Comment: When does a billion dollar fine constitute criminal behaviour of such magnitude that a company should longer be in existence? Welcome to JP Morgan with a 100 year-old history of financial criminality. A classic example of just how broken the system is, where if you pay the right amount then you can get away with anything.
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US bank JP Morgan has agreed to a record $13bn (£8bn) settlement with US regulators for misleading investors during the housing crisis.
It is the largest settlement ever between the US government and a corporation.
The bank acknowledged it made “serious misrepresentations to the public”, but said it did not violate US laws.
“We are pleased to have concluded this extensive agreement,” said JP Morgan boss Jaime Dimon in a statement.
About $4bn of the settlement is to go to homeowners hurt by JP Morgan’s practices.
Read more
See also: JP Morgan to Pay $4.5 billion over mis-selling
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US bank JP Morgan has agreed to a record $13bn (£8bn) settlement with US regulators for misleading investors during the housing crisis.
It is the largest settlement ever between the US government and a corporation.
The bank acknowledged it made “serious misrepresentations to the public”, but said it did not violate US laws.
“We are pleased to have concluded this extensive agreement,” said JP Morgan boss Jaime Dimon in a statement.
About $4bn of the settlement is to go to homeowners hurt by JP Morgan’s practices.
Read more
See also: JP Morgan to Pay $4.5 billion over mis-selling
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