If a certain someone can’t get to the phone, any old professional athlete with a knack for pumping up the beaten down will do.
The Justice Department’s pursuit of possible criminal charges against J.P. Morgan Chase is based in large part on a key cooperator from inside the bank who is aiding the government and has provided information suggesting the bank vastly overstated the quality of mortgages that were being bundled into securities and sold to investors, according to people familiar with the matter…The woman who wrote that email has been cooperating with federal authorities and is expected to be available as a witness if the government ever brings a case to court, these people said. Her cooperation, along with documents, has fueled confidence among some lawyers within the Justice Department that they have built a solid, prosecutable case built on hard evidence. Among the documents the government has are ones suggesting J.P. Morgan knew the underlying mortgages it sold were of poor quality but told investors otherwise, according to people familiar with the investigation. Based partly on that belief, the Justice Department has been pressing the bank in negotiations to admit wrongdoing in some form. Bank officials have been adamant no crimes were committed and insist they won’t admit to criminal wrongdoing. In the discussions, the bank has also denied suggestions that the Sacramento evidence is particularly incriminating or damaging to J.P. Morgan’s reputation, according to people familiar with the discussions.
J.P. Morgan Employee Helps in U.S. Probe [WSJ]
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