The Finance Service Authority (FSA) regulator for great Britain handed JP Morgan Chase a $49 million fine after they found out that JP Morgan failed to segregate investors and client money from the firms money. The FSA feared that this will put people that bank with JP Morgan in deep debt if by any chance JP Morgan go bankrupt.
Although JP Morgan is cooperating with the FSA, as they have immediately fixed it, JP Morgan claimed it was an error that they missed during the merged with chase in 2000. The correction was not enough for the FSA to lift the fine it only saved JP Morgan 30% of the fine. The punishment by the Finance Service Authority was to teach other companies lesson to always segregate there bankers or clients money from other monies in the company so any company will not be tempted to play foul game with their client's money.
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JP Morgan fined $49 million
Thursday, June 3, 2010Posted by investingport.com at 7:09 AM
Labels: Chase bank, Finanse Service Authority, FSA, JP Morgan
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1 comments:
Those Guys deserved to be fined hope they learned. Not ready for another Enron scene
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