In the summer of 2012, JPMorgan Chase, the biggest U.S. bank, announced trading losses from investment decisions made by its Chief Investment Office (CIO) of $5.8 billion. The Securities and Exchange Commission (SEC) was provided falsified first quarter reports that concealed this massive loss.
Research a different bank of your choosing.
Write a three to four (3-4) page paper in which you:
- Discuss how administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities / banking, a foundation of the economy.
- Determine the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair dealing in the banking relationship.
- Compare and contrast the differences between intentional and negligent tort actions
- Discuss the tort action of “Interference with Contractual Relations and Participating in a Breach of Fiduciary duty” and, if the bank you’ve chosen were to behave as JP Morgan did, would you be able to prevail in such a tort action.
- With the advent of mobile banking, discuss how banks have protected the software that allows for online transaction to occur through automation.
- Use at least three (3) quality references. Note: Wikipedia and other Websites do not quality as academic resources.