From Bloomberg: The U.S. Treasury Department’s inspector
general has threatened to punish JPMorgan Chase & Co. (JPM) for failing to
turn over documents to regulators investigating the bank’s ties to Bernard
Madoff’s Ponzi scheme.
Inspector General Eric Thorson gave the largest U.S. bank a
Jan. 11 deadline to cooperate with the Office of the Comptroller of the
Currency probe or risk sanctions for impeding the agency’s oversight. JPMorgan,
according to the Dec. 21 letter, contends the information is protected by
attorney-client privilege.
Thorson’s letter didn’t spell out what documents the OCC is
seeking or the focus of its investigation. Madoff is serving a 150-year
sentence after confessing to the fraud that once claimed to have $65 billion in
customer assets.
The previously undisclosed OCC probe adds to the lender’s
troubles in Washington….
More? Check out the
coverage at http://www.bloomberg.com/news/2013-01-04/jpmorgan-faces-sanction-for-refusing-to-provide-madoff-documents.html
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