Excerpt
SUMMARY: Investment bank J.P. Morgan got hit with two sets of penalties that total over a billion dollars in fines and refunds. Judy Woodruff talks to Dawn Kopecki of Bloomberg News for details on the charges, the ongoing investigations and the larger consequences for the company.
JUDY WOODRUFF (Newshour): And we return to J.P. Morgan, the huge investment bank hit with two sets of penalties today. First, SEC officials criticized the bank's top leaders for how they handled trading losses last year that eventually topped $6 billion.
The SEC said -- quote -- "Senior management broke a cardinal rule of corporate governance. Inform your board of directors of matters that call into question the truth of what the company is disclosing to investors."
No top executives were charged.
For more on this and another federal penalty, we turn to Dawn Kopecki with Bloomberg News. And she joins us from New York.
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