Thursday, December 12, 2013
JP Morgan Pays A Big Price For Having Madoff As A Client
JP Morgan was Madoff's bank and the government has charged the bank with "programmatic violation of the Bank Secrecy Act in its dealing with the failed Ponzi scheme that Madoff ran for many years. It could have been worse for JP Morgan. Regulators decided not to charge the bank with a criminal violation of the Bank Secrecy Act. This is one of many multibillion dollar settlements that JP Morgan has been forced to make in the last few months. It is America's largest bank and it can handle the huge fines, along with a $6 billion trading loss, and remain solvent. However, it played hardball with government regulators and they have returned the favor.