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Sunday, October 20, 2013

Chase tentatively agrees to pay US govt $13 billion in fines









From Bloomberg | October 20, 2013

JP Morgan Chase agreed to an unprecedented $13 billion in fines for allegedly being engaged in selling toxic mortgage securities during the 2008 financial crisis.  It was raised from $11 billion.   In the meantime, the criminal liability shall remain unresolved.

This is rather difficult for JP Morgan.   The alleged wrongdoing are from Bear Stearns which JP agreed to acquire during the financial crisis to stabilize the financial system (the closure of Bear Stearns, a too big to fail financial institution would have grave consequences to the financial market).  Talk about good intentions...

JP Morgan President Jaime Dimon personally discussed the deal with US Attorney General  Eric Holder.

The fine would be 1/2 of more than $21.2 billion that JP Morgan Chase earned last year..  Only 7 companies earned more than $13 billion in 2012 according to data compiled by Bloomberg.

The fine has no relation to withdrawal and wire transfer limit being mentioned at Info.wars?





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