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Good. Fraud cannot afford to pay. As a Miami resident, the more people here that get busted for fraud, the better - this city has a reputation for allowing an

Good. Fraud cannot afford to pay. As a Miami resident, the more people here that get busted for fraud, the better - this city has a reputation for allowing and enshrining fraud, so anyone getting taken down is a good thing. That said, I've said it before, but JPM's Risk Management team and Due Diligence teams must suck. How on earth was this fraud allowed to happen? If you're plopping down that kind of money on anything, you need to do proper due diligence, period. I don't care if it misses out on a potential investment because it was too busy making sure said investment wasn't a scam. I also don't care if it doesn't meet some arbitrary goal of investing in a certain number of (or certain $$ amount in) minority-ran/founded companies - I'd vastly prefer that it pay me a higher interest rate on my deposit, or better yet, not loose nearly $200 million dollars on a fucking fraud.

rbrown 4y ago
Agreed. Apparently they didn't realize how many emails bounced (i.e. were fake) until way after acquisition
- NickC25 4y ago
  Which is just fucking insane to me. You're a bank with $4 trillion AUM. That's unfathomably large. You want to spend hundreds of millions on an acquisition and you don't bother to do basic risk assessment or due diligence to make sure what you're buying is legit? The amount of time and money to do so is minuscule, literally fractions of pennies on the dollar in comparison (probably even less!). What were they thinking? Who the hell signs off on this sort of thing? Why haven't they lost their job? What punishments has the bank been given to offset the money lost? Shareholders nor account holders have been compensated for such a waste. A bank's job is risk management. JPMC's risk management is apparently shit at their job when it comes to making investments into anything besides shares of other banks.

rbrown 4y ago

Agreed. Apparently they didn't realize how many emails bounced (i.e. were fake) until way after acquisition

NickC25 4y ago
Which is just fucking insane to me. You're a bank with $4 trillion AUM. That's unfathomably large. You want to spend hundreds of millions on an acquisition and you don't bother to do basic risk assessment or due diligence to make sure what you're buying is legit? The amount of time and money to do so is minuscule, literally fractions of pennies on the dollar in comparison (probably even less!). What were they thinking? Who the hell signs off on this sort of thing? Why haven't they lost their job? What punishments has the bank been given to offset the money lost? Shareholders nor account holders have been compensated for such a waste. A bank's job is risk management. JPMC's risk management is apparently shit at their job when it comes to making investments into anything besides shares of other banks.