Now Playing Tracks

JP Morgan Chase, the biggest bank in the US, is facing another multi-billion dollar fine, this time deriving from its involvement with notorious Ponzi scheme fraudster Bernard Madoff.

The bank has tentatively agreed to pay $2bn to settle allegations it failed to inform US authorities of the jailed fraudsters suspicious activity, according to people familiar with negotiations. A settlement deal with the Justice Department could come as early as next week. The bank declined to comment.

Madoff was arrested at his Manhattan penthouse five years ago this week after his $20bn scam came to light. JP Morgan was his bank for two decades and the US authorities suspect it continued to service his business even as it suspected something was wrong.

42 notes

  1. buddh1sm reblogged this from thinksquad
  2. stoopkidrollingdoobs reblogged this from kingmatic and added:
    This country is so fixed
  3. kingmatic reblogged this from thinksquad
  4. free-metis-army reblogged this from thinksquad and added:
    I’d have made them pay all the loses.
  5. bimshirekid246 reblogged this from nasty-galxxx
  6. kingdreadlamontejburna reblogged this from nasty-galxxx
  7. notgivingupjustgivingin91 reblogged this from nasty-galxxx
  8. themyth365 reblogged this from nasty-galxxx and added:
    20 billion to JP Morgan ain’t shit though. They just found a scapegoat
  9. nasty-galxxx reblogged this from momma--mad
  10. motherofgrace reblogged this from hybridmindthoughts
  11. ferioku reblogged this from the-altar
  12. god-is-a-flimsy-construct reblogged this from thinksquad
  13. waytotalktopeople reblogged this from thinksquad
  14. the-altar reblogged this from thinksquad and added:
    Being prosecuted for running a Ponzi scheme by the guys who currently run one of the greatest Ponzi schemes in human...
  15. hybridmindthoughts reblogged this from thinksquad
  16. scuzzzbucket reblogged this from thinksquad
  17. hipersomniac reblogged this from thinksquad
  18. momma--mad reblogged this from thinksquad
  19. thinksquad posted this
We make Tumblr themes