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JPMorgan admits fault, pays $920 million in trading loss

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WASHINGTON — The financial penalty is staggering. JPMorgan Chase & Co. will pay $920 million for trading losses that shook the financial world last year.

But the bigger price may be a few words rarely uttered in settlements with U.S. regulators: The nation’s largest bank is also admitting wrongdoing.

JPMorgan’s acknowledged failure of oversight in the $6 billion trading loss is a first for a major company since the Securities and Exchange Commission reversed its longstanding practice of allowing firms…

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