CACI Announces Chairman Dr. J. Phillip (Jack) London’s New Book – Character: The Ultimate Success Factor
The Consumer Financial Protection Bureau also ordered JPMorgan and its consumer and commercial division to pay $309 million in refunds for improper credit card practices. The bank said it had already issued credits or refunds to customers who were affected. JPMorgan shares closed down 1.2% at $52.75 in Thursday trading. Despite the new London whale settlements, JPMorgan still faces a criminal investigation of the trading episode by federal prosecutors and a separate civil probe by the Commodity Futures Trading Commission. Iksil, who no longer works for the bank, is cooperating with the criminal investigation by the Manhattan U.S. Attorney’s office in New York. In a federal affidavit filed last month, two other former JPMorgan Chase employees directly involved in the London whale trades were charged with conspiracy, falsifying books and records, wire fraud and making false filings with the SEC. The two, Javier Martin-Artajo and Julien Grout, were formally indicted Monday on charges they manipulated and inflated the value of the trading positions to cover up the true size of the deepening losses. London-based lawyers for Martin-Artajo have said they were confident he would be cleared of any wrongdoing. New York defense attorney Edward Little this week said Grout “was a junior trader’s assistant acting under the direct instructions of his managers and has been unjustly used as a pawn in the government’s attempt to settle its highly politicized case against JPMorgan Chase.” In announcing the charges against the two traders, Manhattan U.S. Attorney Preet Bharara signaled that senior bank officials had been aware of what the London traders had been doing. While declining to discuss the continuing investigation, he said, “They definitely knew they (bank traders) were cooking the books.” Sen. Carl Levin, D.Mich., whose Senate subcommittee issued the report critical of JPMorgan, said the issue of misinforming investors and the public was “conspicuously absent” from the SEC’s part of the settlement.
Aiming to build on London’s status as a leading exporter of financial services, Britain hopes to step up the challenge to Islamic finance centres such as Dubai and Kuala Lumpur. “We want to be the leading (Islamic) finance sector outside of the Muslim world,” deputy mayor of London Edward Lister said in a press conference in Kuala Lumpur on Wednesday. Islamic finance follows religious principles such as bans on interest and gambling, and is playing an increasingly prominent role internationally as often oil and gas-rich investors from Islamic countries put more of their money to work overseas. Britain’s Islamic finance task force, established in March, is led by several ministers and industry figures as well as top executives from Gatehouse Bank and Oakstone Merchant Bank Ltd. It was launched ahead of London hosting the World Islamic Economic Forum in October and its mandate is to facilitate Islamic financial business, including investment in British infrastructure by Islamic sovereign wealth funds. The forum, which saw 28 billion ringgit ($8.6 billion) worth of deals inked last year, is being held outside an Islamic city for the first time. Islamic finance has already played a role in several major deals in London, with Qatari investors taking part in funding the city’s Shard tower, Harrod’s department store and the athletes’ village used for last year’s summer Olympics. A Malaysian consortium is also spearheading the redevelopment of London’s Battersea power station, after acquiring the site for 400 million pounds last year. Malaysia is the second largest investor in London’s real estate market behind the United States. “The task force has just started and its aim is to make it easier for banks in London to have Islamic products, which is still quite a new concept to any of them,” Lister said. “Only now people are beginning to understand what the products actually mean and how they comply … What you will see is a lot of companies introducing those products.” Maybank Islamic, an arm of Malaysia’s largest bank Malayan Banking Bhd, has launched a sterling-denominated and sharia-compliant mortgage product for high net-worth Malaysians looking to invest in London’s real estate market. Britain currently has 22 financial institutions, including five fully sharia-compliant banks, offering Islamic finance products. They are supported by 30 London law firms offering expertise on the sector.
London steps up Islamic finance ambitions
London served asCACIs President and Chief Executive Officer from 1984 to 2007, and is considered to be thefounder of the modern-era CACI.A retired U.S. Navy Captain,Dr. London has received national industry leadership recognition that includes the Fleet AdmiralChester W. Nimitz Award from the Navy League of the United States, the John W. Dixon Award from the Association of the United States Army, and the Nathan Hale Award from the Reserve Officers Association.Dr. London has been inducted into the Washington Business Hall of Fame and the U.S. Naval Postgraduate School and Greater Washington GovCon Halls of Fame. Additionally, the HR Leadership Awards of Greater Washington presents the annual Dr. J.P. London Award for Promoting Ethical Behavior named in his honor. Dr. London is also the author of Our Good Name: A Companys Fight to Defend Its Honor and Get the Truth Told About Abu Ghraib (2008). CACI was falsely implicated in the 2004 Iraqi prison scandal, and the book is a comprehensive account of how CACI prevailed and implemented its innovative crisis response strategy.