Breaking News from CNBC's Scott Cohn: U.S. Authorities Investigating Whether JPMorgan Tried to Block Madoff Probe
WHEN: TODAY, MONDAY, DECEMBER 16, 2013
WHERE: CNBC'S "CLOSING BELL"
Following is breaking news from CNBC's Scott Cohn. Following is a link to his article on CNBC.com: http://www.cnbc.com/id/101276809.
All references must be sourced to CNBC.
SCOTT COHN: KELLY, WE HAVE MORE NEWS IN THE MADOFF PROBE, AND PARTICULARLY THE JPMORGAN ASPECT OF IT. AS YOU KNOW, AS WE'VE BEEN REPORTING JPMORGAN AND FEDERAL REGULATORS ON THE VERGE OF A $2 BILLION SETTLEMENT. AND PART OF WHAT WE'VE LEARNED THAT THE FEDS ARE LOOKING INTO IS WHETHER JPMORGAN IMPEDED IT'S REGULATOR, THE OFFICE OF CONTROLLER OF THE CURRENCY, WHICH WAS INVESTIGATING ALL OF THIS. THIS CONFIRMED NOW BY THE TREASURY INSPECTOR GENERAL WHICH ACTUALLY SUBPOENAED JPMORGAN EARLIER THIS YEAR AFTER BEING TOLD BY THE CONTROLLER OF THE CURRENCY THAT IT HAD ISSUES. THIS OFFICE WAS LOOKING INTO ALLEGATIONS MADE BY THE OCC THAT ITS OVERSIGHT OF THE BANK WAS BEING IMPEDED, SPECIFICALLY WITH RESPECT TO THE BANKS, PROVISIONS OF BANKING SERVICES TO MADOFF. SUBSEQUENT TO THAT, THEY GOT INFORMATION FROM BERNIE MADOFF HIMSELF WHICH THEY FOLLOWED UP ON AS PART OF THIS SUBPOENA. WE ARE TOLD, AGAIN, THIS DEAL COULD BE WRAPPED UP IN A MATTER OF WEEKS WITH POTENTIAL DEFERRED PROSECUTION CRIMINAL CHARGES THAT WOULD BE PUT OFF AND A $2 BILLION FINE AND PENALTIES. KELLY, BACK TO YOU.
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