SMOKIN'

BANZAI7 NEWS--JPMorgan Chase & Co. (JPM) selected Jacob Frenkel, a veteran in international financial matters, as chairman of its international business. Frenkel also will become a member of JPMorgan's executive committee and international council.

From 1987 till 1991, he served as Director of Research at the IMF.  Between 1991 and 2000 he served as Governor of the Bank of Israel.

He is currently Vice-Chairman of AIG.

Frenkel's lucrative compensation as the vice chairman of AIG and his repeat preaching on the elasticity of the global financial system that have proved false in the 2008 financial system crash are viewed by many to symbolize the short-sightedness and greed spread throughout Wall Street over the recent years.