JP Morgan Chase Agrees To Settle Mortgage Case

These settlements are common on Wall Street. The bank pays over millions of dollars but admits no wrongdoing. Nobody goes to jail. The SEC gets to crow that it was right and that it is protecting investors.

CNN reports: JPMorgan has agreed to pay $153.6 million to settle charges it misled investors in the sale of a complex mortgage-backed security, the Securities and Exchange Commission announced Tuesday.
The charges stem from the 2007 sale of a collateralized debt obligation, or CDO, that JPMorgan Securities marketed to investors without disclosing that a hedge fund involved in the creation of the CDO was betting it would decline in value, according to the SEC.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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