1. c'mon guys

    Senate: JPMorgan Ignored Controls

    ARCHIV: Ein Gebaeude der JPMorgan Chase Bank in New York, USA (Foto vom 11.05.12). Die Staatsanwaltschaft in New York hat Klage gegen die US-Grossbank JPMorgan Chase eingereicht. Sie wirft der von JPMorgan uebernommenen Investmentbank Bear Sterns massiven Betrug beim Verkauf von Hypothekenpapieren vor. Die Betrugsfaelle sollen sich vor dem Zusammenbruch von Bear Sterns 2008 und der anschliessenden Uebernahme durch JPMorgan ereignet haben. (zu dapd-Text)
Foto: Mark Lennihan/AP/dapd

    Mark Lennihan/AP

    As always, more good news from the banking world. A new Senate report shows that last year JPMorgan Chase, the country's biggest bank, manipulated documents and ignored internal controls as they built up trading losses. Jamie Dimon, the chief executive, also withheld information from regulators. The 300-page report was released the day before the Senate plans to question bank leaders and regulators at a hearing. “While we have repeatedly acknowledged significant mistakes, our senior management acted in good faith and never had any intent to mislead anyone," a spokeswoman for the bank said.

    Read it at The New York Times