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NYT: JPMorgan Faces Multiple Criminal Investigations

Jamie will meet with prosecutors later this month.  At least 8 federal agencies are investigating the bank.


JPMorgan Faces Full-Court Press of Federal Investigations

NYT Dealbook

As the nation’s strongest bank, JPMorgan Chase used to be known for carrying special sway with regulators. Now it increasingly finds itself in the cross hairs of federal authorities.

At least two board members are worried about the mounting problems, and some top executives fear that the bank’s relationships in Washington have frayed as JPMorgan becomes a focus of federal investigations.

In a previously undisclosed case, prosecutors are examining whether JPMorgan failed to fully alert authorities to suspicions about Bernard L. Madoff, according to several people with direct knowledge of the matter.

And nearly a year after reporting a multibillion-dollar trading loss, JPMorgan is facing a criminal inquiry over whether it lied to investors and regulators about the risky wagers, a case that could accelerate when the Federal Bureau of Investigation and other authorities interview top JPMorgan executives in coming weeks.

All told, at least eight federal agencies are investigating the bank, including the Federal Deposit Insurance Corporation, the Commodity Futures Trading Commission and the Securities and Exchange Commission. Federal prosecutors and the F.B.I. in New York are also examining potential wrongdoing at JPMorgan.

A recent misstep points to the growing friction between JPMorgan and regulators as well as to the concerns within the bank.  JPMorgan misstated how the bank may have harmed more than 5,000 homeowners in foreclosure, according to several people briefed on the matter.  The bank’s primary regulator, the Office of the Comptroller of the Currency, is expected to collect a cash payment from the bank to remedy the flawed review of loans.

The mortgage errors, while by themselves relatively minor, have heightened concerns within JPMorgan because they come on top of the other investigations.

In April, according to people briefed on the matter, senior executives are expected to meet with investigators who are examining the London Whale trading loss.  A handful of executives have already met with authorities, but the second round will include Mr. Dimon.  While he is not suspected of any wrongdoing, the officials hope Mr. Dimon will help build a case against traders in London suspected of lowballing their losses.

The investigators will also seek information about whether some top bank executives misled investors and regulators about the severity of the losses.  Even as losses mounted last year, the bank did not publicly disclose the problem for months.  The bank has said that “senior management acted in good faith and never had any intent to mislead anyone.”

But the S.E.C. is also examining such disclosures.  And under the Dodd-Frank regulatory law, the F.D.I.C. is investigating the trading loss, according to people briefed on the matter.

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Reader Comments (11)

That picture of Jamie Dimon blowing vapor out his arse is GOLD, I tell you ...GOLD!
Apr 2, 2013 at 4:27 AM | Unregistered CommenterRecoveryless Recovery
Wellll bend me over the ottoman rip mt pants off and call me your f--k buddy. It's okay to call it an inside job. Beyotch has a brand new job. Lookee here.http://www.zerohedge.com/news/2013-04-02/meet-mary-schapiros-new-revolving-door-employer
Apr 2, 2013 at 1:15 PM | Unregistered CommenterSKINFLINT
Apr 2, 2013 at 4:11 PM | Unregistered Commenterrobertsgt40
Dont worry about JP Morgan , they are linked to the Fed and Treasury. Nothing will happen to them except may be a fine, that the fed will pay to them
Apr 3, 2013 at 2:40 AM | Unregistered Commentersteve
JPMorgan wins dismissal of most Dexia mortgage claims


(Reuters) - JPMorgan Chase & Co (JPM.N) has won the dismissal of nearly all of a lawsuit accusing it of misleading the Belgian-French bank Dexia SA (DEXI.BR) into buying more than $1.6 billion of troubled mortgage debt.

The decision made public on Wednesday by U.S. District Judge Jed Rakoff in Manhattan is a victory for the largest U.S. bank and its chief executive, Jamie Dimon, eliminating an estimated 99 percent of the potential damages.

Dexia's case that gained notoriety after emails and other materials were disclosed that suggested the bank and its affiliates knew the residential mortgage-backed securities they were selling were toxic, but sold them anyway.

Rakoff said he would explain the reasons for his decision "in due course."
Apr 3, 2013 at 6:55 PM | Unregistered Commenterjohn
JP Morgan could be found completely responsible for the entire crash of 2008, the LIBOR scandal, Silver price manipulation and even for staging and masterminding the 9/11 attacks. They would still only be fined and of course that "fine" would be paid by the FED (read taxpayers) after a bunch of false hype. JP Morgan and fellow Zionist scum like Goldman Sachs OWN the alphabet agencies that would "investigate" them? Yeah RRIIGGHHTT. Never going to happen. Never going to get any better. Get used to it.
Apr 10, 2013 at 7:36 PM | Unregistered CommenterCarlos Sabatini
JPMorgan beefs up compliance efforts


NEW YORK CITY: JPMorgan Chase is spending billions on new compliance staff and programs to address a wave of regulatory scrutiny after recent problems, according to a Wall Street Journal report.
The US banking behemoth plans to spend an additional $4 billion and direct some 5,000 additional employees to work on compliance, the Journal said, citing people close to the bank.
The efforts come as the government probes the bank's compliance with US regulations.
Sep 14, 2013 at 7:33 PM | Unregistered Commenterjohn
Oct 3, 2013 at 7:31 AM | Unregistered CommenterSKINFLINT
http://www.zerohedge.com/news/2013-10-02/bitcoin-plunges-following-us-government-seizure-silk-road-website I guess the large banks are getting tired of being passed over for the middle man feature of the business model.
Oct 3, 2013 at 12:30 PM | Unregistered CommenterSKINFLINT
http://wealthcycles.com/blog/2013/09/23/finland-latest-to-push-for-vote-on-gold-repatriation Gold and the musical chair syndrome. Nobody trusts anybody anymore.
Oct 3, 2013 at 1:52 PM | Unregistered CommenterSKINFLINT

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