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JP Morgan Chase admits wrongdoing and is fined $920 million

The firm were found guilty of “breaking a cardinal rule of corporate governance”.

JP MORGAN CHASE will have to pay out $920 million in fines after it admitted wrongdoing in the so-called London Whale trading controversy.

The Securities and Exchange Commission in the US charged the firm today with misstating financial results and failing to detect and prevent its traders from fraudulently overvaluing investments in order to conceal a $6.2 billion loss.

The case was settled after JP Morgan agreed to pay a $200 penalty to the SEC and publicly admit it violated laws.

The remainder of the fines will be broken up among a number of global regulators: a further $220 million will be paid to the UK’s Financial Control Authority, while the Federal Reserve will receive $200 million and, finally, the US Office of the Comptroller of the Currency will get the biggest payout of $300 million.

Breaking a cardinal rule

“JPMorgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses,” said George Canellos, a director of the SEC’s enforcement division.

While grappling with how to fix its internal control breakdowns, JPMorgan’s senior management broke a cardinal rule of corporate governance and deprived its board of critical information it needed to fully assess the company’s problems and determine whether accurate and reliable information was being disclosed to investors and regulators.

The settlement is the third biggest fine handed down to a banking firm by US regulators and the second largest in the UK.

It comes after traders in the London office built up massive loans through derivatives trades during 2012. Two former employees of the company have already been charged with committing fraud as they tried to hide the deals in one of the trading portfolios in the firm’s chief investment office.

“The settlements are a major step in the firm’s ongoing efforts to put these issues behind it,” JPMorgan said in a statement.

CEO Jamie Dimon, who got himself into hot water in April last year for describing the events as a “tempest in a teacup”, added:

“We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them. Since these losses occurred, we have made numerous changes that have made us a stronger, smarter, better company.”

Fight: ‘You were in bed with the banks!’: The Dáil has had its first row of the new term

Read: The greatest rags to riches story of all time

VIDEO: Protesters disrupt Senate testimony of JP Morgan CEO

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12 Comments
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    Mute Begrudgy
    Favourite Begrudgy
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    Apr 27th 2014, 6:37 PM

    Don’t know. Can’t see myself dipping a Chocolate Digestive into that thing.

    575
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    Mute Glen
    Favourite Glen
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    Apr 27th 2014, 6:44 PM

    I’ve said the same but after a few beers …. Well you get what I mean

    251
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    Mute Brian Ward
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    Apr 27th 2014, 6:46 PM

    Imagine going to the men’s toilets after 2 or 3 cups of that. You’d get some strange looks from the rest of the lads lined up beside you!

    95
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    Mute Daddy De La Noche
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    Apr 27th 2014, 10:42 PM

    It doesn’t make your urine green, I drink this stuff, and have drank it before the recession, it does give you a lot of energy, more than coffee does but I still love the taste of coffee, gotta make Matcha ice cream this summer though

    84
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    Mute Neal Ireland hello.
    Favourite Neal Ireland hello.
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    Apr 28th 2014, 9:54 AM

    Life is far too short to be self-conscious about the colour of your urine.

    75
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    Mute Eoghan Hickey
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    Apr 28th 2014, 10:53 AM

    Coffee doesn’t actually give you an energy boost. The bad feeling you get without it is the withdrawal symptoms.

    19
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    Mute Tony Flynn
    Favourite Tony Flynn
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    Apr 28th 2014, 11:03 AM

    You “drank it before the recession”?

    Well thank you for that information Mr. Hipster. I see it’s evolving from “before it was cool/popular/mainstream etc.”

    132
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    Mute Zozzy Zozimus
    Favourite Zozzy Zozimus
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    Apr 28th 2014, 12:25 PM

    Yeah, several hipsters have burned their mouths quite badly by drinking matcha before it was cool.

    146
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    Mute Homer Thompson
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    Apr 28th 2014, 1:50 PM

    How do u know it doesn’t make my urine green! :o

    7
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    Mute Sean Mathews
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    Apr 27th 2014, 7:04 PM

    “is there cocaine in it Mrs Doyle ?” …

    203
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    Mute Kinsaleable
    Favourite Kinsaleable
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    Apr 27th 2014, 7:24 PM

    The journal are again seeking quotes from a “nutritionist” instead of seeking opinion from an actual scientifically trained expert ie. a dietician.

    140
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    Mute Paul Roche
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    Apr 27th 2014, 7:35 PM

    Perhaps you should have checked her qualifications before passing that comment…

    80
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    Mute Kinsaleable
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    Apr 27th 2014, 7:54 PM

    You’re 100% correct paul and indeed I didn’t bother to look when I saw her described as a nutritionist. I have since checked and to be fair she is a qualified dietician and doesn’t refer to herself as a “nutritionist” anywhere in her bio. I stand over my point about “nutritionists” and the fact that they should not be considered the experts in the field of nutrition.

    144
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    Mute Daniel Murray
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    Apr 27th 2014, 11:02 PM

    Couldn’t agree more, like that ‘nutritionist’ one who had that show on one of the English stations; she examined people s**t and told them about their diet. Turns out a journalist got his cat the exact same qualification from a website she had. She was simply a total chancer

    78
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    Mute Goldberg
    Favourite Goldberg
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    Apr 27th 2014, 7:28 PM

    Let’s hope they don’t take themselves as seriously as the barrista crowd

    118
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    Mute Marie
    Favourite Marie
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    Apr 27th 2014, 11:41 PM

    Bressie says if you suffer from anxiety to try it, yet the nutritionist says not to if you suffer from anxiety. Which is
    it?

    103
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    Mute Jill :D
    Favourite Jill :D
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    Apr 28th 2014, 7:30 AM

    Obviously what the nutritionist said then!

    44
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    Mute Ted Carroll
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    Apr 28th 2014, 7:30 AM

    Bressie would know better than a qualified nutritionalist, sure he’s on da telly!

    125
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    Mute Hakuin Murphy
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    Apr 28th 2014, 9:02 AM

    Werent those monks mad for it coz it calmed you down not hyped you up?I’d assume the nutritionist heard tea and thought “caffeine” hence the anxiety warning.
    The same way they’ll always make you think coffee is the devil, best thing is to try it for yourself and see.
    Or ask Bressie…

    37
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    Mute Barry Ryan
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    Apr 28th 2014, 9:10 AM

    Well if a doctor gave you one antibiotic and Marty Whelan told you to take a different one, who would you go with?

    38
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    Mute Neal Ireland hello.
    Favourite Neal Ireland hello.
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    Apr 28th 2014, 9:56 AM

    If you believe you suffer from anxiety, go to a proper doctor and get proper medical diagnoses, treatment and advice. Don’t mess about with beverages, for Christ’s sake.

    28
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    Mute Chris Mcdonnell
    Favourite Chris Mcdonnell
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    Apr 28th 2014, 10:53 AM

    I was buying into this story and then brassie came along and ruined it. I’d stop inhaling oxygen if he endorsed it.

    21
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    Mute Eoghan Hickey
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    Apr 28th 2014, 10:56 AM

    Is there such a thing as a qualified nutritionist in Ireland? I thought they were for the most part self taught

    27
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    Mute Zozzy Zozimus
    Favourite Zozzy Zozimus
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    Apr 28th 2014, 12:28 PM

    She’s a qualified dietician, which is a completely different kettle of fish from being a nutritionist.

    21
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    Mute Daisy Chainsaw
    Favourite Daisy Chainsaw
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    Apr 28th 2014, 4:02 PM

    “A Dietitian is to a Nutritionist what a Dentist is to a Toothiologist” – Dara O’Briain

    28
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    Mute Gary Mahoney
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    Jul 15th 2014, 2:56 PM

    Maybe start off with small amounts and build up. I’ve had very large amounts going to gigs and playing foosball competitions, but I’m hardcore.

    1
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    Mute ted hagan
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    Apr 27th 2014, 10:29 PM

    What they’ve done to that poor auld KitKat is criminal.

    92
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    Mute Tadgh Sean-Patrick Kevin O'Connor
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    Apr 28th 2014, 1:07 PM

    Try it, it’s actually really good. Green tea in deserts is quite popular in Japan, and it cuts some of the sweetness out of it. For those who don’t like overly sweet food like myself. Yamamori in Dublin do a great green tea cheesecake.

    17
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    Mute Gary Mahoney
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    Jul 15th 2014, 3:06 PM

    Wagamamma had a matcha flavoured motchi-ice dessert for a while too. Motchi-ice was an ice cream with an uncooked rice-flour batter. Seriously tasty.

    4
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    Mute Sat singh
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    Apr 27th 2014, 6:42 PM

    Won’t be my cup of tea!

    84
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    Mute Colin Keogh
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    Apr 27th 2014, 8:56 PM

    Ive been drinking it a while and can see the benifits basically its a concentrated green tea where u ingest all the leaf. Its quite ecpensive in ireland i buy it off amazon

    81
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    Mute Ashleigh Byrne
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    Apr 28th 2014, 8:49 AM

    so can we just mash up our normal Green tea more and ingest it? Would it be the same? Or make juices with it?

    11
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    Mute Gary Mahoney
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    Jul 15th 2014, 2:59 PM

    Koyu Matcha is organically grown, at high altitude and increasingly sheltered from the sunshine to help develop L-theanine (which mellows the caffeine effects). Mostly top leaves are used and then stoneground. So not the same as mashing up normal green tea. However if you have a machine that can powder stuff that fine, I’d like to buy one for grinding spices to make curry paste.

    3
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    Mute Paddy Meere
    Favourite Paddy Meere
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    Apr 27th 2014, 7:31 PM

    What is this madness!

    56
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    Mute Owen Slattery
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    Apr 27th 2014, 7:43 PM

    ”One cafe in Dublin, Kaph on Dury Street, is now selling 300 matcha lattes a week”. I can only imagine the sort of person who goes into a cafe asking for a matcha latte.

    55
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    Mute potatoman
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    Apr 27th 2014, 7:53 PM

    Snot green tea is probably delicious compared to Kaph’s woeful burnt coffee

    40
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    Mute Anthony Ryan
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    Apr 27th 2014, 7:59 PM

    Yeah, they must be one of those freaks with two legs, two arms and a head!

    57
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    Mute ted hagan
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    Apr 27th 2014, 10:20 PM

    It’s not latte, it’s LAWWTAYYY

    82
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    Mute seamus mcdermott
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    Apr 28th 2014, 2:43 PM

    Burned coffee should be punishable by imprisonment in the Tower of Dublin.
    If there’s no Tower of Dublin, then let’s get one built.

    12
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    Mute John O'Connor
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    Apr 27th 2014, 9:51 PM

    Ok with out reading the hole article because it goes on forever … where can i buy a jar of the stuff

    52
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    Mute Marjorie Lebon
    Favourite Marjorie Lebon
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    Apr 28th 2014, 10:24 AM

    It was in the article, in health stores, fine food shops or on the Koyu Matcha Tea website.
    Here it is – http://www.koyumatcha.com. Im a long term fan and the stuff is amazing

    9
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    Mute Philip Cooper
    Favourite Philip Cooper
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    Apr 27th 2014, 9:38 PM

    Frog puke.

    45
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    Mute Al de Beer
    Favourite Al de Beer
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    Apr 27th 2014, 9:47 PM

    Will it work in my Nespresso machine?

    44
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    Mute Nigel Moloney
    Favourite Nigel Moloney
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    Apr 27th 2014, 10:08 PM

    ADVERT !!!

    40
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    Mute Sandra Wycech
    Favourite Sandra Wycech
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    Apr 27th 2014, 9:05 PM

    Love Matcha! It’s amazing

    40
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    Mute Anthony Martin
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    Apr 27th 2014, 6:41 PM

    Can I get in cork ?

    34
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    Mute Brian Ward
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    Apr 27th 2014, 6:43 PM

    Did you see how much it costs? Stick to de Barry’s boy.

    141
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    Mute Glen
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    Apr 27th 2014, 6:45 PM

    Cork is open you can go right in

    214
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    Mute Daddy De La Noche
    Favourite Daddy De La Noche
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    Apr 27th 2014, 10:44 PM

    Yes you can, it’s in health food stores and can also be bought on eBay or Amazon too, and they are a bit cheaper too, I bought mine from Asia

    20
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    Mute Gary Mahoney
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    Jul 15th 2014, 3:18 PM

    I saw it in Here’s Health on Patrick Street and in their Douglas Court Shopping Centre branch. However it usually works out cheaper if you get it straight from the website.

    1
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    Mute Stuart O Connor
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    Apr 27th 2014, 7:40 PM

    Mushy peas in a cup
    No thanks

    34
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    Mute Kieran Stafford
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    Apr 27th 2014, 11:03 PM

    Where’s me so harney with her witty comment?

    34
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    Mute Anthony Ryan
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    Apr 27th 2014, 8:02 PM

    This may catch on in this country when we realise that cooking beef past medium means burning the flavour out of the meat and making it tougher…so when he’ll freezes over!

    30
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    Mute david dickson
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    Apr 27th 2014, 11:10 PM

    Slow roast your beef.
    You are welcome.

    29
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    Mute Dom Mc Groddy
    Favourite Dom Mc Groddy
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    Apr 27th 2014, 11:25 PM

    I see Lily’s Tea Shop give a free whisk with Matcha on their website :-) http://www.lilysteashop.ie

    19
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    Mute Kate Slattery
    Favourite Kate Slattery
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    Apr 27th 2014, 10:58 PM

    It does exactly what it says on the tin.. And much much more

    18
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    Mute Brian McGuinness
    Favourite Brian McGuinness
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    Apr 28th 2014, 8:43 AM

    http://www.ncbi.nlm.nih.gov/pubmed/21477654

    Pubmed has lots of published research and reviews on L-theanine.

    15
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    Mute Hugh Chaloner
    Favourite Hugh Chaloner
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    Apr 27th 2014, 7:44 PM

    Steeped not stepped.

    14
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    Mute Tiarnán O Caithín
    Favourite Tiarnán O Caithín
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    Apr 27th 2014, 10:12 PM

    Is there anywhere else in Dublin City centre this is available?

    13
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    Mute Heather Knowles
    Favourite Heather Knowles
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    Apr 28th 2014, 9:16 AM

    Most health stores, Nourish etc

    7
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    Mute Tadgh Sean-Patrick Kevin O'Connor
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    Apr 28th 2014, 1:20 PM

    If you don’t want to go to a health food shop, I’m sure Wall & Keogh in Portabello stock it.

    5
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    Mute Gary Mahoney
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    Jul 15th 2014, 3:13 PM

    There are many cafés (including some chains) that sell cups of the latte product. Check the website or contact Koyu Matcha directly.

    1
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    Mute Suzanne Sheridan
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    Apr 27th 2014, 10:48 PM

    Thought we’ve been obsessed with it for years – tons of people drink it – tastes gorgeous – Kaph does the best matcha latte

    11
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    Mute Colin Treacy
    Favourite Colin Treacy
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    Apr 28th 2014, 10:13 AM

    This was on Dragons den on Sunday night…as Barry O sullivan said, do I smoke it or drink it?

    11
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    Mute Colm de Cleir
    Favourite Colm de Cleir
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    Apr 27th 2014, 10:59 PM

    Curiosity? Preferable to coffee? You promised obsession! Without granny-shoving or weaponised queues, this article is just an ad for tea…

    8
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    Mute ted hagan
    Favourite ted hagan
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    Apr 27th 2014, 10:26 PM

    Is it served hot or cold?

    8
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    Mute Suzanne Sheridan
    Favourite Suzanne Sheridan
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    Apr 27th 2014, 10:49 PM

    Can make matcha iced tea – needs sweetener though

    10
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    Mute TGFKC
    Favourite TGFKC
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    May 4th 2014, 11:40 PM

    It’s delicious and a real hit with our Customers in The Gluten Free Kitchen Company Café in Tralee :)

    8
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    Mute Mad Taoiseach
    Favourite Mad Taoiseach
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    Apr 28th 2014, 8:18 AM

    Green tea ice cream.
    Yummy.
    Can’t get it here though.

    7
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    Mute John Dundon
    Favourite John Dundon
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    Apr 28th 2014, 8:09 AM

    Surge in popularity indeed. Is it even legal to amplify a hipster’s wet fart?

    7
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    Mute Frank McKevitt
    Favourite Frank McKevitt
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    Apr 28th 2014, 9:42 AM

    If it tastes as delicious as green tea sign me up…. not.

    6
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    Mute Pat Ryan
    Favourite Pat Ryan
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    Apr 28th 2014, 3:03 PM

    Any drink that can be described as “Pricey” does not fit the idea of a caffeine replacement.

    Unless you’re the type who thinks a daily coffee flavoured pint of milk constitutes a caffeine addiction.

    6
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    Mute RG
    Favourite RG
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    Apr 28th 2014, 2:07 PM

    Just tried Starbucks on Harcourt St. They actually don’t stock it.

    5
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    Mute Donal O'Byrne
    Favourite Donal O'Byrne
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    Apr 28th 2014, 2:18 AM

    Are there any scientific studies published on this? If so let’s hear what they say.

    5
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    Mute Nicky Ryan
    Favourite Nicky Ryan
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    Apr 28th 2014, 5:22 AM

    Two studies are linked above.

    22
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    Mute George
    Favourite George
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    Apr 28th 2014, 4:18 PM

    Interestingly, matcha green tea is not only taking Ireland by storm but the rest of the world at least here in the Uinited States it is very popular. I agree with you on the taste, I think it tastes better than it looks – of course the grade of the tea has a lot to do with the taste. I’ve had matcha both hot and cold, however I read in an article that cold tea is not as potent as hot steeped tea. Saw the comments here – http://teabenefitsturu.com – Anyway do you know anything about the difference in potency of hot vs. cold matcha. Thanks for the post.

    4
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    Mute George
    Favourite George
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    Apr 28th 2014, 4:20 PM

    Sorry guys I meant http://teabenefitsguru.com

    1
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    Mute Greg T
    Favourite Greg T
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    May 12th 2016, 3:28 PM

    the best flavour of matcha covered in macarons

    http://esqrille.com/shop/special-flavours/matcha-green-tea-macarons/

    1
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    Mute Patrick Joseph Anthony Gillespie
    Favourite Patrick Joseph Anthony Gillespie
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    Apr 28th 2014, 9:09 AM

    I think the headline is very misleading . No everyone is obcessed with this product and most people would not of heard of it .

    1
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    Mute Finola Mulcahy
    Favourite Finola Mulcahy
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    Sep 7th 2014, 4:54 PM

    It is an amazing beverage. Drinking it regularly since a holiday in Japan last year. Would highly recommended it. Matcha Latte is devine.

    1
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    Mute Diane Leksche
    Favourite Diane Leksche
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    Apr 14th 2015, 4:28 PM

    Coffee originated for Native Americans. They used it to boost them before a war between neighboring tribes.

    1
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