J. P. Morgan Receives Wells Notice from the SEC
NEW YORK, May 12 (Reuters) - JPMorgan Chase & Co (JPM) said on Monday that it received a notice from federal regulators indicating that one of its units may face an enforcement action related to "the bidding of various financial instruments associated with municipal securities."
Last month, Bear Stearns Cos (BSC), which JPMorgan is buying, also got a notice from the U.S. Securities and Exchange Commission indicating possible civil charges, stemming from anti-competitive activity relating to bidding for municipal securities.
It was unclear whether there was any relationship between the two investigations. (Reporting by Christian Plumb; editing by Carol Bishopric)
"Pride is the first sin, the very negation of humility, and of the devotion and sacrifice of the Cross. Greed and indifference to others, lawlessness and betrayal, are the daughters of Pride, the father of all sin. The unsustainable will not be sustained. God's wrath grows fierce. Nemesis awaits. Pride and its sins are the chains that imprison Satan and the damned in their hell." Jesse, Resist the Daughters of Pride, March 2024