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JPMorgan Chase Says It Had No Duty to Mitigate Madoff Fraud

Bernard Madoff, the disgraced investment executive responsible for the biggest ponzi scheme in U.S. history, kept his client’s capital at the financial intermediary JPMorgan Chase.

A recently filed lawsuit by appointed trustee Irving Picard aimed at JPMorgan is seeking $6.4-billion in damages from the New York City-based investment bank, citing internal e-mails, among other communications, that allegedly proves JPMorgan knew something was off with Madoff’s account.

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RBC buys JPMorgan Chase investment adviser division

Canada’s largest bank, the Royal Bank of Canada (RBC), has announced it would acquire New York-based JPMorgan Chase & Co.’s U.S.-based investment advising business division.

No terms of the deal are being disclosed.

RBC will merge the unit in its RBC Advisor Services arm, which is part of RBC Wealth management.

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Obama to Unveil Foreclosure Plan, Banks Halt Foreclosures

bank-of-americaThe Obama Administration is getting ready to unveil a new $50 billion+ plan to halt home foreclosures and to help struggling home owners get lower monthly payments to avoid foreclosure. In 2008, foreclosures were up 81% over 2007, with 2.3 million foreclosed. Press Secretary Robert Gibbs said Friday the plan would be designed to help “the 10,000 Americans each day that have their homes foreclosed on, ” The Bank of America along with JPMorgan Chase and Morgan Stanley have agreed to halt foreclosures until March 6, 2009.

JPMorgan Chase CEO Jamie Dimon said, “We stand ready to work with you…to reduce the incidence of foreclosure and to encourage long-term, sustainable home mortgages,”

Importantly, in 2009 so far, 13 banks have failed in the U.S., including Corn Belt Bank, Riverside Bank, Sherman County Bank, Pinnacle Bank, among others, amid the global financial credit crisis.

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