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(Globe and Mail)   JPMorgan Chase & Co. has reached a tentative $13-billion (U.S.) agreement with the U.S. Justice Department. The tentative deal does not release the bank from criminal liability, so we still might get to see the farkers burn   (theglobeandmail.com) divider line 31
    More: Spiffy, JPMorgan Chase & Co., United States Department of Justice, U.S., Legal liability, tentative, trading loss, Federal Housing Finance Agency, Washington Mutual  
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595 clicks; posted to Business » on 20 Oct 2013 at 1:25 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



31 Comments   (+0 »)
   
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2013-10-19 10:13:20 PM  
I hope that $13B is more than the profit they made off their illegal dealings, but I doubt it.
 
2013-10-19 10:29:26 PM  
Some people argue that JPMorgan should not have to pay because they were "forced" to buy WAMU and Bear Stearns. Yeah, with free money basically. They have made a TON of money from those deals because of the prices they acquired those assets and for the special financing they got to do the deals.

When you buy a company, you buy EVERYTHING! Including all of the sh*t they did before you bought them. Ask Bank of America how much they loved buying Countrywide Mortgage.

Pay the f*cking money and call it a day. It's probably 1/100th of what they'll make from those assets.

I'm sure JPMorgan will still be around 100 years from now.
 
2013-10-19 11:12:08 PM  
"... we still might get to see the farkers burn"

That would be a good thing.
 
2013-10-20 12:30:26 AM  
So, I guess ATM fees will be going up.
 
2013-10-20 12:39:15 AM  
Is there a picture of Elizabeth Warren biting the throat out of some motherfarker? Because TTIWWP
 
2013-10-20 12:58:16 AM  

what_now: Is there a picture of Elizabeth Warren biting the throat out of some motherfarker? Because TTIWWP


If that happened, I would consider justice to finally have been served. Until then, meh.
I highly doubt anyone will serve any time for this.
 
2013-10-20 01:41:44 AM  
Well another settlement like that and we'll have made back the money the GOP cost us with the shutdown.
 
2013-10-20 02:28:28 AM  

BATMANATEE: I hope that $13B is more than the profit they made off their illegal dealings, but I doubt it.


It's only about half their profits from last year alone. Their profits from the years of manipulating the market? Way more than $26 billion.
 
2013-10-20 02:34:02 AM  
Just wait, it may not release them from liability, but it may cause the case against them to suddenly become a low priority... then vanish altogether.
 
2013-10-20 02:52:04 AM  

ykarie: BATMANATEE: I hope that $13B is more than the profit they made off their illegal dealings, but I doubt it.

It's only about half their profits from last year alone. Their profits from the years of manipulating the market? Way more than $26 billion.


Hmm. And here I was thinking that it was Goldman taking out the competition.
 
2013-10-20 03:23:46 AM  
Who will burn? The executives? Hah, they're miles away. The major stock holders? "oh no! we're innocent owners. We had no idea they were breaking the law."

/whatever dollars we get out of a settlement is the best we'll see
//the mafia should be so lucky
 
2013-10-20 06:45:33 AM  
When you buy a company, you buy EVERYTHING! Including all of the sh*t they did before you bought them. Ask Bank of America how much they loved buying Countrywide Mortgage.

Dow disagrees and will be paying for the Bhopal disaster cleanup as soon as never.
 
2013-10-20 09:58:04 AM  

SilentStrider: what_now: Is there a picture of Elizabeth Warren biting the throat out of some motherfarker? Because TTIWWP

If that happened, I would consider justice to finally have been served. Until then, meh.
I highly doubt anyone will serve any time for this.


If anyone does, you know the banks will just serve up some low level lackey's who might have had an idea of what they were doing was wrong but weren't sure.
 
2013-10-20 10:10:49 AM  

Saberus Terras: Just wait, it may not release them from liability, but it may cause the case against them to suddenly become a low priority... then vanish altogether.


I'm pretty sure that's why Jamie Dimon went down to DC to talk to AG Holder personally. "Look, we'll pay, but you have to make sure the courts don't let this become a class action event."

I doubt he would have paid unless he got some kind of agreement. They would rather pay $13 billion fighting in court.
 
2013-10-20 10:37:04 AM  
no one, not even the Federal Government, tells a large Bank what's what in America.

they'll never be punished.  a small token fine is all they'll pay.  even a large fine can easily be absorbed by a large bank worth......who the fark knows anymore.  their wealth is unprecedented.

business as usual.

ain't Freedom great!
 
2013-10-20 10:37:47 AM  

BATMANATEE: I hope that $13B is more than the profit they made off their illegal dealings, but I doubt it.



compared to what they stole, 13 Billion ain't shiat.
 
2013-10-20 10:38:56 AM  

propasaurus: So, I guess ATM fees will be going up.



you Betcha!!
 
2013-10-20 10:47:03 AM  

Linux_Yes: compared to what they stole, 13 Billion ain't shiat.


JPMorgan didn't steal sh*t in this event. They bought the companies that stole sh*t.
They bought them with our money.
 
2013-10-20 11:53:28 AM  
Dollars to doughnuts, no one will do any time.
 
2013-10-20 12:32:02 PM  

NewportBarGuy: Some people argue that JPMorgan should not have to pay because they were "forced" to buy WAMU and Bear Stearns. Yeah, with free money basically. They have made a TON of money from those deals because of the prices they acquired those assets and for the special financing they got to do the deals.

When you buy a company, you buy EVERYTHING! Including all of the sh*t they did before you bought them. Ask Bank of America how much they loved buying Countrywide Mortgage.

Pay the f*cking money and call it a day. It's probably 1/100th of what they'll make from those assets.

I'm sure JPMorgan will still be around 100 years from now.


No shiat. My father, who is horrible with his finances, actually came out ahead on his refinanced mortgage because of that mess. His mortgage was sold so many times to different lenders, the original deed was essentially lost in paperwork. He hasn't paid his mortgage in three years because no one can accept the payment. The check kept getting returned. Bank of America has been searching for the deed while my dad has been in court saying essentially "enough is enough. The house is mine at this point". According to him, he may win this case too.
I don't get it, but we live in quite a farked up system for this to happen.
 
2013-10-20 12:39:27 PM  

BATMANATEE: I hope that $13B is more than the profit they made off their illegal dealings, but I doubt it.


You know it isn't. When Capital One got fined $250,000,000 for fraud, it was a fraction of the profits they made off it. They fired some middle management scapegoat and blamed 'rogue contractors'.  There is no real justice for the rich.
 
2013-10-20 12:49:48 PM  

DubyaHater: According to him, he may win this case too.


If they can't find the actual deed to the house, they have no legal standing at all. I'd say he'll win if they can't produce one to a judge.

DubyaHater: I don't get it, but we live in quite a farked up system for this to happen.


You can blame these geniuses... https://www.mers-servicerid.org/sis/index.jsp
 
2013-10-20 01:06:17 PM  
I firmly believe, that until the fines for wrongdoing at the banks are so massively out of proportion larger than the profits they make from illegal actions (because I know nobody is ever going to jail), nothing will ever change.

And I mean massive to the point where these people don't want to go on living.
 
2013-10-20 03:43:43 PM  
propasaurus: So, I guess ATM fees will be going up.

ATM costs a little more, but it's usually worth it.
 
2013-10-20 04:40:41 PM  
farm4.static.flickr.com

/Oblig
 
2013-10-20 07:44:28 PM  
Extortion pays, apparently. Disgusting.

I wish more banks would fight the extortionists rather than give in. It would be better to go to court and get a fair trial. Like those guys from Bear Stearns from a few years ago who went to trial and were acquitted.
 
2013-10-20 07:48:01 PM  
Great op Ed on the topic:

http://nypost.com/2013/10/20/jamie-dimons-real-sin/

They're going after him for calling Dodd frank what it is: a giant piece of pointless expensive job killing dog shiat.
 
2013-10-20 07:53:58 PM  

Debeo Summa Credo: Extortion pays, apparently. Disgusting.

I wish more banks would fight the extortionists rather than give in. It would be better to go to court and get a fair trial. Like those guys from Bear Stearns from a few years ago who went to trial and were acquitted.


if JP Morgan didn't do anything wrong, why did it agree to pay $13 billion (up from its original offer of $3 billion)?

also, comparing this to the Bear case makes no sense. the government didn't kill Bear, the firm's counter-parties did (plus Bear's own operational incompetence)

/worked on the "shotgun wedding" integration
//why yes, I support Dodd-Frank rules pertaining to derivatives.....if you saw the mess that I saw, you would too
 
2013-10-20 08:04:58 PM  

Debeo Summa Credo: Great op Ed on the topic:

http://nypost.com/2013/10/20/jamie-dimons-real-sin/

They're going after him for calling Dodd frank what it is: a giant piece of pointless expensive job killing dog shiat.


ahh, Charlie Gasparino. the pundit that rips on Bill Clinton for signing the repeal of Glass-Steagall, and then rips Paul Vockler for trying to curb some of the systemic risk created by the repeal.
 
2013-10-20 10:42:05 PM  
Spread the wealth...

Go after other mega banks too.

/let's play fair and share now
 
2013-10-21 01:10:47 AM  
Criminal liability in the corporate sense is a joke... nobody goes to jail. You steal 5k, you go to jail for decades, you steal 5B, you retire in disgrace with only a few  hundred million bucks to show for it.
 
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