Wednesday, January 8, 2014

Too big to ignore

Barack Obama's Justice Dept. isn't finished with J.P. Morgan Chase. As long as it continues to exist, and he's in power, Jamie Dimon's bank will be a target for being successful;
Prosecutors are working alongside regulators in a broad investigation into whether a number of Wall Street banks cheated mortgage-bond clients in the years following the financial crisis, according to people close to the probe.
Oh those naughty people close to the probe!
The investigation underscores how J.P. Morgan's legal headaches are far from over, even as it shells out billions to resolve numerous probes. The largest U.S. bank has agreed to roughly $22 billion in payouts over the last year to end a slew of lawsuits and investigations into many aspects of its business, including the 2012 "London whale" trading debacle and alleged failures to stop Bernard L. Madoff's massive fraud.
J.P. Morgan still faces federal probes into alleged manipulation of currency and interest-rate benchmarks, as well as its overseas hiring practices.
Nice big financial institution you have a shame if anything happened to it. 

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