Report: J.P Morgan covered up bad loans — emails
In undocumented e-mails obtained by the New York Times, troubled bank JPMorgan reportedly covered up several bad loans they had been shoveling into the financial system some 4 years ago. An outside assessment completed in 2006, confirmed that more than half of the loans given were ‘defective’.
JPMorgan argues, according to NEWSER, that it shouldn’t be prosecuted for other banks wrongdoings even though similar situations have already been found in counterparts such as Washington Mutual, Bear Stearns and other related financial institutions.
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