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JP Morgan Chase fined $20m for mishandling Lehman Brothers funds | Business | guardian.co.uk

JP Morgan Chase is to pay $20m to settle claims that it mishandled customer funds from Lehman Brothers, the bank whose collapse heralded the start of the financial crisis that began in 2008.

The fine is the first for a Wall Street firm related to the collapse of Lehman, the largest bankruptcy in US history. JP Morgan was a major lender to Lehman and has been under scrutiny since Lehman's dramatic collapse on 15 September 2008. Lehman's creditors have accused JP Morgan of siphoning off billions from the fallen bank in the days before it declared bankruptcy.

In other charges, the Commodity Futures Trading Commission (CFTC) said JP Morgan "improperly" held onto funds belonging to Lehman's clients after the bank went bust.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Wed Apr 4th, 2012 at 12:42:22 PM EST
[ Parent ]
Reminds one of 'millage', one thousandths of assessed property valuation designated for specific purposes and collected through real estate taxes. A mill on the dollar, even were the valuation actual full market prices, is a negligible cost on activities that were clearly illegal and the profits from which have to be considered as pure windfalls. The pirate's cabal rolls on, celebrated in its obvious disguise as 'bankers'.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Apr 5th, 2012 at 10:10:35 AM EST
[ Parent ]


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