J.P. Morgan Chase Chief Marketing Officer Kristin Lemkau joined a meeting in May of some 25 marketing executives at Manhattan’s Millennium Broadway Hotel to hear a confidential presentation on the disturbing state of the advertising business.

Corporate investigations firm K2 Intelligence revealed that a seven-month probe it conducted had uncovered that ad agencies are getting rebates from media companies in the U.S., but these firms aren’t telling their clients or passing along the savings, according to several people who attended the meeting.

Read the full WSJ article here.