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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.
Comments (1)
  • philipmax
    , contributor
    Comments (250) | 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
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