2paragraphs from the financial wizard and (wonderful) writer, Grant Williams, from his painstakingly detailed blog post, The Hypocritic Oath:
In just the past two years, JPMorgan alone has paid some $7 billion in fines for a series of transgressions, including a whopping $5.29 billion fine over the robo-signing scandal, a further $300 million for misleading investors about the quality of mortgages underlying MBS securities, $150 million over risky structured investments, $230 million over the alleged rigging of various bond auction processes, and $153 million for misleading investors in one of those oh-so-common allow-a-hedge-fund-to-select-a-portfolio-of-bonds-to-sell-to-investors-that-they-then-short scams.
In most of these cases, the bank paid to settle the charges “without admitting or denying the allegations”. Now, before anybody assumes this is another of those “bash JPMorgan” diatribes, it isn’t…
-go to the post at Mauldin Economics
