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===Seriously?=== | ===Seriously?=== | ||
But in the main, this comes down to poor policework by JP Morgan. They said it themselves: “The Fake Customer List had no value as diligence information. It did not tell JMPC anything about Frank, its business, or the students who supposedly started filling out FAFSAs”. That being the case, why did they go ahead with the acquisition? How did they come up with the USD125m valuation? | But in the main, this comes down to poor policework by JP Morgan. They said it themselves: “The Fake Customer List had no value as diligence information. It did not tell JMPC anything about Frank, its business, or the students who supposedly started filling out FAFSAs”. That being the case, why did they go ahead with the acquisition? How did they come up with the USD125m valuation? | ||
===Dimon Geezer=== | |||
“I’ll tell you the lessons learned here when this thing is out of litigation,” JP Morgan CEO Jamie Dimon said, on a conference call to discuss fourth-quarter 2022 earnings. | |||
While we wait, the [[JC]] has two learnings: One: test the quality of your target’s data ''before'' acquiring it, not four months afterwards; and two, if you have paid couple of hundred mill for a lemon because your corporate acquisition people were gulled by a 25 yo with great hair and an iffy Forbes profile, quietly fire them and ''move on''. For Pete’s sake don’t then ''[[Litigation|litigate]]'' about it to make it worse. | |||
{{sa}} | {{sa}} | ||
*[https://www.documentcloud.org/documents/23570243-frank_suit? JP Morgan Complaint] | *[https://www.documentcloud.org/documents/23570243-frank_suit? JP Morgan Complaint] | ||
{{ref}} | {{ref}} | ||