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Jp Morgan Chase Essay

1586 words - 7 pages

Assignment 2: JP Morgan Chase
Strayer University
LEG 100
August 10, 2014

JP Morgan Chase is one of the oldest banking and financial institutions in the United States. The company itself is over 200 years old and they are a leading global financial service. Their assets are over $2.4 trillion and they are in over 60 different countries with 260,000 employees. (About, 2014)
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 ...view middle of the document...

The CFTC encourages an open, competitive and financial sound market to trade on. To promote this integrity, the CFTC polices the market, looking for abuses and attempts to ensure the protection of all funds involved. The have regulatory authority over commodity futures markets, including oil, gold and silver, as well as financial markets consisting of interest rates, stock indexes, and foreign currency. They have regulatory oversight of the over $400 trillion swaps market as well. The CFTC works diligently to ensure that market participants can use these market without fear. (Mission and Responsibilities, 2014)
The SEC and CFTC have established a joint committee on Emerging Regulatory issues. This committee is entrusted to identify emerging regulatory risks, and assess the impact of said risks with their impact upon investors. They make recommendations related to market structure issues and trading conventions. (CFTC-SEC Joint Advisory Commitee, 2014)
There are four basic elements to a valid contract. You need an offer that is clearly stated. Ball park estimates, letters of intent, or expressions of interest are not considered an offer. You next need and acceptance of that clearly stated offer. The acceptance must be of that specific offer with no conditions attached to it. There must also be an intention of legal consequences. This just means that both parties understand that the consequences of the contract are legally enforceable. If they are understood not to be legally enforceable, both parties must agree and it must be clearly stated. A contract must also be supported by valuable consideration, meaning that one party promises to do something in return for a promise from the other party to provide a benefit of value. Only when all the elements are present is there a legally binding contract. (Main Elements constituting A Valid Contract, 2014) A duty of good faith and fair dealings is justly applied to every contract. Consumers are held to a subjective version of good faith by merely having an honest but unreasonable belief that they are acting in good faith, but merchants and banks are held to an objective standard by which the must act honestly and reasonably. Specifically regarding banking transactions, UCC Section 4-103 states that the parties to the agreement cannot disclaim a bank’s responsibility for lack of good faith or failure to exercise ordinary care and that liability cannot be waived for recklessness, willfulness, or gross neglect. (Newman, 1997)
When a person is wrongfully harmed or injured by another, the situation is covered under what is called tort law. This law divides the occurrence into either intentional tor or unintentional (negligence) tort. The main difference between the two is that intentional tort happens when the guilty party deliberately intends to harm someone. Negligence tort occurs when there is no intention but reasonable preventions were not taken to ensure that no injury...

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