Titanic financial firm JPMorgan Chase posted $6.5 billion in profits during its last quarter—a company record. For lying to multiple governments and its own investors about losses of $6 billion, however, the bank will have to pay just $920 million, or 0.03 percent of its current holdings. With total assets of $2.35 trillion, JPMorgan could pay the same fine every hour for three months, or every day for seven years, before their coffers would run dry.
In a joint announcement on Thursday morning, regulatory agencies in the United States and the United Kingdom slapped JPMorgan with the (comparatively tiny) financial penalty over the infamous “London Whale” scandal, wherein bank employees at the firm’s London headquarters systemically concealed trading losses stemming from the reckless transactions of a single French trader named Bruno Iksil (the eponymous London Whale). Iksil, whom JPMorgan fired in 2012, escaped both civil and criminal charges for the large number of risky credit default swaps he executed. His former employer, on the other hand, will pay $400 million to the U.S. government alone, split between the SEC and the Federal Reserve.
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