JP Morgan facing $2bn fine for involvement in Madoff ponzi scheme

Rain's picture


The Guardian - 12/12/13, Dominic Rushe

JP Morgan Chase is said to be close to a huge deal with the US government.

JP Morgan Chase is said to be close to a huge deal with the US government. Photograph: Spencer Platt/Getty Images

JP Morgan Chase, the biggest bank in the US, is facing another multi-billion dollar fine, this time deriving from its involvement with notorious Ponzi scheme fraudster Bernard Madoff.

The bank has tentatively agreed to pay $2bn to settle allegations it failed to inform US authorities of the jailed fraudsters suspicious activity, according to people familiar with negotiations. A settlement deal with the Justice Department could come as early as next week. The bank declined to comment.






Ahh h h h h h really?

drmoe's picture

Poor JP Morgan, caught again with their hands in the Bankster Cookie Jar.  You poor dumb boobs. Just can't catch a break can you. Tell you what, let's hold a Telethon for the Banksters and end their suffering.  Let's send them to Robin Island in South Africa where they can enjoy the benefits of a full scale 5 star prison accomodation.  Look what it did for Nelson Mandela - now there's a Real Man - something these spiritually bankrupt crooks could never realize because that kind of character takes mental, emotional and spiritual substance, something these frauds have no knowledge of.  Can we start putting them in jail now?