Thursday, September 7, 2017

JAMIE DIMON’S $13 BILLION SECRET—REVEALED

Four years ago, JPMorgan Chase reached a then-record settlement with the Department of Justice after, among other things, the bank received a copy of a U.S. attorney’s draft complaint documenting its alleged role in underwriting fraudulent securities in the years leading up to the 2008 financial crisis. Following the bank’s $13 billion financial agreement, the draft complaint was never filed. Then the bank paid another settlement to prevent a separate legal case from potentially unearthing it. The contents of the draft complaint have long been a financial-crisis mystery, a Great White Whale of a document. At least until now.

https://www.vanityfair.com/news/2017/09/jamie-dimon-billion-dollar-secret-jp-morgan