probes

Beggars can’t be choosers, etc, but honestly, they really put a damper on earnings day! Read more »

In its latest corporate confession, the nation’s biggest bank disclosed that it’s facing more than a dozen civil and criminal investigations into its virtually every aspect of its business. Beyond the infamous “London Whale” debacle, the bank is also being investigated over mortgage-bond sales, improper foreclosure practices, interest-rate rigging and power market manipulation, according to JPMorgan’s latest quarterly filing with regulators. Although the bank didn’t reveal any new investigations, taken together they underscore the multitude of legal and regulatory challenges confronting JPMorgan boss Jamie Dimon. Indeed, earlier this month JPMorgan took the unusual step of disclosing that it had set aside a whopping $23 billion to tackle potential legal problems…Despite the wide-ranging issues, JPMorgan officials believe the bank is finally making headway on its raft of legal and regulatory woes after years of wrangling, according to sources. [NYP]

Nobody’s trying to put Paul Singer in jail—yet—but the Elliott Management chief has had to disclose an insider-trading probe to his investors. Read more »

  • 24 May 2012 at 3:56 PM

Dick Fuld’s Weekend Is Looking Up

U.S. Securities and Exchange Commission investigators have concluded their probe of possible financial fraud at Lehman Brothers Holdings Inc. and determined that they will probably not recommend any enforcement action against the firm or its former executives, according to an excerpt of an internal agency memo. Under a heading reading “Activity in the Last Four Weeks,” the undated document reads, “The staff has concluded its investigation and determined that charges will likely not be recommended.” [Bloomberg]

Goldman said that it’s been notified of the probe via “oral advisement,” or the action known as “words exiting a human’s mouth,” to the layman. Read more »


Also, Chaz thinks all of this has gone too far, and just because something “smells bad” doesn’t mean it’s illegal.