Monday, September 23, 2013

JP MORGAN CHASE ADMITS GUILT (sort of)

JP Morgan will pay $920 million in penalties for misleading investors AND (this is the good part) will admit that it violated federal securities law by failing to track and catch the traders working for them who hid losses in 2012.


While the admission is not one of deliberate deceit and fraud, getting the firm to admit that it had insufficient internal controls to catch deviant behavior is a start.

- Mark 

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