JPMorgan Chase Agrees to $13 Billion Settlement

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News Reports: JPMorgan Chase Agrees to $13 Billion Settlement

NEW YORK (TheStreet) -- JP Morgan Chase has agreed to pay a $13 billion fine to settle federal and state lawsuits over the bank's residential mortgage-backed securities business, according to news reports. General terms of the tentative agreement between the bank and the Justice Department were reached Friday night in a phone conversation involving Attorney General Eric Holder, his deputy Tony West, J.P. Morgan CEO James Dimon and the bank's general counsel, Stephen Cutler, The Wall Street Journal reported, citing an unidentified person familiar with the deal.

The deal would represent the largest penalty ever paid by a single company

Just when I thought this world couldn't get any more bizarre and scary at the same time, we have this. It speaks for itself. The magnitude of a settlement involving such a large sum of money..and the terms were reached over the telephone between our US Attorney General and JP Morgan CEO? Some wrongdoing occurred which can only be repaid in the value of $13 Billion but no human being will be executed? ..or at least some life sentences? Money takes care of these financial indiscretions of such incredible magnitude?

What a minute? The Attorney General of the United States is making deals of this magnitude in telephone conversations in a 'man-to-man' kind of way?

What the heck is wrong with THIS picture? Where is the transcript and record of that call with exactly what was said? You know...what would exist if the case were handled properly in the light of day?

What did Holder give for that get? I don't trust that man to be a fair arbiter of justice, nor do I believe that is his job.

reply to post by Jedimind


Guess they can just take that out the of petty cash drawer then if they ever really pay a dime.

General terms of the tentative agreement between the bank and the Justice Department were reached Friday night in a phone conversation involving Attorney General Eric Holder, his deputy Tony West, J.P. Morgan CEO James Dimon and the bank's general counsel, Stephen Cutler, The Wall Street Journal reported, citing an unidentified person familiar with the deal.

I'm wondering where the oversight is on this.
Does the Attorney General Eric Holder have the authority to make such deals without the oversight and approval of other law enforcement and judicial peers?

This deal was made at night, after hours, via telephone? For something of this magnitude? It seems pretty shady.
Further, as noted by another member, where's the transcript? Was there a transcriptionist even present, or a recording made at all? There's a number of issues regarding questions of accountability and record keeping here.

Additionally, as highlighted above in yellow, if this "unidentified person" hadn't reported on the deal, when, if ever would any of us heard about the deal?

Just highlights how insignificant this is to JP Morgan and the people who are in their pocket in the government.

"Hi, is that J P Morgan?"
"Yes, hello I'm t he CEO"
"So i hate to be a bother but you did some illegal stuff here and there and kinda owe us, lets call it, oh i dont know, hows 13 billion dollars sound? Obviously nothing will change and you can continue to do whatever you like"
"sounds like a lot for just a few little things"
"yeah it is a bit much, but you know the illegal stuff"
"bah fine, i'll send over my PA with the office petty cash box later, pleasure doing business"
*click*

And no one thought about it again on either side.

13 billion, goes to where? What exactly gets fixed by who with this money?

Another drop in the ocean which neither side cares about and the citizens get nothing. again.

Well, lets see if anyone goes to jail...

the deal does not include a non-prosecution agreement that JPMorgan Chase (JPM, Fortune 500) had originally insisted be part of the deal, the official said.

As the criminal case develops, JPMorgan Chase has agreed to assist in an investigation that is pursuing possible charges against individuals, the official told CNN.

CNN

reply to post by Char-Lee


No, no petty cash, remember that wall street including JP morgan are recipients of the gift the tax payers dollars in the name of QEs, a tune of 80 billions + a month, so you can do the math.


Despicable, when the crocks run the nation they are never the losers.

reply to post by Jedimind


I bet not a penny comes out of the pocket of the CEO or others that created this scam. No jail time for an offense that destroyed the lives of thousands of people. That is the way they do things in this world. It isn't going to change. You think you got away with getting an extra few bucks off your purchase with a coupon. The store still made a lot of money on the sale though. This thirteen billion is nothing compared to all the people they ripped off. Banks are the new version of the mafia. They lend money they don't really have and profit off of it.

The article says "tentative" as in 'not fully worked out,' right?

I don't think this would get signed without some due process. It's not THAT bad down there yet is it?

reply to post by Jedimind


...congress probably has already spent the 13 billion. I just love when corporations and banks break laws or they're found criminally negligent, they get to make deals and escape any jail time. Yet the taxpayer will have no bargaining rights when the same banks foreclosed on their homes, due to their predatory mortgage practices. If we're audited or we owe money on taxes, we get a letter stating we owe this much by this time, no deals just pay or else.

We are PEONS, and anyone else who thinks otherwise is just fooling themselves. You have to ask yourself, why are we such push overs when our government uses our tax money to make deals to bail out corporations and banks. Why don't laws and consequences ever apply to government officials, bankers and the corporate elite? Yet we continue to hand out our hard earned money every April 15th, and when they ask for more we all grumble and hand over more cash.

We're all idiots and they know it.

Take this debacle and add the one where J.P. Morgan™ lost $10B and reported $4B losses? Remember that, the Lady in charge of the NY office made $30M in pay while losing $10B along with the London office and the "Big Whale"...

So what did they do? They went next door to Morgan/Stanley™ and hatched the farcebook™ scheme. This along w/Agt. Zuckerberg and then Zuckerberg exposes the fraud the very next day by getting married in Ca. where a divorce is split 50/50 so when the People pull their heads out of their asses and detect this fraud they can only get back $50B. Nice plan actually...

In Flori-Duh, 75,000 people lost their homes to illegal foreclosures. The State of Fl. is looking into how to blow $220M, their end of the settlement. The people that got foreclosed on illegally? Their check averaged $1480.00..

And this fine is going to reimburse all of the families mortgages JP handled right?

In a more perfect world I think it would happen.

Ever notice how there's NEVER, EVER a followup on these kind of stories, telling us WHO exactly got the money, when it was received, how it was 'signed for', and what was done with the funds after that point?

Was it used to momentarily staunch the fiscal bleeding that is our wunderbar federal debt, wallpaper the men's bathroom in the Federal Reserve building, what?

And how come such a massive fine, this one and the equally huge one just paid by drug manufacturer Pfizer doesn't immediately cause their stock to crash and them to have to close up shop? And how come no suits ever, ever, get sent to jail? Maximum security, not that country-club stuff that Martha was sent to.

Pfizer is criminal