10/17/2013

JPMorgan Chase has acknowledged that traders behaved recklessly in the "London whale" trading loss and has agreed to pay a fine of $100 million to the Commodity Futures Trading Commission. An unidentified JPMorgan spokesman said the bank "neither admitted nor denied the CFTC's legal conclusion that there was a violation" but "admitted to certain facts set out in the order." Scott O'Malia, a member of the CFTC, said the agency should have tried to prove that JPMorgan Chase intentionally manipulated a credit derivatives index.

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