Arab Today, arab today jpmorgan chase accused of massive fraud
Last Updated : GMT 21:46:51
Arab Today, arab today
Arab Today, arab today

JPMorgan Chase accused of massive fraud

Arab Today, arab today

Arab Today, arab today JPMorgan Chase accused of massive fraud

New York - DW

New York state has filed a civil suit against JPMorgan Chase over the allegedly fraudulent sales of mortgage-backed securities. The suit comes just one month shy of the US presidential election. New York\'s attorney general accused JPMorgan Chase, the then-Bear Stearns & Co., and a third company, EMC Mortgage of systematically selling residential mortgage-backed securities (RMBS) as carefully evaluated and structured products, when in fact they were sold with little regard to quality or viability. The attorney general said the fraudulent marketing of the RMBS in 2005-2007 caused losses of $22.5 billion (17.4 billion Euros), 26 percent of their original face value. The suit claims, \"In fact, Defendants systematically failed to fully evaluate the loans, largely ignored the defects that their limited review did uncover, and kept investors in the dark about both the inadequacy of their review procedures and the defects in the underlying loans.\" The lawsuit is the first to be filed under the direction of the RMBS Working Group, set up by President Barack Obama to investigate and prosecute alleged misconduct that contributed to the financial crisis. The suit comes just days before the first US presidential debate and one month shy of the presidential election. Domino effect BearStearns collapsed in 2007-2008, the first major casualty of the financial crash that was entrenched in the imploding housing sector. JPMorgan Chase took the company over in March 2008 in a deal organized by the Federal Reserve to prevent the waning investment bank\'s losses from pulling down other banks. The New York attorney general, called for the court to force disgorgement of earnings and benefits on the sales of the RMBS, pay restitution to investors, and order defendants to pay unspecified damages in addition. JPMorgan Chase & Co. spokesman Joseph Evangelisti says the bank intends to contest the allegations.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today jpmorgan chase accused of massive fraud Arab Today, arab today jpmorgan chase accused of massive fraud

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today jpmorgan chase accused of massive fraud Arab Today, arab today jpmorgan chase accused of massive fraud

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday