Saying it was a victim of "serious accounting improprieties, disclosure failures and outright misrepresentations" by a British software company it acquired last year, tech titan Hewlett-Packard just announced it erased $8.8 billion from its books last quarter to properly account for the acquisition.
Update at 11:30 a.m. ET: Oil giant BP has agreed to plead guilty to criminal misconduct related to the 2010 Gulf Oil spill and will pay a record $4 billion in criminal penalties, the company just confirmed. And it will pay $525 million in civil penalties in a resolution with the Securities and Exchanges Commission. BP will make the payments over six years.
JPMorgan Chase faced more critics Tuesday, this time from some of its own shareholders at its annual meeting in Tampa, Fla. This comes after the bank disclosed it lost at least $2 billion last week in a bungled trading strategy.
The Securities and Exchange Commission is looking into the surprise loss, and the Justice Department has now reportedly opened a preliminary probe.
JPMorgan executives let shareholders do some venting at Tuesday's meeting.
Two soundbites from CEO Jamie Dimon at today's shareholders meeting
The Justice Department has begun looking into JPMorgan Chase's $2 billion-and-counting loss from a hedge account, The Wall Street Journal reports. It cites "a person familiar with the matter" as its source.
The Journal adds that "the probe is at an early stage and it isn't clear what possible legal violation federal investigators may be focusing on."