JPMorgan Caught in Swirl of Regulatory Woes

[SugarShack]

JPMorgan Caught in Swirl of Regulatory Woes
by Jessica Silver-Greenberg and Ben Protess
New York Times


Government investigators have found that JPMorgan Chase devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers,” and that one of its most senior executives gave “false and misleading statements” under oath.

The findings appear in a confidential government document, reviewed by The New York Times, that was sent to the bank in March, warning of a potential crackdown by the regulator of the nation’s energy markets.

The possible action comes amid showdowns with other agencies. One of the bank’s chief regulators, the Office of the Comptroller of the Currency, is weighing new enforcement actions against JPMorgan over the way the bank collected credit card debt and its possible failure to alert authorities to suspicions about Bernard L. Madoff, according to people who were not authorized to discuss the cases publicly.
Continue Reading at Dealbook.NYTimes.com…


http://financialsurvivalnetwork.com/2013/05/jpmorgan-caught-in-swirl-of-regulatory-woes/?utm_source=rss&utm_medium=rss&utm_campaign=jpmorgan-caught-in-swirl-of-regulatory-woes

[DJ13]

1. Uh Oh

Sounds like another fine is coming.

(In any other country I would have said jail time, but......)

[onethatcares]

3. probably a fine

that will be .02% of whatever they got in illegal gains. OW, that hurts

[hatrack]

4. Yes, I imagine financial sanctions in the . . . . MILLIONS of dollars

Wake me up with DOJ does something.

[SugarShack]

2. This needs to get kicked to MSM!

[BelgianMadCow]

5. Euphemistic Headline Central

strikes again. How about "JP Morgan guilty of massive fraud"?

Swirl of regulatory woes. George Carlin would have added it to his list.