New York, NY – – JPMorgan Chase & Co is near a final settlement of probes into its London Whale derivatives loss and expects to pay about $700 million, according to source familiar with the matter.
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Completion of the deal depends on coordinating agreements with multiple government agencies, the source said.
The source spoke after Bloomberg News and the Wall Street Journal reported that JPMorgan has agreed with regulators on how much it will pay.
The bank lost $6.2 billion last year on the trades made from its offices in London.
On 6.2 Billion in crimes, they pay 700 Million only?!!! Where us the justice in that? It’s barely a 10% penalty?
They were under a serious investigation, why won’t you believe they were able to prove that’s all they are responsible for? The cup is half full not half empty. Judging favorably is good for us all.
So the bank lost 6.2 billion of shareholder value in bad trades by this broker, and they now get punished by further fining the bank and thereby its shareholders an additional 700 million? This math doesn’t add up to me. If one company harms others, a lawsuit or fine should perhaps be used to repay those harmed. It should not be an additional charge to those harmed. Perhaps if there was a fine directly against the supervising directors to this trader it would make more sense.