JPMorgan to pay $100 million to settle with CFTC on Whale trades: reports

[Eugene]

Source: Reuters

JPMorgan to pay $100 million to settle with CFTC on Whale trades: reports

Tue Oct 15, 2013 7:16pm EDT

(Reuters) - JPMorgan Chase & Co has reached an agreement with the Commodity Futures Trading Commission to pay $100 million to settle charges related to the bank's "London Whale" trading scandal, according to media reports.

The U.S. derivatives regulator is expected to leverage new powers granted to it by the Dodd-Frank financial law and fine JPMorgan for the reckless use of so-called manipulative devices, the Wall Street Journal reported, citing people familiar with the matter.

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The CFTC settlement could come as soon as this week and would include the bank admitting some wrongdoing, the New York Times reported, citing people briefed on the negotiations.

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Read more: http://www.reuters.com/article/2013/10/15/us-jpmorgan-cftc-idUSBRE99E18Q20131015

[Demeter]

1. Pocket change, compared to the damage done

[BlueToTheBone]

2. Indeed. But at least there will be a

tiny mea culpa and they will be exposed to public scrutiny (for whatever that's worth.)

[Hugin]

3. *snerk*

Well, there's $9 Billion well spent.

Those Stay-out-of-jail-for-now cards are getting kind of pricey.

[westerebus]

4. Deep pockets...

real deep pockets...