“Catch Me If You Can” JPMorgue Has 11+ State, Fed & Int’l Enforcement Bodies After It [silvervigilante]


The Morgue is like Leonardo Dicaprio in the movie “Catch Me If You Can.”  The bank has amassed a laundry list of fraudulent activities that have burst onto the radars of numerous governmental agencies and into the public spotlight. Probably, we are looking at a similar outcome as in the movie. Instead of prosecutions, the bank, like Dicaprio’s character in the movie, will probably be merely asked to go to work for the Feds in some capacity to “pay off” their wrongdoings.

 

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JPMorgan Chase & Co. is being investigated by at least 11 state, federal and international enforcement bodies. Officials in Singapore, Germany and Japan are among a list of agencies probing the largest U.S. bank and its trading errors, according to JP Morgan in a filing Thursday.  The U.S. Justice Department, Congress, Securities and Exchange Commission and U.K. Financial Services Authority are all examining the bank, which  could still lose $1.7 billion more on its credit derivatives portfolio, the company said.

“The firm expects heightened scrutiny by its regulators of its compliance with new and existing regulations,” the company said. Regulators will begin to bring “formal enforcement actions for violations of law rather than resolving those violations through informal supervisory processes.”

The Morgue might have escaped the breaking down of their silver manipulation scheme by the CFTC, but that hasn’t kept other U.S. regulators from keeping the pressure on as the bank has been forced to shave 50 basis points off its reported capital levels after having sustained four weeks of trading losses in the second quarter, this on the heels of their “London Whale”  loss reported by the bank earlier in the year. The Morgue said Thursday in a regulatory filing that the Federal Reserve Bank of New York and the Office of the Comptroller “determined” on Wednesday that the bank should amend its reported regulatory capital ratios.

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