01:01USA: Whistleblower berates JP Morgan in 'Keiser Report' interview
Whistleblower Alayne Fleischmann commented on allegations of financial fraud at JPMorgan Chase & Co. while on a television show recorded in London on Thursday. Fleischmann spoke to Max Keiser from a studio in New York, giving her account of accusations that the company had sold financial products which it knew were of a bad quality. She said she found it "absolutely amazing" that people in the company could be paid large salaries while they "fundamentally didn't understand the products they were selling."
JPMorgan has admitted that it had not informed clients of the true risks associated with buying its mortgage securities between 2005 and 2008. Fleischmann brought the issue to the attention of judicial authorities and provided evidence to an investigation. The company agreed to close the case with the US Department of Justice in November 2013 for a settlement of $13 billion (€10.5 billion).
01:01Whistleblower Alayne Fleischmann commented on allegations of financial fraud at JPMorgan Chase & Co. while on a television show recorded in London on Thursday. Fleischmann spoke to Max Keiser from a studio in New York, giving her account of accusations that the company had sold financial products which it knew were of a bad quality. She said she found it "absolutely amazing" that people in the company could be paid large salaries while they "fundamentally didn't understand the products they were selling."
JPMorgan has admitted that it had not informed clients of the true risks associated with buying its mortgage securities between 2005 and 2008. Fleischmann brought the issue to the attention of judicial authorities and provided evidence to an investigation. The company agreed to close the case with the US Department of Justice in November 2013 for a settlement of $13 billion (€10.5 billion).