JPMorgan agrees to pay $920 million in fines over bad bets

David Weinberg Sep 19, 2013
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JPMorgan agrees to pay $920 million in fines over bad bets

David Weinberg Sep 19, 2013
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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. 

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