JP Morgan Chase slammed over Mexican loan
A judge all but threw the book at JP Morgan Chase over its handling of a loan to a company owned by Mexican billionaire Carlos Slim in 2007. JP Morgan Chase has tried to structure the loan such that the majority of the loan would be held by a direct competitor to Slim’s Grupo Telivisa SAB, allowing them access to confidential information. Grupo Telivisia SAB sued Chase over the loan.
The Judge barred 10 JP Morgan Chase employees, including Vice Chairman Steven Black, from having any further dealings with the loan.
You can read the Wall Street Journal article here.
If Chase thinks like this at its very top levels, just think how little it bothers them to screw the little guy, aka its retail customers.
Bad bad Chase, Lawsuits | admin July 28, 2010
