JP Morgan $1.8 Billion Loan News: Uh-Oh!

"JPMorgan Chase & Co. knew federal authorities were investigating the largest drug-testing lab in the U.S. But the New York-based bank didn’t share that information about Millennium Health LLC with the people who were about to lend the company $1.8 billion in April 2014 because Millennium said it wasn’t material, according to a person with direct knowledge of the matter."

"Two loan investors, who asked not to be identified because they weren’t authorized to speak publicly, also said neither JPMorgan nor Millennium mentioned the probe when the loan was pitched."

http://www.bloomberg.com/news/articles/2015-07-16/jpmorgan-s-little-secret-on-a-loan-deal-that-went-very-wrong

"The borrowing funded a $1.27 billion dividend to Millennium’s management team and TA Associates, which own the company. It also paid off $195 million of debt that TA Associates held."

 

Anyone surprised that the criminals that ran and still lead the company did this? They built the business on the backs of others and lawsuits to intimidate.