Daily Archives: August 4, 2017

‘London Whale’ Points Finger at Dimon in Trading Scandal

The criminal case against two former JPMorgan Chase & Co (JPM) traders who were accused of concealing billions in losses was closed in U.S. court after a key witness known as the “London Whale” pointed fingers at the bank’s top executives, the Wall Street Journal reported.

The London Whale, whose real name is Bruno Iksil, said the bank’s CEO Jamie Dimon and his executives were responsible “much, much more than [Iksil’s] two colleagues could ever be.” The two, Javier Martin-Artajo and Julien Grout, faced charges for their roles in a 2012 trading debacle that cost JPMorgan over $6 billion.

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DOJ will be allowed to join Ocwen’s challenge to constitutionality of CFPB

Ocwen Financial could soon get a big boost in its fight against the Consumer Financial Protection Bureau from a once-unlikely source – the Department of Justice.

In defending itself against the CFPB’s claims that Ocwen illegally foreclosed on borrowers, ignored customer complaints, mishandled borrowers’ money, and failed at the most basic of mortgage servicing actions, Ocwen asked a federal judge to declare the CFPB unconstitutional and toss out the CFPB’s lawsuit against the company.

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