JPMorgan Faces Severe Penalties Over The “London Whale”

The U.S. attorneys’ office and the F.B.I. are exploring ways to penalize JPMorgan Chase & Co. (NYSE:JPM) over the ‘London Whale’ case. The penalty charge comes amidst reports the federal authorities are preparing to initiate criminal proceedings against two of the bank’s former employees. Last week, it was reported that the Securities and Exchange Commission might demand that JPMorgan Chase & Co. (NYSE:JPM) admit to doing wrong in the London Whale case, which lost the bank billions of dollars last year. An admission of guilt could be part of a requirement in a settlement deal if new SEC Chairman Mary Jo White…