JPMorgan Gets Slammed For A Loan Deal (JPM, TII, TV)

JPMorgan Chase & Co. (NYSE; JPM) has been slammed by a federal judge. Judge Jed Rakoff, US District Court in Manhattan, rebuked the bank for the way it arranged a $225 million loan deal for Mexican telecom company Empresas Cablevision. The bank, allegedly, had structured the deal to enable Telmex (NYSE: TII) to obtain confidential information about Cablevision. Telmex (TII) is owned by billionaire Carlos Slim and is a major competitor of Cablevision. Cablevision is a part of Mexico’s largest media conglomerate, Grupo Televisa (NYSE: TV). J.P. Morgan (JPM) said that it acted in good faith. The group declined to make any further comment.