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.

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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
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