J.P. Morgan Chase & Co. could be admitting to wrongful conduct in the bank's "London Whale" debacle if the Securities and Exchange Commission has its way, reports The Wall Street Journal on Thursday, citing people close to the matter
The SEC, as part of the resolution in the investigation, wants further admissions of wrongdoing by the biggest U.S. bank by assets
This would be an unusual tact by the regulator in typical cases allow firms to neither admit or deny wrongdoing
The case is part of new policy showcasing enforcement action by the new head of the SEC, Mary Jo White, said the report
The bank's CEO Jamie Dimon has publicly acknowledged and apologized for the bad trading bets that resulted in $6 billion losses for the firm
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Are investment bankers and traders facing near-extinction very soon?
Yes, according to analyst Meredith Whitney.
“We are on the precipice of a seismic downsizing on Wall Street, the likes of which have never occurred before,” said Whitney in a recent research note to clients, acquired by the New York Post.
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