Argentine Government Charges JP Morgan with Fraud
Has anyone noticed an increase in foreign beatings to domestic companies like JP Morgan?
Makes you wonder how many teeth our supposed financial reform will actually have and whether or not the rest of the world will buy it.
I'm going to go out on a limb here and laugh hysterically for a few minutes while you ponder the answer to that.
Anyway, sorry I missed this last week but better late than never it's the Argentines v JPM! Woo!
Argentina has filed a criminal complaint against JPMorgan and Grupo Clarin, the country's biggest media conglomerate, accusing them of committing fraud by manipulating Clarin's share price, an official said on Thursday.
The complaint by the state UIF financial information unit says JPMorgan (JPM.N) and Grupo Clarin (CLA.BA) (GCSAq.L) withheld information to inflate the price of Clarin's shares when the media group went public in 2007.
"It was a partnership by which JPMorgan ... arranged the sale of these shares to the only ones who were available -- the pension funds," UIF Director Jose Sbatella told local radio.
Here's to hoping for JPM's sake that getting the Argentinians off your back is as simple as a few hundred million bucks in settlement money. You know, like we do it here in the good old U S of A.