Tuesday, November 13, 2012

No wrongdoing

"(Reuters) - The Securities and Exchange Commission (SEC) does not intend to charge any JPMorgan Chase & Co executives in two investigations relating to the allegedly fraudulent sale of mortgage-backed securities, the Wall Street Journal reported.

Last week, JPMorgan said it reached an agreement in principle with the SEC to resolve the probes.
The bank will pay a penalty under the settlement, according to the WSJ, citing people close to the probes. The payment is expected to be less than the $550 million paid by Goldman Sachs Group Inc in 2010 to settle claims by the SEC that it misled investors in a type of mortgage bond deal, the WSJ said.

Goldman did not admit or deny any wrongdoing. JPMorgan is expected to do the same, the paper said, citing the people whom the WSJ did not identify."

The banks can cause the Great Recession with admitting no wrongdoing. 

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