The London Times has a whiff of a scandal and is all over it. Apparently JP Morgan withheld $17 billion from Lehman, causing their financial crisis last month that led to their collapse. Bankruptcy hearings are underway and the details are expected to be brought up in open court.
Of course, they were asked to give them $17 billion 48 hours before they went bankrupt, so maybe they knew what they were doing. Expect several more things like this in the next few weeks.
JP MORGAN has been accused by its Wall Street rivals of dealing the final hammer blow that forced Lehman Brothers into collapse in a sensational claim that threatens to spark a colossal legal battle.
The giant American bank is alleged to have frozen $17 billion (£9.6 billion) of cash and securities belonging to Lehman on the Friday night before its failure.