Which is just fucking insane to me. You're a bank with $4 trillion AUM. That's unfathomably large. You want to spend hundreds of millions on an acquisition and you don't bother to do basic risk assessment or due diligence to make sure what you're buying is legit?

The amount of time and money to do so is minuscule, literally fractions of pennies on the dollar in comparison (probably even less!). What were they thinking? Who the hell signs off on this sort of thing? Why haven't they lost their job? What punishments has the bank been given to offset the money lost? Shareholders nor account holders have been compensated for such a waste.

A bank's job is risk management. JPMC's risk management is apparently shit at their job when it comes to making investments into anything besides shares of other banks.