JPMorgan Chase Faces a Full-Court Press of Federal Investigations

The New York Times, Wednesday, March 27, 2013

Business Day

JPMorgan Chase Faces a Full-Court Press of Federal Investigations, by Jessica Silver-Greenberg and Ben Postess

It’s basketball season and the season of basketball metaphors:  this one the full-court press.  The federal government is exerting pressure on the the  defendant, JPMorgan Chase, in a court of law not on a basketball court.  Who will miss the basket; who will get the points, metaphorically speaking?

From the article:  “As the nation’s strongest bank, JPMorgan Chase used to be known for carrying special sway with regulators…At least two board members are worried about the mounting problems, and some top executives fear that the bank’s relationships in Washington have frayed as JPMorgan becomes a focus of federal investigations…

All told, at least eight federal agencies are investigating the bank, including the Federal Deposit Insurance Corporation, the Commodity Futures Trading Commission.  Federal prosecutors and the F.B.I. in New York are also examining potential wrongdoing at JPMorgan…

The Bank acknowledges its broad regulatory challenges. ‘We get it, and we are dealing aggressively with these issues,’ said Joe Evangelisti, a JPMorgan spokesperson.”

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