Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
Ahead of the deadline, U.S. President Donald Trump told reporters that Huawei was a national security threat.Technologyread more
Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Stocks in Asia edged up Monday afternoon as U.S. Treasury yields bounced higher after plunging last week.Asia Marketsread more
The problem with tanking equities lies elsewhere, writes Michael Ivanovitch, because traders see no end to America's unfolding trade disputes with Europe and China.World Economyread more
Beijing wants to use reforms to support a slowing economy.China Marketsread more
Trump said Cook made a "good case" that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much of its manufacturing is in...Technologyread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
The hearing will now begin next Monday to allow time for the completion of a previous trial that revolves around former 1MDB unit SRC International, a Kuala Lumpur High Court...Asia Newsread more
"I don't want to do business at all because it is a national security threat," Trump told reporters.Technologyread more
In a news conference on the JPMorgan settlement of the Madoff Case, U.S. Attorney for the Southern District of New York Preet Bharara said the bank as an institution, failed and failed miserably.
It will cost JPMorgan Chase nearly $2.6 billion total to settle allegations that it turned a blind eye to Bernard Madoff's epic Ponzi scheme. No individuals from the bank will be penalized, however, and putting behind one of its biggest scandals will cost the bank less than two weeks' revenue.
Chase was Madoff's primary bank for years, and it structured and sold investment vehicles tied to his purported returns.
In a multipronged settlement unveiled Tuesday, JPMorgan will admit that it violated the Bank Secrecy Act by failing to file a regulatory report in 2008—when it suspected Madoff's returns were fake—and by not using sufficient compliance systems.
In a so-called deferred prosecution agreement, Manhattan U.S. Attorney Preet Bharara won't pursue the charges and will dismiss the case after two years as long as the bank implements a series of reforms and pays a $1.7 billion fine—the largest ever for a Bank Secrecy Act case.
JPMorgan will pay $350 million to settle a parallel civil case by the Office of the Comptroller of the Currency.
Finally, the bank will pay $543 million to settle private litigation, including a multibillion-dollar lawsuit filed in late 2010 by bankruptcy Trustee Irving Picard alleging that the bank was "thoroughly complicit" in Madoff's fraud, which the bank denies.
"We do not believe that any JPMorgan Chase employee knowingly assisted Madoff's Ponzi scheme," JPMorgan spokesman Joseph Evangelisti said in a statement.
Nonetheless, the bank is promising to implement "best in class" compliance systems.
"We recognize we could have done a better job pulling together various pieces of information and concerns about Madoff from different parts of the bank over time," according to the statement.
The deferred prosecution agreement calls the bank's conduct "willful," noting that in 2007 a senior bank official urged colleagues to look into "well-known" allegations that Madoff was running a Ponzi scheme.
In October 2008, the bank did alert regulators in Great Britain that Madoff's returns seemed "too good to be true" but did not file a similar report in the U.S., violating federal law.
Madoff, who is serving a 150-year prison sentence for operating a $65 billion Ponzi scheme, used Chase as his primary bank for more than two decades. He admitted to fabricating stock trades and putting his investors' money into a single account at the bank.
JPMorgan Chase was in regulators' crosshairs almost as soon as Madoff confessed in 2008, but they have been unable to bring a case until now.
JPMorgan has been aggressively seeking to settle a number of government investigations. Last year it agreed to a record $13 billion settlement with the Justice Department over alleged abuses in the mortgage market before the 2008 financial crisis.
—By CNBC's Scott Cohn. Follow him on Twitter
Correction: This story has been updated to reflect the year that Bernard Madoff confessed.