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JPMorgan Chase Facing Federal Investigations

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JPMorgan Chase Faces Full-Court Press of Federal Investigations

BY JESSICA SILVER-GREENBERG AND BEN PROTESS

As the nation’s strongest bank, JPMorgan Chase used to be known for carrying special sway with regulators. Now it increasingly finds itself in the cross hairs of federal authorities.

At least two board members are worried about the mounting problems, and some top executives fear that the bank’s relationships in Washington have frayed as JPMorgan becomes a focus of federal investigations. In a previously undisclosed case, prosecutors are examining whether JPMorgan failed to fully alert authorities to suspicions about Bernard L. Madoff, according to several people with direct knowledge of the matter. And nearly a year after reporting a multibillion-dollar trading loss, JPMorgan is facing a criminal inquiry over whether it lied to investors and regulators about the risky wagers, a case that could accelerate when the Federal Bureau of Investigation and other authorities interview top JPMorgan executives in coming weeks.

Continue: JPMorgan Chase Faces Full-Court Press of Federal Investigations – NYTimes.com.

See also:

Report: U.S. Probes J.P. Morgan’s Actions in Madoff Ponzi Scheme

By Matt Egan

Excerpt:

On Tuesday Madoff sent FOX Business an email reiterating his belief that the banks were aware of his duplicity and offering to supply information to Congressional committees.

“From my first interview to the media I have said that ‘the banks must have known’, and were complicit and contributing to my crime,” Madoff wrote.

The convicted fraudster named J.P. Morgan, HSBC (HBC), Bank of New York Mellon (BK) and Citigroup (C), all of which declined to comment…

That suit highlighted an internal email at J.P. Morgan 18 months before Madoff’s arrest where one employee said a bank executive “just told me that there is a well-known cloud over the head of Madoff and that his returns are speculated to be part of a Ponzi scheme.” 

Full article here >



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