Reginal Thomas
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Reginal Thomas in reginal thomas,

JPMorgan Has To Pay $920 Million for London Whale Loss


Today JPMorgan Chase & Co. (NYSE:JPM) has agreed to pay a fine of $920 million dollars over the 'London Whale' debacle from 2012 when the banks London office tried to use aggressive valuations in order to cover up a $750 million dollar loss, which eventually lead to a massive 6.2 billion loss. JPMorgan the world's biggest bank admits to violating federal securities laws and failing to implement adequate control not providing complete information about it to regulators. 

I for one think the fine a pretty small compared to the 6.2 billion they the bank is being fined over. But it was smart for JPMorgan to just pay this fine and finally get the 'London Whale' out of the headlines. What do you guys think should the bank have been fined or no? The way I see it in this industry especially dealing with the kind of complex derivatives their traders were dealing with losses are to expected, but on a moral side the bank should always be forthright to their investors and regulators so I can understand a fine for the lying part of all this.