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Neil Barofsky: $JPM’s Accounting Process Appears Entirely Consistent With Fraud

“Neil Barofsky, the former watchdog for the government’s financial crisis bailout program, tweeted Friday that JPMorgan Chase appears guilty of “fraud,” or something very much like it:

 

Neil Barofsky

If I may answer Levin’s question. What he describes is an accounting process that is entirely consistent with fraud.

 

Barofsky was referring to Sen. Carl Levin’s (D-Mich.) questioning of top JPMorgan executives during a Friday Senate hearing in regards to the bank’s 2012 loss of more than $6.2 billion dollars, often referred to as the “London Whale” scandal. The hearing, as well as a Senate report released late Thursday, are the culmination of a nine-month investigation into the loss….”

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