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Friday, Oct 25
JPM's Madoff entanglement could prompt review of bank charter
- The Office of the Comptroller of the Currency (OCC) has reportedly told the office of U.S. Attorney Preet Bharara that a criminal money laundering conviction of JPMorgan (JPM) for turning a blind eye to Bernie Madoff's Ponzi scheme could trigger a review of the bank's charter.
- JPMorgan and prosecutors are in talks about a deferred prosecution agreement in which the latter would file charges that would be dismissed after a set period of time if the bank meets certain conditions. JPMorgan could also pay a fine.