Thursday, September 19, 2013

SEC extracts admission of wrongdoing, cash from J.P. Morgan Chase

Now that wasn't so hard, was it?  SEC extracts admission and cash. - GWC
JP Morgan Chase to pay $920M in rogue trading case _ NY Times Dealbook
More than a year after a group of traders at JPMorgan Chase caused a multibillion-dollar loss, government authorities on Thursday imposed a $920 million fine on the bank and shifted scrutiny to its senior management.Extracting the fines and a rare admission of wrongdoing from JPMorgan Chase, the nation’s largest bank, regulators in Washington and London took aim at a pervasive breakdown in controls and leadership at the bank. The deal resolves investigations from four regulators: the Securities and Exchange Commission, theOffice of the Comptroller of the Currency, the Federal Reserve and the Financial Conduct Authority in London.

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