Horn, Martin (2022). J.P. Morgan & Co. and the Crisis of Capitalism: From the Wall Street Crash to World War II. U.S. Securities and Exchange Commission. Merced, Michael J. (June 16, 2008). "JPMorgan's Stately Old Logo Returns for Institutional Business". The brand new York Times. Schulz, Bill (July 29, 2016). "Hamilton, Burr and the good Waterworks Ruse". The brand new York Times. Hansell, Saul (August 29, 1995). "Banking's New Giant: The Deal; Chase and Chemical Comply with Merge in $10 Billion Deal Creating Largest U.s. Bank". The new York Times. Hansell, Saul (September 3, 1996). "After Chemical Merger, Chase Promotes Itself as a Nimble Bank Giant". The brand new York Times. Kahn, Joseph; McGeehan, Patrick (September 29, 1999). "Chase Agrees to acquire Hambrecht & Quist". The new York Times. Journal, Michael R. SesitStaff Reporter of The Wall Street (April 12, 2000). "Chase to amass Robert Fleming In $7.Seventy three Billion Stock-Cash Deal". The Wall Street Journal.

Hamilton's political enemy-and eventual assassin-Aaron Burr was capable of create a bank by sneaking a clause into a charter for a company, called The Manhattan Company, to supply clean water to New York City. The innocuous-trying clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the company's creation, and lengthy before it had laid a single section of water pipe, the corporate opened a bank, the Bank of the Manhattan Company. Still in existence, it's in the present day JPMorgan Chase, the largest bank in the United States. Led by David Rockefeller in the course of the 1970s and 1980s, Chase Manhattan emerged as one in every of the largest and most prestigious banking issues, with leadership positions in syndicated lending, treasury and securities providers, credit playing cards, mortgages, and retail monetary services. Weakened by the true estate collapse in the early nineties, it was acquired by Chemical Bank in 1996, retaining the Chase title.

In January 2011, JPMorgan Chase admitted that it wrongly overcharged a number of thousand military families for his or her mortgages, including energetic-responsibility personnel within the War in Afghanistan. The financial institution also admitted it improperly foreclosed on greater than a dozen army families; both actions were in clear violation of the Servicemembers Civil Relief Act which mechanically lowers mortgage rates to 6 %, and bars foreclosure proceedings of energetic-responsibility personnel. The overcharges could have never come to mild were it not for authorized motion taken by Captain Jonathan Rowles. Both Captain Rowles and his spouse Julia accused Chase of violating the law and harassing the couple for nonpayment. An official acknowledged that the scenario was "grim" and Chase initially acknowledged it could be refunding up to $2,000,000 to those who have been overcharged, and that households improperly foreclosed on have gotten or will get their properties again. Chase has acknowledged that as many as 6,000 active responsibility navy personnel have been illegally overcharged, and greater than 18 army families homes had been wrongly foreclosed.

In 2010, Irving Picard, the SIPC receiver appointed to liquidate Madoff's firm, alleged that JPMorgan Chase failed to stop Madoff from defrauding his clients. Based on the go well with, Chase "knew or ought to have recognized" that Madoff's wealth management business was a fraud. However, Chase did not report its considerations to regulators or law enforcement until October 2008, when it notified the UK Serious Organised Crime Agency. Picard argued that even after Morgan's investment bankers reported its issues about Madoff's efficiency to UK officials, Chase's retail banking division didn't put any restrictions on Madoff's banking activities until his arrest two months later. The receiver's swimsuit towards JPMorgan Chase was dismissed by the Court for failing to set forth any legally cognizable claim for damages. Within the fall of 2013, JPMorgan Chase started talks with prosecutors and regulators regarding compliance with anti-cash-laundering and know-your-customer banking regulations in reference to Madoff. On January 7, 2014, JPMorgan Chase agreed to pay a total of $2.05 billion in fines and penalties to settle civil and criminal charges associated to its position in the Madoff scandal.

The episode is being investigated by the Federal Reserve, the SEC, and the FBI.

The disclosure, which resulted in headlines in the media, did not disclose the precise nature of the trading involved, which remained in progress as of June 28, 2012, and continued to supply losses which may total as a lot as $9 billion underneath worst-case situations. Ultimately, the trading produced precise losses of solely $6 billion. The item traded, presumably related to CDX IG 9, investment banking an index based on the default risk of main U.S. On the corporate's emergency convention call, JPMorgan Chase Chairman and CEO Jamie Dimon stated the technique was "flawed, complicated, poorly reviewed, poorly executed, and poorly monitored". The episode is being investigated by the Federal Reserve, the SEC, and the FBI. On September 18, 2013, JPMorgan Chase agreed to pay a total of $920 million in fines and penalties to American and UK regulators for violations associated to the trading loss and other incidents. The effective was part of a multiagency and multinational settlement with the Federal Reserve, Office of the Comptroller of the Currency and the Securities and Exchange Commission in the United States and the Financial Conduct Authority in the UK.

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