regulatory filing.

The firm -- which has offices in San Francisco and London -- began raising the fund in early 2008 with a reported target of between $2 billion and $2.5 billion. It's unclear if the $1.9 billion represents a final close, or if additional commitments could be forthcoming.

Francisco did not respond to MORE

JPMorgan's $907 million Madoff bonanza

Running a slush fund for Bernie Madoff was nice work for JPMorgan Chase while it lasted.

A new academic paper estimates the bank reaped nearly $1 billion in pretax profits over two-plus decades by servicing a checking account at the center of the giant Ponzi scheme.

Who looks greedy now?

The paper, by Linus Wilson of the University of Louisiana at Lafayette, says JPMorgan (JPM) earned $907 million on the Madoff account MORE

Snow! Oil! Spending cuts! The folly of GDP predictions

The fragile U.S. economy still faces headwinds, but just how much will they hinder growth? No one's quite sure, but everyone has an opinion.

Buried under a mountain of economic forecasts.

Economists are still kicking themselves for failing to predict the impact of the financial crisis on the economy. So perhaps that's why they've been particularly vigilant lately in their predictions for just how much the many headwinds we still face MORE

Barack Obama is Robin Hood?

Is Obama Robin Hood?

George Buckley, CEO of industrial conglomerate 3M (MMM), today made headlines for calling President Obama "anti-business." Not quite sure why it's news when a GOP donor criticizes a politician from the rival party, but let's take a look at Buckley's specific brand of nonsense:

"I judge people by their feet, not their mouth," Buckley told the FT. We know what his instincts are -- they are Robin MORE

Big banks see $6.7 billion legal hit

The big banks are going to be spending a lot of time in court.

Citigroup (C), Bank of America (BAC) and Wells Fargo (WFC) said in annual reports filed in recent days that they could face $6.7 billion in litigation-related losses in coming years beyond the amounts they have set aside in reserves. None of the banks foresaw any such losses in their filings last year.

Get used to it

The biggest MORE

J.P. Morgan's $400 million tweet?

Is J.P. Morgan Chase (JPM) trying to buy a 10% stake in Twitter at around a $4.5 billion valuation?

Those were the reports this past weekend, but TechCrunch chief Michael Arrington last night dismissed them as nonsense. Not because JPM doesn't want a big piece of Twitter, but because it already has a big piece of Twitter.

A source very close to the situation tells me that Arrington is on the money.

Here's how it apparently worked: MORE

Pre-Marketing 2/28/11

* Caroline Baum: 5 questions for Bernanke on Capitol Hill

* Bruce Knuteson: Should science be capitalist or socialist?

* TXU says that hedge fund claim of $20 billion+ debt default is "meritless"

* Morning Call: U.S. futures look flat, London falls early, European shares pare losses and the Nikkei climbs.

* BIG deal: Ventas (VTR) to buy Nationwide Health (NHP), forming the country's largest healthcare REIT

* MIT researchers: A word's length reflects the amount of information MORE

Berkshire hunting for another megadeal

A year after Berkshire Hathaway completed its biggest acquisition, CEO Warren Buffett is on the hunt again.

Buffett told Berkshire (BRKA) shareholders in his annual letter to them Saturday that they should brace for more megadeals along the lines of last February's $26 billion buy of railroad Burlington Northern Santa Fe.

Sure shot?

"Our elephant gun has been reloaded, and my trigger finger is itchy," Buffett said.

Buffett may not strike you as much MORE