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MAY 04, 2013 - Forbes

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JPMorgan And The Death Of Corporate Reputation

The report in the New York Times this morning that the largest US bank, JPMorgan Chase [JPM], devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers,” and that one of its most senior executives gave “false and misleading statements” under oath should come as no surprise. Nor should we be taken aback by news that the Office of the Comptroller of the Currency is weighing new enforcement actions against JPMorgan over the way the bank collected credit card debt and its possible failure to alert authorities to suspicions about Bernard L. Madoff.

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