Record JPMorgan Fine, This Time Over Madoff

Cita: 

Kolhatkar, Sheelah [2014], “Another Record JPMorgan Fine, This Time Over Madoff”, Business Week, New York, 07 de enero, http://www.bloomberg.com/bw/articles/2014-01-07/another-record-jpmorgan-...

Fuente: 
Business Week
Fecha de publicación: 
Martes, Enero 7, 2014
Idea principal: 

JPMorgan Chase (JPM) shareholders can cross one more thing off their list of uncertainties: Preet Bharara, US Attorney for the Southern District of New York, has announced a resolution with the bank over its relationship with convicted Ponzi scheme mastermind Bernard Madoff. The price tag will be $1.7 billion, the largest-ever bank forfeiture, according to Bharara's office. The money is expected to go to Madoff's victims. The most interesting aspect of the agreement is that it's not quite a settlement, but a deferred prosecution agreement, which means that the US Department of Justice agrees not to charge the bank criminally for a period of time -- two years -- while JPMorgan agrees to reform its policies and practices. A deferred prosecution is a powerful and, with banks, rarely used weapon that authorities reserve for cases in which the facts underlying the case are severe but a criminal indictment might destroy the company.