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The committee, which met seven times last year and hasn’t changed its composition since 2008, approves the bank’s risk- appetite policy and oversees the chief risk officer, according to the company’s April 4 proxy statement.
Source being the same Bloomberg article.
Crown, 58, who is president of Chicago-based Henry Crown & Co. and lead director of defense contractor General Dynamics Corp. (GD), sits on the risk committee with Ellen Futter and David Cote. Futter, 62, is president of the American Museum of Natural History in New York, and Cote, 59, is CEO of Honeywell International Inc. (HON)
The jewels of Henry Crown and Company shine on like crazy diamonds. Controlled by Chicago's prominent Crown family, Henry Crown and Company is an investment firm that owns or has interests in a variety of business assets. These holdings include stakes in sports teams (the Chicago Bulls and the New York Yankees), leisure (Aspen Skiing Company), banking (JPMorgan Chase), and real estate (Rockefeller Center). The company also has a stake in General Dynamics; after once controlling the company outright, it still has a seat on the board. Affiliate CC Industries holds and manages some of the Crown family's investments.
Areas of Relevant Experience: Senior leadership roles in global, multi-industry organizations; ability to drive a consistent One Honeywell approach across a large multi-national organization; detailed knowledge and unique perspective and insights regarding the strategic and operational opportunities and challenges, economic and industry trends, and competitive and financial positioning of the Company and its businesses; significant public policy experience, including service on the bipartisan National Commission on Fiscal Responsibility and Reform and as Co-Chair of the U.S.-India CEO Forum.
Futter headed the audit committee of Bristol-Myers, a New York-based drugmaker, during an accounting scandal that began in 1999 and that the company settled for $300 million to avoid criminal prosecution. She also served on AIG’s compliance and governance committees, resigning in July 2008 before the insurer took a $182.3 billion bailout from the U.S. government.
Ms. Futter became President of the American Museum of Natural History in 1993, prior to which she had been President of Barnard College since 1981. The Museum is one of the world?s preeminent scientific and cultural institutions. Her career began at Milbank, Tweed, Hadley & McCloy where she practiced corporate law. Ms. Futter is a director of Consolidated Edison, Inc. (since 1997) and was previously a director of American International Group Inc. (1999-2008), Bristol-Myers Squibb Company (1999-2005), and Viacom (2006-2007). Ms. Futter graduated from Barnard College in 1971 and earned a law degree from Columbia Law School in 1974. She is a member of the Board of Overseers and Managers of Memorial Sloan-Kettering Cancer Center, a Fellow of the American Academy of Arts and Sciences and a member of the Council on Foreign Relations. Ms. Futter is also a director of The American Ditchley Foundation and NYC & Company. She was a director of the Federal Reserve Bank of New York (1988-1993) and served as its Chairman (1992-1993).
The Wall Street Journal reported after this story was first published that the panel may add current directors with risk and finance backgrounds. Candidates include Timothy Flynn and James Bell, the Journal said, citing people familiar with the matter. Bell served as chief financial officer at aircraft maker Boeing Co. Flynn, ex-chairman of accounting firm KPMG International, joined the board May 15. Jennifer Zuccarelli, a bank spokeswoman, said she couldn’t confirm the report.
(Reuters) - The board of JPMorgan Chase & Co is expected to make changes to its risk-policy committee after the bank's trading losses of more than $2 billion, The Wall Street Journal reported on Friday, citing anonymous sources.
The board is expected to add either Timothy Flynn or James Bell to the committee, the Journal said. Flynn and Bell have backgrounds in risk and finance, the report said.
Originally posted by FissionSurplus
In this past week both Greece and Spain suddenly came up with funds to carry them along farther down the road to ruin. Who ponied up the dough? All signs point to our Federal Reserve.....They don't ask the American people, they just do what they want. Which is fine, except that the money they are printing isn't THEIR money, it's OUR money. They can't let those countries default just yet, because JPM guaranteed this risky business in Europe and a default would mean JPM crashes and burns.
Originally posted by Iamonlyhuman
Just a tad late, huh?
Notice how they're not getting rid of any of the original three? Just adding one to the mix with risk and finance background to appease the public.
Politics as usual..