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September 18, 2013

J.P. Morgan 'Whale' Hunt Isn't Over

“J.P. Morgan Chase & Co. is preparing to pay at least $800 million in fines related to the “London whale” trading fiasco, but that won’t solve all the bank’s problems with regulators and prosecutors over the matter.

The Commodity Futures Trading Commission is investigating whether the nation’s largest bank manipulated a market index tied to corporate bonds, according to people familiar with the situation.

The Federal Bureau of Investigation and Manhattan prosecutors, meanwhile, continue to gather evidence for what could result in criminal charges against J.P. Morgan over the London whale trades, people familiar with the situation said.

J.P. Morgan has expressed interest in settling all related probes, according to people familiar with the matter. But negotiations with the CFTC hit a snag over whether J.P. Morgan would admit to manipulation, according to one person.”

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Read full Wall Street Journal article here

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