ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel
  • »
  • Business and Employment»
  • Business & Society

11-5-09 CROOK ALERT!! JP MORGAN SETTLES FOR $700 MILLION IN BRIBERY CASE

Updated on November 5, 2009

JP Morgan Securities Settles Bribery Case for $700 Million

JP Morgan Securities agreed to settle for $700 million in a case brought by the SEC. Morgan was charged with paying more than $8 million in bribes to facilitate the approval of Jefferson County, Alabama, councilmen for the sale of bonds and trading in derivatives contracts.

Two former JP Morgan employees, one of whom had already served a prison sentence in a similar case in Philadelphia, were named in the SEC lawsuit.

The settlement may set a precedent for similar cases involving governmental units throughout the country. However, the element of bribery and a criminal conviction in the Jefferson County case which helped induce JP Morgan to settle may not be a factor in other cases.

The settlement provided for Morgan to stop trying to collect $647 million in fees from Jefferson County for the derivatives contracts, pay $50 million to Jefferson County and a $25 million fine to the SEC. JP Morgan neither admitted nor denied guilt in the settlement. A spokesman for the company said JP Morgan had discontinued trading in derivatives with state and local governments.

Former Jefferson County Commission president, Larry Langford was convicted of accepting $235,000 in gifts and cash in connection with the JP Morgan bribery scheme.


Comments

    0 of 8192 characters used
    Post Comment

    • profile image

      ColdWarBaby 8 years ago

      It ain't gonna be easy Ralph, but I think there's going to be a lot of decentralization going on pretty soon. This system is simply not sustainable.

      It's time for a new subculture. We almost did it in the sixties but we fell asleep at the wheel, crashed and burned. If enough people just stop playing the game, we may end up with a few pockets of humanity here and there.

    • Ralph Deeds profile image
      Author

      Ralph Deeds 8 years ago from Birmingham, Michigan

      Thanks, CWB. I made up my mind a long time ago not to do business with Wall Street banksters. I only wish I could as easily avoid being ripped off by drug companies.

    • profile image

      ColdWarBaby 8 years ago

      "It is a shame how integrity is almost gone in this country"

      Almost?

      Keep up the good work Ralph. The facts are there for anyone not in denial.

    • Ralph Deeds profile image
      Author

      Ralph Deeds 8 years ago from Birmingham, Michigan

      Sara, thanks for your kind comment!

    • Sara Tonyn profile image

      Sara Tonyn 8 years ago from Ohio, the Buckeye State

      Another important hub, Ralph. Great work. Too bad there's so much corruption like this to write about. But at least we have people like you to call our attention to it, so thanks much for doing that! :)

    • Ralph Deeds profile image
      Author

      Ralph Deeds 8 years ago from Birmingham, Michigan

      Especially in Wall Street.

    • drcrischasse profile image

      drcrischasse 8 years ago from NH/Foxboro

      It is a shame how integrity is almost gone in this country

    • Ralph Deeds profile image
      Author

      Ralph Deeds 8 years ago from Birmingham, Michigan

      Thanks!

    • breakfastpop profile image

      breakfastpop 8 years ago

      Dear Ralph Deeds,

      Disgusting display of greed and corruption. Great hub!

    • fishskinfreak2008 profile image

      fishskinfreak2008 8 years ago from Fremont CA

      Not surprising. It's still the same old story on Wall Street

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: "https://hubpages.com/privacy-policy#gdpr"

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized. (Privacy Policy)
    CloudflareThis is used to quickly and efficiently deliver files such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisements has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)