Big Whoop... 'JPMorgan to Pay $153.6M to Settle Fraud Charges' - NYT

[WillyT]

JPMorgan to Pay $153.6M to Settle Fraud Charges
By THE ASSOCIATED PRESS
Published: June 21, 2011 at 6:36 PM ET

<snip>

WASHINGTON (AP) — JPMorgan Chase & Co. has agreed to pay $153.6 million to settle civil fraud charges that it misled buyers of complex mortgage investments just as the housing market was collapsing.

J.P. Morgan Securities, a division of the powerful Wall Street bank, failed to tell investors that a hedge fund helped select the investment portfolio and then bet that the portfolio would fail, the Securities and Exchange Commission said.

Among the investors who lost money on the deal were autoworkers for General Motors, a Lutheran financial organization in Minneapolis and a retirement services company in Topeka, Kan.

The settlement announced Tuesday is one of the most significant legal actions targeting Wall Street's role in the 2008 financial crisis. It comes a year after Goldman Sachs & Co. paid $550 million to settle similar charges.

Still, the settlement amounts to less than 1 percent of the bank's 2010 net income of $17.4 billion — or less than what JPMorgan earns in one week.

<snip>

More: http://www.nytimes.com/aponline/2011/06/21/business/AP-US-SEC-JPMorgan.html?_r=1

:wtf:

:kick:

[fascisthunter]

1. the Banks Own our Government

our government and our Checks and Balances are worthless.

[Angry Dragon]

2. That should open them up to civil suits from investors and

criminal suits for individuals within JP

[WillyT]

3. I Hope So... I Want Some Punishment That Fits The Crime

I want them to be scared of the rest of us.

:shrug:

:hi:

[amborin]

4. K&R temp IMF Chief Lipsky fomerly of JP Morgan demanded protection for bankers in Greek bailout

[Wilms]

5. Did they have to stay after school, too? n/t

[JackRiddler]

6. How is this not a criminal organization that can be seized and shut down?