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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCrime Lord meets with Holder to avoid Criminal charges
The sage of Wall Street journeyed to Washington on Thursday, but Jamie Dimons visit was unlike any the JPMorgan Chase chief has made before.
Dimon sought a meeting with Attorney General Eric H. Holder Jr. in an urgent bid to dispose of multiple government investigations into the banks conduct leading up to the financial crisis and avoid criminal charges. The deal that Dimon discussed with Holder would involve paying the government at least $11 billion, the biggest settlement a single company has ever undertaken, according to several people familiar with the negotiations.
It would also potentially pave the way for other giant banks to reckon with Washington for their roles in the near-collapse of the financial system five years ago. While it would be a historic amount, the fine would still represent a sliver of the damage wrought by the bank for selling mortgage securities that it allegedly knew were worthless.
Dimon, 57, the most prominent of all the Wall Street chieftains, was once mentioned as a possible candidate for Treasury secretary, but in the past year he has faced embarrassing setbacks. In addition to grappling with various government probes, Dimon recently survived a challenge to his leadership after acknowledging a $6.2 billion loss by a JPMorgan trader known as the London Whale.
http://www.washingtonpost.com/business/economy/jpmorgan-chief-dimon-meets-with-justice-department/2013/09/26/0d4d2034-26be-11e3-b3e9-d97fb087acd6_story.html
IDemo
(16,926 posts)Ichingcarpenter
(36,988 posts)Earlier this year, The Daily Beast published a then-current list of some of JP Morgans most recent civil and criminal settlements. They include:
2011
-JP Morgan was foreclosing on the wrong homes and evicting innocent families. Only US military personnel were compensated in the $56 million settlement.
-A $153 million fine was levied against the bank for selling investments to its customers that the bank had invested against.
-The bank paid a $229 million fine for rigging the state municipal bond bidding market, defrauding the taxpayers in 31 states.
-JP Morgan was caught doing business with embargoed countries like Iran, Sudan, Cuba and Liberia. The bank paid an $88 million fine.
2012
-JP Morgan was hit with a $5 billion penalty for years worth of what the suit called, shoddy loan servicing, illegal robo-signing, and faulty foreclosure processing.
-The bank paid a $110 million fine for what is commonly known as check sequencing. Rather than process their customers debits and credits based on their chronological order, the bank went days back into the past to re-sequence the transactions in whichever order would make the account holder run out of money fastest so the remaining debits would bounce and the bank could charge multiple insufficient funds and overdraft fees.
-JP Morgan refunded $150 million to investors, mainly pension funds, that lost large amounts of money invested with the bank during the 2008 and 2009 economic crash.
-The bank agreed to a $296.9 million settlement with the SEC for what many consider the cause of the US housing collapse and the resulting economic collapse misleading investors about the near-worthless value of the mortgage-backed securities JP Morgan was creating and selling.
2013
-Ten banks, including JP Morgan Chase, were forced to repay a combined $8.5 billion to defrauded and wrongfully foreclosed homeowners.
-JP Morgan was forced to repay $546 million to customers of MF Global after the chaotic days of its criminal collapse. MF Global CEO and former NJ Governor Jon Corzine had reportedly raided the accounts of its customers in the hours prior to its implosion to pay the firms debts to banks like JP Morgan.
That concluded the extensive list from The Daily Beast published back in May. But as readers have seen in the months since, JP Morgans criminal and civil investigations and settlements havent stopped there. And when the London Whale settlement is unsealed in the coming days, it certainly wont be the last.
http://www.whiteoutpress.com/articles/q32013/the-outrageous-list-of-jp-morgan-crimes-and-settlements/
bahrbearian
(13,466 posts)Coyotl
(15,262 posts)Nuclear Unicorn
(19,497 posts)hootinholler
(26,449 posts)JP Morgan should be seized and sold off piecemeal with the proceeds going to the Fed. Trillions in damage was done which makes 10 billion a reasonable business expense.