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(CNBC)   Because of fines related to the Madoff scandal, JP Morgan's quarterly profits fall... to only $5.38 billion   (cnbc.com) divider line 22
    More: Interesting, Madoff Scandal, JPMorgan Chase & Co., insurance claims, account of profits  
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314 clicks; posted to Business » on 14 Jan 2014 at 11:39 AM (28 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



22 Comments   (+0 »)
   
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2014-01-14 10:17:28 AM
Time to sell the shares I have in that money pit.  Jesus what a waste.
 
2014-01-14 10:33:33 AM
But that's for a whole quarter. If you break it down, it's only 59.8 million per day. Who can get by on that?
 
2014-01-14 10:43:30 AM
This is tragic. Clearly, JP Morgan requires a tax cut to at least soften the blow.
 
2014-01-14 12:02:32 PM
I think it may be a good time to invest in American Guillotine, Pitchfork and Torch, Inc.
 
2014-01-14 12:11:09 PM
As someone who just purchased a pitchfork last weekend, I am looking for someone with access to a torch to go into the forcible redistribution of wealth business together.

Who's in?
 
2014-01-14 12:21:23 PM
crocodile tears...
 
2014-01-14 12:22:53 PM
Quarterly...
 
2014-01-14 01:11:07 PM

AngryDragon: Quarterly...


Came here to say that.  Profits down to only a little under $22 billion a year.

That is net income too, so after all the employees get paid, and CEOs pad their parachutes and buildings get gold toilets installed.

Do the overall services that JP Morgan provide actually warrant another 22 billion dollars a year?  I'm not saying that the system doesn't allow them to do it, but in reality, with all the scandals and settlements, do they really provide a $22 billion a year service or are they just so wealthy a company that they become a money black hole of sorts where money just gravitates toward additional money?

//Yea, that one got away from me
//But then again, $22 billion is unfathomable to me as a reality.
 
2014-01-14 02:13:59 PM
OH NOES A COMPANY MADE MONEY!

/yawn
 
2014-01-14 02:21:16 PM
WHAT?!? that's almost as much as the $7T per year that the NFL posts as revenue!  No Fair!
 
2014-01-14 02:47:04 PM

m1ke: OH NOES A COMPANY MADE MONEY!

/yawn


No, not just that, but also while being caught multiple times for engaging in illegal activity.
 
2014-01-14 02:58:04 PM

vonmatrices: No, not just that, but also while being caught multiple times for engaging in illegal activity.


Ok, so?  They paid their fines and got on with their lives.  Have you ever broken the law and had to pay a fine?  And, if so, should you never be allowed to make money again because of it?
 
2014-01-14 03:34:06 PM

m1ke: vonmatrices: No, not just that, but also while being caught multiple times for engaging in illegal activity.

Ok, so?  They paid their fines and got on with their lives.  Have you ever broken the law and had to pay a fine?  And, if so, should you never be allowed to make money again because of it?


It is almost as if the punishment didn't fit the crime and people are angry that these thieves have basically gotten away with it with little to no consequences.
 
2014-01-14 03:34:06 PM

m1ke: vonmatrices: No, not just that, but also while being caught multiple times for engaging in illegal activity.

Ok, so?  They paid their fines and got on with their lives.  Have you ever broken the law and had to pay a fine?  And, if so, should you never be allowed to make money again because of it?

 I would agree that the company has paid its dues with regards to the scandals.  I just hope that the people illegally swindled get some restitution.


I'm just worried that these few corporate banks are taking in billions of dollars.  With few competitors and government backing in the form of near-0% interest and "too-big-to-fail" rescuing it would seem that the trend would be toward greater and greater impunity toward law and regulation.

JP Morgan's actions reverberate on a massive scale.  These issues are compounded by the fact that there is less competition overall in Banking due to the amount of mergers and consolidation in the industry as a whole.  While merging two companies may decrease overhead as a result of removing redundancies and combining customers, it also means that there is less competition, less pressure to create a better product, and when one company starts doing illegal stuff, it affects a greater portion of us as a society.
 
2014-01-14 06:24:44 PM

m1ke: vonmatrices: No, not just that, but also while being caught multiple times for engaging in illegal activity.

Ok, so?  They paid their fines and got on with their lives.  Have you ever broken the law and had to pay a fine?  And, if so, should you never be allowed to make money again because of it?


Well, if the fine is 1 billion and I make 1.1 billion then I'd do it again because it's profitable.
 
2014-01-14 06:48:18 PM
If you hate companies that make a profit, don't do business with that company.  Problem solved.
 
2014-01-14 08:35:09 PM

m1ke: vonmatrices: No, not just that, but also while being caught multiple times for engaging in illegal activity.

Ok, so?  They paid their fines and got on with their lives.  Have you ever broken the law and had to pay a fine?  And, if so, should you never be allowed to make money again because of it?


Put the corporation in jail. They're people, right? People don't just get fined, they go to jail.
 
2014-01-14 08:55:05 PM

MrBallou: But that's for a whole quarter. If you break it down, it's only 59.8 million per day. Who can get by on that?


There are developing nations that could get by on $59.8m a day.
 
2014-01-14 09:17:29 PM
We've reached the point where companies see these kind of fines as just a cost of doing business, as long as the bottom line comes up positive after the fines, things are cool.

This will continue until the feds start using the RICO hammer.  Once they start seizing the personal assets of executives who've profited from the illegal activity, things might change.
 
2014-01-14 09:22:43 PM
Corporations are people, right?


So corporations can go to jail? They can be placed on death row and they can be executed?

Just wondering.
 
2014-01-14 09:27:30 PM

kevinfra: This will continue until the feds start using the RICO hammer.


Well, they've tried, but it's awfully hard to instill fear when the RICO hammer hits a nice squishy wad of $100 bills..
 
2014-01-15 03:30:06 AM
imageshack.com
 
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