When a business is the kind that can take in $120 billion (€99 billion) in a bad year, and sit on assets of $3.3 trillion at the end of it, maybe it goes with the territory to upset a few people along the way. JPMorgan Chase has certainly done that during its years at the apex of Wall Street. It paid billions in fines and settlements for its role in two of America’s biggest ever corporate scandals, Enron and Bernie Madoff’s fraud. In 2013, it agreed a $13 billion settlement with the US government over charges that it had misrepresented the quality of mortgages it was selling to investors in the years before the financial crisis. It is no stranger to controversy. But when it comes to actually being forced to apologize for something, it was English football and its fans that had a greater impact on the bank than those ostensibly far bigger problems. JPMorgan’s decision to back the now doomed Super League, an attempted breakaway football competition featuring 12 of Europe’s biggest clubs, clearly made a lot of sense to the bank’s risk management division at one point. The bank had committed €6 billion in debt financing, including a €3.25… Read full this story
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