https://www.cnbc.com/2020/09/23/jpmorgan-to-pay-almost-1-billion-fine-to-resolve-us-investigation-into-trading-practices.html JPMorgan Chase is close to paying almost $1 billion to resolve government investigations into the alleged manipulation of metal and Treasurys markets, according to a person with knowledge of the matter. A settlement between New York-based JPMorgan and several U.S. agencies could come as soon as this week, according to Bloomberg, which first reported news of the fine. The deal would resolve probes from the Justice Department, the Commodity Futures Trading Commission and the Securities and Exchange Commission. A penalty of that size would be a record for spoofing, which is when sophisticated traders flood markets with orders that they have no intention of actually executing. The practice was banned after the 2008 financial crisis and regulators have made it a priority to stamp out. While JPMorgan may be forced to admit wrongdoing in the settlement, the deal isn’t expected to result in business restrictions on other areas of the firm, said the person, who declined to be identified speaking about government probes. Spokespersons for the bank and the DOJ declined to comment.
Means nothing. JPMorgan will just continue to do it, because unless actual people go to jail for 30-50 years, or get the death penalty for it, there is no disincentive. Papa's got your back! We are a core central bank member! We'll just print more money to make up for our 1 bil loss!
How many banks have deceived customers and have played so many dirty games and yet absolutely nothing but a few pennies out of their unlimited amounts of money they make each and every day. Makes absolutely no difference how they play. Its countless the amount of times banks have paid fines and yet everything is just fine and dandy. They know the fines can never outweigh the profits they can make from playing dirty. So dirty they will play.