This is running right now, with further details to come, on The Wall Street Journal web site. It's not entirely unexpected since news on this was leaking out.
The news right now:
Regulators in the U.S. and U.K. are expected to fine J.P. Morgan Chase & Co. more than $900 million for actions tied to its 2012 "London whale" trading debacle, according to a person familiar with the settlement talks.This comes just after the indictment of two JPMorgan Chase trades, which I wrote about a few days ago.
The Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Reserve and the U.K.'s Financial Conduct Authority are expected to charge the company with poor controls surrounding the giant bet, which ultimately cost the company more than $6 billion. The announcement of the settlements is expected to come early Thursday, according to people briefed on the plans.
A J.P. Morgan spokesman declined to comment.
The sad thing about this: it's a lot of smoke and dust but really doesn't change much. Fines end up being paid by the shareholders and, ultimately, by customers like you and me, if we happen to be a customer of JPMorgan Chase, in the form of higher fees. It all gets kicked down to the lower people.
Not a single dime comes out of Jamie Dimon's pocket. And his culpability for the whole raft of illegal and criminal behavior going back to the build up to the financial crisis and its aftermath goes entirely unpunished.
And, so, while this gets good headlines, the point is nothing has changed.
The robbery continues and the next financial crisis is just a question of when.