Huffington Post
JP Morgan To Pay $920 Million In Penalties For ‘Whale’ Losses:
It is just another “slap on the wrist, time out and go stand” in the corner for JP Morgan.
JP Morgan Chase, the nation’s largest bank 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.
The captains of the large banks have track records about as bad as Pinocchio’s when it comes to telling the truth and pulling off boarder-line deals.
The company is the second biggest bank in the world with assets of $2.509 trillion; so a 920 million dollar fine to them is a drop on a very big bucket.
If all was on the up and up why didn’t the judge that presided over this case fine JP 6.2 billion dollars if that is what it cost in the London Whale fiasco? Now that would have put a dent in their coffers.
The Goomba Gazette 