Two articles on the front page of today’s WSJ continue the risk/compliance theme around information.
“J.P. Morgan Offers $3 Billion to End Mortgage Probes,” Wall Street Journal, September 25, 2013 A1 http://on.wsj.com/1eFyPDx Proposal to resolve allegations around the quality of mortgages behind security offerings is less than one-half of the company’s second quarter net income. [That must be comforting to the current shareholders, who are paying for this, as well as the other $3.6 billion in settlements since 2011, and the legal fees, etc.]
“Prosecutors Pursue Big SAC Settlement,” Wall Street Journal, September 25, 2013 A1 http://on.wsj.com/1eHdbPd Proposed settlement $1.5 billion to $2 billion of insider trading charges.
Former UBS executive doesn’t recall meeting central figure in Libor rate-fixing scandal. Some emails indicate the exec may have spoken to the guy to convince him not to leave UBS. Wall Street Journal, September 25, 2013 C1 http://on.wsj.com/16IZqrh
ICAP case has a bunch of IMs and emails documenting the Libor rate setting efforts http://on.wsj.com/1fDj3rO. Staff faces criminal charges. Wall Street Journal, September 25, 2013 C2 http://on.wsj.com/18pyWyE
Plus three more:
Civil fraud case against BofA’s Countrywide’s alleged misrepresentations to Fannie Mae and Freddie Mac re quality of mortgage loans. Wall Street Journal, September 25, 2013 C3 http://on.wsj.com/1aoPN45
New York Attorney General assails “Insider trading 2.0” (high-speed trading based on advance looks at information) Wall Street Journal, September 25, 2013 C3 http://on.wsj.com/18WPXCo
Proposed increase in New York penalties for illegally copying proprietary software code. Wall Street Journal, September 25, 2013 C3 http://on.wsj.com/18WQ9BG