Tuesday Sept 29 2020
J P Morgan admits 15 traders are guilty of spoofing.
Over eight years, 15 traders at the biggest U.S. bank caused losses of more than $300 million to other participants in precious metals and Treasury markets, according to court filings on Tuesday. JPMorgan admitted responsibility for the traders’ actions. The Justice Department filed two counts of wire fraud against the bank’s parent company but agreed to defer prosecution related to the charges, under a three-year deal that requires the bank to report its remediation and compliance efforts to the government.
Professor Elam comment
Where were the internal auditors?
Where were the external auditors?
15 Years of this surely resulted in outsized dept profits, did Jamie Dimon not notice?
Why is Jamie Dimon worth $247 M a year if he never notiiced this, I mean I will take the job for $20 M a year saving $7 M and not notice just as well!
Professor Elam 
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