See here for this new report on banking shenanigans. Here's the gist:
When an outside analysis uncovered serious flaws with thousands of home loans, JPMorgan Chase executives found an easy fix.
Rather than disclosing the full extent of problems like fraudulent home appraisals and overextended borrowers, the bank adjusted the critical reviews, according to documents filed early Tuesday in federal court in Manhattan. . . .
. . . The documents reveal that JPMorgan, as well as two firms the bank acquired during the credit crisis, Washington Mutual and Bear Stearns, flouted quality controls and ignored problems, sometimes hiding them entirely, in a quest for profit.