JPMorgan under US criminal probe on forex trade

[Bosonic]

Source: AFP

New York (AFP) - The US Department of Justice has launched a criminal investigation of JPMorgan Chase's foreign exchange trading business, the bank disclosed Monday in a securities filing.

JPMorgan said it is cooperating with the DOJ probe and with other US and foreign investigations related to manipulation in the forex trade, as it raised its estimate of related legal costs by $1.3 billion to $5.9 billion.

The foreign exchange probes focus on the bank's "spot FX trading activities as well as controls applicable to those activities," the filing said.

The bank is in talks with regulators to settle the cases, but "there is no assurance that such discussions will result in settlements," it added.

Read more: https://news.yahoo.com/jpmorgan-under-us-criminal-probe-forex-trade-230731433.html;_ylt=AwrBJSBsC1hU7jwAQjXQtDMD

[Helen Borg]

1. Of course they manipulated..

[meow2u3]

2. Question is, will the DOJ seek to pierce the corporate veil?

...and go after Jamie Dimon himself? I'm keeping my fingers crossed.

[ozone_man]

3. Someone is going to jail for this, right?

I think not. It doesn't speak well for Obama, that he (or appointee Holder) has spent six years and not put one of these Wall Street crooks in jail. During the Savings and Loans debacle, many went to jail and that was mild in comparison to what we've seen in the last 10 years.

[Mnemosyne]

6. Probably the janitor. nt

[DeSwiss]

4. But, but, but......

MORAN: People are angry, there's so much taxpayer money going into the banks. Why shouldn't the government, why shouldn't you just fire the executives who wrecked these banks in the first place and tanked the world's financial system in the process?

OBAMA: Well, some of them are gone because their institutions have effectively collapsed. You know, keep in mind. though, there are a lot of banks that are actually pretty well managed; JP Morgan being a good example. Jamie Dimon, the CEO there; I don't think he should be punished for doing a pretty good job managing an enormous portfolio.

ABC News-link

- A pretty good job, I'll say......

[Man from Pickens]

5. oooh oooh let me guess!!

settlement for nominal cut of the profits

"no admission of wrongdoing"

nobody goes to jail




What do I win?

[whereisjustice]

7. Hahahahahah, our tough on crime Department of Justice. What'll it be - prosecution and jail, or a

small tax deductible donation to the DoJ charity for wayward banking executives?