JPMorgan accused by Italian prosecutors

At least one JPMorgan (JPM) employee has been accused of obstruction by Siena prosecutors as part of a probe into Banca Monte dei Paschi's purchase of another Italian lender in 2008.

Prosecutors allege JPMorgan withheld from regulators information about €1B in financing it provided for the deal.

The next step would be formal indictments.

Monte Paschi bought its Italian competitor from Banco Santander for €9B, 36% more than what the Spanish bank had paid just 2 months earlier.

From other sites
Comments (1)
  • philipmax
    , contributor
    Comments (420) | Send Message
    Every day we read more and more about this wayward bank. It is pure HUBRIS! Maybe it should be put out of its misery a la Arthur Anderson .
    31 Jul 2013, 02:09 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs