{"id":5831,"date":"2010-06-03T11:26:33","date_gmt":"2010-06-03T16:26:33","guid":{"rendered":"http:\/\/blogs-devl.bu.edu\/bunow\/?p=5831"},"modified":"2011-01-20T14:07:39","modified_gmt":"2011-01-20T19:07:39","slug":"j-p-morgan-hit-with-record-u-k-fine","status":"publish","type":"post","link":"https:\/\/blogs-devl.bu.edu\/bunow\/2010\/06\/03\/j-p-morgan-hit-with-record-u-k-fine\/","title":{"rendered":"J.P. Morgan hit with record U.K. fine"},"content":{"rendered":"<p><img loading=\"lazy\" class=\"alignright size-thumbnail wp-image-5834\" src=\"http:\/\/blogs-devl.bu.edu\/bunow\/files\/2010\/06\/J.P.-Morgan-Chase-logo-150x150.jpg\" alt=\"J.P. Morgan Chase logo\" width=\"150\" height=\"150\" \/>British regulators <a title=\"fined\" href=\"http:\/\/www.nytimes.com\/2010\/06\/04\/business\/global\/04fine.html\" target=\"_blank\">fined<\/a> investment bank <a href=\"http:\/\/www.jpmorganchase.com\/corporate\/Home\/home.htm\">J.P. Morgan Chase<\/a> a record $48 million for failing to keep client money separate from the firm&#8217;s money &#8212; from 2002 when Morgan merged with <a href=\"https:\/\/www.chase.com\/\">Chase<\/a> until mid-2009 &#8212; which put client money at risk had the company gone insolvent.\u00a0 <a href=\"http:\/\/www.bu.edu\/law\/\">Law<\/a> Professor <a title=\"Tamar Frankel\" href=\"http:\/\/www.bu.edu\/law\/faculty\/profiles\/bios\/full-time\/frankel_t.html\" target=\"_blank\">Tamar Frankel<\/a>, an authority on securities law and author of &#8220;<em><a title=\"Trust and Honesty\" href=\"http:\/\/www.oup.com\/us\/catalog\/general\/subject\/Finance\/Corporate\/?view=usa&amp;ci=019517173X\" target=\"_blank\">Trust and Honesty<\/a>: America&#8217;s business Culture at a Crossroad<\/em>,&#8221; reminds that client money cannot be viewed as the bank&#8217;s own.<\/p>\n<p><em>&#8220;The money that clients deposit with a bank to trade on behalf of clients as brokers or any other form of a fiduciary relationship continues to belong to the client &#8212; therefore, it cannot be mixed with the bank&#8217;s money.&#8221;<\/em><\/p>\n<p>Contact Tamar Frankel, 617-353-3773, <a href=\"mailto:tfrankel@bu.edu\">tfrankel@bu.edu<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>British regulators fined investment bank J.P. Morgan Chase a record $48 million for failing to keep client money separate from the firm&#8217;s money &#8212; from 2002 when Morgan merged with Chase until mid-2009 &#8212; which put client money at risk had the company gone insolvent.\u00a0 Law Professor Tamar Frankel, an authority on securities law and [&hellip;]<\/p>\n","protected":false},"author":114,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4491],"tags":[176,3105,2854,3104,2765,3005,3004,1965,2948],"_links":{"self":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts\/5831"}],"collection":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/users\/114"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/comments?post=5831"}],"version-history":[{"count":6,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts\/5831\/revisions"}],"predecessor-version":[{"id":7720,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts\/5831\/revisions\/7720"}],"wp:attachment":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/media?parent=5831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/categories?post=5831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/tags?post=5831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}