JPMorgan Chase Still Going Strong Despite Paying Billions for Long List of Misdeeds (w/partial list)
JPMorgan Chase Still Going Strong Despite Paying Billions for Long List of Misdeeds
JPMorgan Chase has paid $16 billion in fines, settlements and other litigation expenses in just the last four years. But the troubles have not substantially weakened the bank, still the nations largest financial holding company.
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The $16 billion total does not include a recent settlement that calls for JPMorgan Chase to pay $100 million to waive $417 million in claims it had made against clients of the firm MF Global.
The U.S. Treasurys Office of Foreign Assets Control found that JPMorgan had illegally aided dictatorships in Cuba, Sudan, Liberia and Iran, including transferring 32,000 ounces of gold bullion for an Iranian bank.
Among its other transgressions, JPMorgan has been found to have
misled investors
engaged in fictitious trades
collected illegal flood insurance commissions
wrongfully foreclosed on soldiers, charged veterans hidden fees for refinancing
violated the Federal Trade commission Act by making false statements to people seeking automobile loans
illegally increased their collection of overdraft fees by processing large transactions before smaller ones
helped drive Jefferson County, Alabama, into bankruptcy by switching its fixed-rate debt to variable
violated antitrust provision of the Sherman Act relating to bid rigging
http://www.allgov.com/news/controversies/jpmorgan-chase-still-going-strong-despite-paying-billions-for-long-list-of-misdeeds-130326?news=849546