May 23, 2012
FBI Investigates JPMorgan Chase Trading Loss. Why?
Here is a Huffington Post piece from several days ago on the FBI probe of JPMorgan Chase's $2 billion trading loss. Can anybody tell me what the crime is here? Doesn't there have to be a potential crime before the FBI investigates? Can somebody please identify that potential crime? The probe is a farce, and the mainstream press's failure to ask the most obvious question is par for the course.
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Securities fraud. By taking a public position different from the one it was taking with certain private investors based on non-public information. If it looks like a ham sandwich, and taste like a ham sandwich, it's probably traif.
Posted by: Jon May | May 24, 2012 2:47:13 AM