Tag Archive: banks

on September 20, 2013 in World News

JPMorgan Chase slammed with $920mn fine

JPMorgan Chase slammed with $920mn fine over ‘London Whale’ probe JPMorgan Chase agreed to pay $920 in fines to settle probes related to the ‘London Whale’ financial debacle of 2012 in which bankers covered up $6.2 billion in losses. The settlement was announced by the Securities and Exchange  Commission (SEC) and the Federal Reserve on Thursday September  19. The firm “exercised inadequate oversight over the CIO and  failed to implement adequate controls to ensure the full and  adequate disclosure of relevant information to senior  management” the Fed said in order. Former JPMorgan traders Javier Martin-Artajo and Julien Grout  were formally… View Article

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on August 19, 2013 in World News

Bank of America to Dissolve Merrill Lynch

                      Bank of America to Dissolve Merrill Lynch Over four years ago, the federal government forced Bank of America to acquire Merrill Lynch. Last week, Bank of America signaled it will dissolve Merrill Lynch. In 2009, Bank of America chief Kenneth Lewis testified that the federal government threatened to strip Bank of America board members if the bank reneged on acquiring Merrill Lynch. “What gave me concern is that they gave that threat to a bank in good standing,” said Lewis. Emails between bank employees revealed that Federal Reserve Chairman… View Article

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