“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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