Trades by the so-called London Whale have already cost JPMorgan Chase over $6 billion in losses. They could also result in a precedent that will make the transactions live on in the annals of notoriety, if the Securities and Exchange Commission can extract an admission of wrongdoing from the bank.
Far more than any penalty that might be levied in the case, a statement acknowledging violations of securities laws would show that the S.E.C. has responded to the clamor for greater accountability on Wall Street.
‘Enforcement 40’ for 2020
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