JPMorgan Chase will pay more than $2.5 billion failing to detect, report Madoff fraud

  • Article by: LARRY NEUMEISTER , Associated Press
  • Updated: January 7, 2014 - 3:55 PM

NEW YORK — JPMorgan Chase & Co., already beset by costly legal woes, will pay more than $2.5 billion for ignoring obvious warning signs of Bernard Madoff's massive Ponzi scheme, authorities said Tuesday.

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mnfishJan. 7, 14 8:57 AM

Only fact that matters in this story...."No individual executives were accused of wrongdoing." Of course not, companies simply run themselves.

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WaterBunkerJan. 7, 14 9:08 AM

I am making no judgment regarding JPM's guilt. But when will the federal government be held accountable for "ignoring obvious signs"? The SEC has thousands of enforcement personnel but fail repeatedly to identify problems. And never is any government agency held responsible. Yet so many look to the federal government to cure all problems.

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WaterBunkerJan. 7, 14 9:11 AM

mnfish: The Feds would have prosecuted individuals if they had a case. Do you not think Holder would like a couple trophies? JPM settled this because it was less expensive than litigating.

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ageepaperJan. 7, 14 9:13 AM

This is where people perceive Money as being more important than anything else. Who cares if a Big Bank fails? Only the ultra wealthy. It's sad what we teach people.. If you make a lot of money, we will give you a free pass for crime. If you don't make a lot of money, we will stick you in jail and force the public to pay for your stay. It's all backwardws because there is zero integrity in the justice system when it comes to money..

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WaterBunkerJan. 7, 14 9:36 AM

Ageepaper: Have you heard of "systemic risk". The government controls and has a responsibility to assure the banking system does not collapse. It is so easy to say ultra rich and poor me and blame the banks. But do you know who approved every single bank merger that created too big to fail? That's right...the federal government. And then they complain about too big to fail.

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circleoflifeJan. 7, 14 9:38 AM

ageepaper "This is where people perceive Money as being more important than anything else. Who cares if a Big Bank fails? Only the ultra wealthy." You do understand how many people that JPM employs, right? And I can guarantee you that a majority of those employees are NOT ultra wealthy or even a little wealthy.

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