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What You Should Know / November 4, 2009

Wall Street Revenge

www.bloomberg.com -- Nov. 4 (Bloomberg) -- JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into sales of derivatives that helped push Alabama’s most populous county to the brink of bankruptcy. JPMorgan will give Jefferson County, Alabama, $50 million, pay a $25 million penalty and cancel $647 million in fees the county faced to unwind the transactions, according to an SEC news release. In addition, the agency charged two former JPMorgan employees for their roles in an “unlawful payment scheme” that allowed them to win bond and interest-rate swap business with the county.

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2 Comments

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  • 1. geo8rge  |  November 4th, 2009 at 8:06 pm

    Didn’t the US government give JP Morgan the money to pay the whatever?

  • 2. machete  |  November 6th, 2009 at 3:00 pm

    So the alabama politicians steal the money from the alabama taxpayor. Then the US taxpayor funds obama and his henchmen at JP Morgan. Now JP Morgan doesnt get paid by Alabama. What does it mean? I don’t know, my grandfather was the last person in my family who made enough money to pay taxes. And it’s all obama’s fault.


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