You've got to pay out money to make money. That's how the saying goes, right? After settling cases for $153.6 million and $228 million in June and July respectively, August brings another sizable legal settlement to be paid by JPMorgan. The bank agreed today to hand over $88.3 million to the Treasury Department for violating sanctions in three separate transactions with Cuba, Iran, and Sudan. Reports DealBook:
Treasury officials called the bank's actions "egregious," and said that JPMorgan's "managers and supervisors acted with knowledge of the conduct constituting the apparent violations and recklessly failed to exercise a minimal degree of caution or care." JPMorgan defended itself by saying that it never dealt directly with institutions in the embargoed countries, and that it had merely acted as a middleman.
Don't shoot the middleman! That's how it goes, right?