J.P. Morgan Chase whistle-blower Alayne Fleischmann risked it all.
The Justice Department had all the evidence it needed to prosecute JPMorgan Chase. One lawyer at the bank sent memos to senior executives informing them that their firm was committing fraud. They ignored her and paid the Justice Department $9 billion in a settlement to keep what she knew from becoming public. Matt Taibbi in Rolling Stone.
Authorities worried that banks were manipulating a foreign-exchange benchmark. They are likely to admit wrongdoing only on a narrower accusation, though. The deal will involve British and American authorities and a long list of banks, includings Barclays, Bank of America, JP Morgan, and UBS. Emily Glazer, David Enrich and Christina Rexrode in The Wall Street Journal.
"List of Wall Street banks on looming forex manipulation settlement is like a parade of too-big-to-failness" --@pdacosta
Banks are setting aside $16 billion for legal fees, charted.
Jason Karaian in Quartz.
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