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Thursday, October 27, 2016

CFTC Fines JPMorgan $100 Million Over ‘London Whale’ Trades

CFTC Fines JPMorgan $100 Million Over ‘London Whale’ Trades

Washington (AFP) – U.S. regulators on Wednesday fined banking giant JPMorgan Chase $100 million for “reckless conduct” in the “London whale” trading debacle.

The U.S. Commodity Futures Trading Commission said that JPMorgan had admitted charges of manipulating trading of certain credit-default swaps in the case that caused the bank $6.2 billion in losses, and had agreed to pay the civil penalty.

AFP Photo/Emmanuel Dunand

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  • Sand_Cat

    Time for the death penalty for corporations, if we have to tolerate their “personhood.”

  • Benjamin Dover

    Since free markets reward us for the usefulness of our actions, they are incompatible with merit-based systems of subjective judgment.