Tuesday, 21 October 2014
Last updated 10 hours ago
Jan 7 2014 | 2:04am ET
When federal authorities announce a more than $2 billion settlement with JPMorgan Chase this week over its failure to disclose concerns about Bernard Madoff, the bank's executives will be spared.
JPMorgan is expected to accept a deferred-prosecution agreement and acknowledge the facts of the government's case against it. But no individuals will be fined; instead, the bank will pay the entirety of the settlement, The Wall Street Journal reports.
Most of the money collected will go to Madoff's victims.
Federal prosecutors have been investigating JPMorgan's failure to file a suspicious activity report with U.S. regulators just before Madoff's $65 billion Ponzi scheme unraveled. The bank, which was Madoff's primary banker for decades, filed a similar report with British regulators about a month before Madoff's arrest five years ago.
Federal law requires banks to file SARs when they "detect certain known or suspected violations of federal law or suspicious transactions." JPMorgan has denied foreknowledge of Madoff's scam.
The deferred-prosecution agreement will be the first ever with a major U.S. bank, although several foreign banks have accepted them.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...