Three strikes, you’re out: Eliot Spitzer to Jamie Dimon and JPMorgan Chase
"Viewpoint" host Eliot Spitzer discusses allegations that JPMorgan Chase sold its own inferior mutual funds over better products.
Eliot Spitzer:
Between Barclays Libor scam, Glaxo’s $3 billion settlement and one story we haven’t yet covered today — allegations that JPMorgan Chase sold its own inferior mutual funds over better products — today’s headlines just beg for outrage.
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Until recently, Jamie Dimon was the “good guy” banker. His bank was so well managed, we were told, and he just oozed charm. But suddenly, there are three serious scandals looming. And as they say, three strikes and you’re out.
First, Chase may be at the fulcrum of the Libor scandal, something we just talked about with the always fascinating Matt Taibbi and Dennis Kelleher.
This might be the biggest of them all: Libor rates sit at the foundation of the $800 trillion debt market. Simply put, this is huge.
(Photo: Getty Images)
Second, Chase is now accused by its own brokers of selling its homegrown mutual fund products to investors as opposed to those of other companies, even if they knew the other products were better.
