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JPMorgan’s $920 Million Admission of Guilt

It’s a nearly billion-dollar day for Jamie Dimon. Admitting that JPMorgan Chase (JPM)violated federal securities laws, the bank’s chief executive agreed to pay a combined $920 million to a cluster of U.S. and U.K. regulators to settle charges tied to its massive 2012 “London Whale” trading losses. Those trades, in which the bank’s London-based chief investment officer made wrong-way bets on derivatives so large that they distorted the market, lost JPMorgan more than $6 billion and demolished its reputation as the best risk-managed bank on Wall Street.

via JPMorgan’s $920 Million Admission of Guilt – Businessweek.

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