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Matt Levine

JPMorgan Sent the Wrong Emails

Also ESG coal, MicroStrategy, Trump SPAC, RadioShack and NFTs.

Do you think JPMorgan was doing a lot of crimes in the group chat? I don’t especially, but I guess the point is we have no way of knowing. Last week U.S. regulators fined JPMorgan Chase & Co. a total of $200 million for violating record-keeping requirements. From the Securities and Exchange Commission’s announcement:

The SEC took $125 million from JPMorgan for this; the Commodity Futures Trading Commission took another $75 million for similar violations. Were they discussing crimes in these unsupervised chats? Well, there were “numerous investigations” during this period, so I guess the SEC (and CFTC) thought they at least might have been doing some bad stuff. Certainly there is a history of banks doing bad stuff in chats; again from the SEC announcement: