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Fraud Fortress: JPM Settles London Whale, Admits To Violating Securities Laws
US and UK authorities hit JPMorgan Chase with $920m in telegraphed in advance fines on Thursday related to the “London whale” trading losses, which saw the largest US bank by assets lose $6bn last year, for a bevy of issues from "unsafe and unsound practices" to "a failure to maintain effective internal controls over financial reporting." Here is the Fed's release on the issue: The Federal Reserve Board on Thursday announced that JPMorgan Chase & Co., New York, New York (JPMC), a registered bank holding company, will pay a $200 million penalty for deficiencies in the bank holding company's oversight, management, ... (full story)
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