President and CEO of JPMorgan Chase Co. Jamie Dimon drinks water as he testifies before a Senate Banking Committee hearing on Capitol Hill June 13, 2012 in Washington, D.C.
President and CEO of JPMorgan Chase Co. Jamie Dimon drinks water as he testifies before a Senate Banking Committee hearing on Capitol Hill June 13, 2012 in Washington, D.C. - 
Listen To The Story
Marketplace

Regulators are saying Thursday morning that JPMorgan Chase has agreed to pay $920 million in fines in the ongoing case of bad financial bets made by the infamous trader dubbed the 'London Whale.'

The SEC said JPMorgan Chase broke the cardinal rule of corporate governance regarding the bad bets. Marketplace's David Weinberg says what's most surprising is that JPMorgan Chase admitted wrongdoing. 

"That rarely happens in cases like these because it makes it easier for investors to file lawsuits against the bank and that's exactly what they're doing right now to JPMorgan."

In a memo this week, Morgan's CEO Jamie Dimon said the bank has been aggressively bringing in new personnel to beef up auditing and compliance safeguards.  

Marketplace's David Weinberg joins Morning Report host David Brancaccio to discuss. Click the audio player above for more. 

“I think the best compliment I can give is not to say how much your programs have taught me (a ton), but how much Marketplace has motivated me to go out and teach myself.” – Michael in Arlington, VA

As a nonprofit news organization, what matters to us is the same thing that matters to you: being a source for trustworthy, independent news that makes people smarter about business and the economy. So if Marketplace has helped you understand the economy better, make more informed financial decisions or just encouraged you to think differently, we’re asking you to give a little something back.

Become a Marketplace Investor today – in whatever amount is right for you – and keep public service journalism strong. We’re grateful for your support.

Follow David Weinberg at @@randomtape