The CFTC to investigate JP Morgan Chase

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The Commodity Futures Trading Commission is now opening an investigation into JP Morgan Chase’s failed $3 billion gambling binge. The CFTC becomes the third agency investigating the bank – joining the Securities and Exchange Commission and the FBI. There are reports that federal prosecutors in New York are also interested in what exactly happened for the bank to lose that much money.

While the investigations are all preliminary, and no one has officially been accused of wrongdoing, this case should highlight the need for stronger regulations on Wall Street bankers who have clearly proven unable to regulate themselves.

Thom Hartmann Administrator's picture
Thom Hartmann A...
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Dec. 29, 2009 9:59 am

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some are speculating the loss could become as much as 7 billion as JPM stock falls 20%

http://moneymorning.com/2012/05/21/jpmorgan-nyse-jpm-stock-price-falling...

I also heard that projection this morning on my local news channel....7 bill. i would like to see them recoup from that. this bank in needs to be disolved. an example needs to be made.

J DAILEY's picture
J DAILEY
Joined:
Feb. 23, 2012 6:43 am

I agree J Dailey—an example and a first step.

Karolina's picture
Karolina
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Nov. 3, 2011 6:45 pm

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The other way we're subsidizing Walmart...

Most of us know how taxpayers subsidize Walmart's low wages with billions of dollars in Medicaid, food stamps, and other financial assistance for workers. But, did you know that we're also subsidizing the retail giant by paying the cost of their environmental destruction.

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