Sep 19, 2013

JP Morgan is being fined again, this time close to a billion dollars. This time they are being forced to admit wrongdoing, which means that criminal charges will be filed against someone.

http://www.huffingtonpost.com/2013/09/19/jpmorgan-london-whale-fine_n_3953435.html

JPMorgan Chase, the nation's largest bank by assets, will pay $920 million in penalties related to its 'London Whale' trading fiasco, which cost the bank $6.2 billion in losses earlier this year. The bank is admitting to violating federal securities law as part of the settlement, according to Bloomberg....

JPMorgan also faces other investigations into areas that include possible bribery in hiring practices in China and potentially fraudulent sales of mortgage securities.

Remember when the bank initially reported a mere $2 billion loss? Many scoffed at that figure, and sure enough, later JP Morgan raised that figure to $6 billion. It was probably closer to $10 billion. JP Morgan and the government are both secret societies, but unlike the government, JP Morgan does not have the right to lie or to hide their sins.