JPMorgan Chase & Co.’s Charles LeCroy said the key to landing bond deals in Jefferson County, Alabama, was finding out whom to pay off. In one example, that meant a $2.6 million payment to Bill Blount, a local banker and longtime friend of County Commissioner Larry Langford.
A federal judge denied a motion by two former JPMorgan Chase & Co. bankers to dismiss a Securities and Exchange Commission suit alleging a pay-to-play scheme in Jefferson County, Alabama , that allowed the bank to win almost $5 billion in bond and interest-rate swap business.
A BP Plc investor has sued the company’s board of directors on claims its pursuit of profits at the expense of safety led to the Gulf of Mexico oil spill that could cost the company billions of dollars.
Lord knows we’ve had more than enough scandals ginned up by Wall Street over the years, and the message that banking executives proclaim after each is: “Don’t worry, we’ve learned that lesson, and it will never happen again.”