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  • Hundreds Expected At Olympia Oil Train Hearing

    OIl-Train-1Environmentalists planned to pack the Thursday night public hearing in Olympia on the safety of oil train shipments through Washington. The Washington Environmental Council told The Olympian more than 600 people indicated they planned to attend. About 200 people attended a… Read More +

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  • Seattle Trades Away Smoak

    smoak3312014Seattle Mariners Executive Vice President & General Manager of Baseball Operations Jack Zduriencik announced today that first baseman Justin Smoak was claimed off waivers by the Toronto Blue Jays. The Mariners Major League, 40-man roster is now at 39 players. Smoak, who turns 28 on Dec. 5, appeared in 496 games for the Mariners after joining the club on July 9, 2010.

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JPMorgan Chase Faces $2B Madoff Penalty

b_250_0_16777215_00_images_obgrabber_2014-01_285e88d914.jpgScott Eells/Bloomberg via Getty Images (NEW YORK) -- JPMorgan Chase is close to making another big payout to federal regulators. This time, the alleged wrongdoing involves what the bank didn’t tell investors after receiving warnings that Bernard Madoff’s money management business was a fraud. The latest settlement would mean the biggest U.S. bank has paid about $20 billion to settle government investigations and lawsuits in the past 12 months.

According to published reports, an announcement is likely this week.  JPMorgan Chase would pay about $2 billion in penalties related to Madoff and most of the money will go to his victims.

The New York Times says the Madoff settlement “would also involve a so-called deferred prosecution agreement, a criminal action that would essentially suspend an indictment as long as JPMorgan acknowledged the facts of the government’s case and changed its behavior.” 

That kind of agreement is very unusual for a big bank.

Copyright 2014 ABC News Radio

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