JPMorgan Offers Feds $3 Billion to End Mortgage Probes -
When in doubt, Pay um off
The expanded talks with the DOJ come just days after the largest U.S. bank agreed to shell out a whopping $920 million and admit wrongdoing to settle charges tied to the London Whale trading fiasco.
The new push to resolve cases suggest JPMorgan CEO Jamie Dimon and his board are increasingly willing to stomach hefty fines to lessen the company's legal uncertainties.
Some analysts have recently been warning the regulatory scrutiny threatens to hurt JPMorgan's bottom line and its relationship with customers.
While JPMorgan offered to pay $3 billion to settle a number of ongoing probes, the DOJ is arguing the company should pay billions more, the Journal reported, adding that precisely which cases might be included in a deal isn't clear.
more:
http://www.dailyfinance.com/2013/09/25/jpmorgan-offers-doj-3-billion-end-mortgage-probes/
2 comments:
Re: "Some analysts have recently been warning the regulatory scrutiny threatens to hurt JPMorgan's bottom line and its relationship with customers."
Well, ain't that too bad. As the Russkies say, "Tuffsky Shitsky!"
I say, let the investigation continue, or settle for the "BILLIONS MORE" that is calculated to be appropriate. Also hold the officers, executives, and board members personally responsible for their actions. Also force the company and those responsible to admit the wrongdoing(s) as a part of the settlement. Sure, it's blackmail, but so what, that's what they do in much smaller cases against non-elites in "tax related" or "money related" "crimes"!
NO GIVE'M NO FOXTROT BREAK!
My nickel's worth..............
This is OLD news. The "fine" was escalated to $11 billion after the $3 billion one was rejected. CEO Jamie Dimon say it is just the cost of doing Business. The message is it is Ok to cheat the people as long as the FED gets a cut of the profits.
http://finance.yahoo.com/blogs/breakout/11-billion-fine-just-cost-doing-business-jpmorgan-175948500.html
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