Close Business News: JPMorgan Chase to pay billions for Madoff fraud Jasmine Cobb , KYTX 2:00 AM. CST January 08, 2014 CONNECT TWEET LINKEDIN GOOGLE+ PINTEREST (CBS) - JPMorgan Chase will pay for Bernie Madoff's crimes. The bank will shell out more than $2 billion dollars to resolve charges it ignored warning signs about Madoff's massive ponzi scheme. JP Morgan was the primary bank Madoff used. This is the largest forfeiture for a bank in U.S. history. (CBS) - Get ready for what some are calling the 'cheese-pocalypse'. Kraft says there may be a shortage of Velveeta. The company won't say why they're running low on the processed cheese product, but does say demand is high at this time of year and it's only a short term issue. (CBS) - Fireworks at the Consumer Electronics Show in Las Vegas. T-Mobile's CEO, John Legere , crashed a party thrown by arch-rival 'AT&T' late Monday. Security escorted him out after a photo appeared on Twitter. CONNECT TWEET LINKEDIN GOOGLE+ PINTEREST JOIN THE CONVERSATION To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Leave a Comment TRENDING VIDEOS ETX photographer talks about her viral boudoir photos Atwood's robbery Crosby-Lebus worker strike Las Vegas/Mandalay Bay shooting - What we know Teacher accused of assault 84-year-old post office worker retires 11 new features in IOS 11 SPCA Dogtoberfest East Texan nearly caught in Vegas shooting Under The Lights Week 5 (Sept. 29) More Stories BREAKING: Suspect in fatal TX DPS shooting captured… Nov 23, 2017, 7:30 p.m. Black Friday Guide: Best deals and what not to buy Nov 23, 2017, 7:21 p.m. Drivers receive gift cards instead of tickets for… Nov 23, 2017, 6:07 p.m.