JP Morgan Chase is reportedly being pressed to pay more than $11 billion in fines and restitution to settle federal and state probes into mortgage-lending practices during the housing boom. That comes after a nearly $1 billion deal just a few days ago to end civil investigations into several matters including the bank’s multi-billion-dollar “London Whale” trading loss. Then there are the two former bank employees that authorities have been trying to arrest (one successfully) for their roles in the London Whale events.
Don’t Blame the Apple and Exonerate the Tree
When financial firms err, culture is often to blame.
October 01, 2013