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Wednesday, Sep 18
JPMorgan will face $900M in fines, admit wrongdoing in Whale case: NYTimes
- JPMorgan (JPM) will pay in excess of $900M in fines and admit to wrongdoing on Thursday, in an effort to settle multiple investigations into the whale-sized blunder (we're running out of whale jokes at this point) that took place in Q1 2012 at the firm's London CIO office, the NY Times says.
- The government authorities involved in the deal reportedly are the SEC, the OCC, the Fed, and the Financial Conduct Authority in London.
- Although it looks likely the blame will not be placed with any of the higher-ups, the bank "will acknowledge that it had lax controls and should have caught the problem faster," Jessica Silver-Greenberg and Ben Protess write.