(Bloomberg) — Senator Elizabeth Warren, a vocal critic of Wall Street, said banks are “undermining” sanctions on Russia by snapping up the nation’s corporate bonds and suggesting clients buy assets on the cheap.
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In a statement released late Friday, she called out market makers JPMorgan Chase & Co. and Goldman Sachs Group Inc. following a Bloomberg report that the two banks had been purchasing beaten-down bonds. Banks routinely scoop up debt because clients asked them to, or because they expect to find ready buyers.
Read more: Wall Street Is Pouncing on Russia’s Cheap Corporate Debt
JPMorgan analysts also published a note recommending that investors boost holdings of Russian-linked debt to take advantage of a “recovery play” stemming from the sell off that has accompanied the country’s invasion of Ukraine.
“Giant Wall Street banks like JPMorgan and…
