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JPMorgan Pays $154 Million To Settle Charges It Misled Investors
From our colleagues at ProPublica:
The Securities and Exchange Commission announced today that JPMorgan Chase has agreed to a $154 million settlement for allegedly misleading investors in mortgage-securities deal involving the hedge fund Magnetar.
As we reported last year, Magnetar often pushed for riskier assets to be included in deals and placed bets against many of the same investments, known as collateralized debt obligations, or CDOs. Our piece first detailed the JPMorgan deal, called Squared. (The story was part of a collaboration with our friends at Chicago Public Radio's This American Life, and NPR's Planet Money. Oh, and so was this special CDO show tune.)
- The press release and the complaint from the SEC
- Our This American Life story on Magnetar
- Our Morning Edition story on CDOs and big banks