JPMorgan Said to Strike $13B Deal with U.S.


This is a great example of what’s wrong with our county. In the first case the Attorney General of the United States says that some intuitions are just “too big to jail”. This is against everything that our justice system stands for and, coming from the person that heads the department that is supposed to insure our laws are fairly and equably enforced, it is very troubling at the very least.

The second point – when a corporation agrees to pay 13 Billion Dollars in fines it is a very strong indication that they did something very wrong. This case goes back to at least 2009. One would think that 4+ years would be a long enough time to bring criminal charges against the people responsible. Is the Justice Department just going to wait for the statutes of limitations to pass so they can forget about this case?

Another thing to watch out for is that if anyone at JPMorgan does face criminal prosecution it will probably be 2 loan officers and a mortgage broker that will take the fall. When Mr. Holder said “too big to jail” he meant that some people are a lot more important than other people and therefore they don’t follow the same laws as you do. For a more detailed look at this subject please read the article below.

JPMorgan Chase is reportedly set to pay a record $13 billion to the government to settle questions surrounding its sale of bonds backed by poor loans.

An unidentified source reportedly told Bloomberg that JPMorgan CEO Jamie Dimon discussed the deal on Friday with U.S. Attorney General Eric Holder. According to that source, the discussed deal does not release the bank from potential claims of criminal liability at the insistence of Holder, who earlier this year remarked that some institutions may be “too big to jail.”

The agreement—a step up from the $11 billion deal reported in September—will include $4 billion in relief for consumers and $9 billion in payments and fines, Bloomberg reported. If finalized, it will be the largest payout in history among settlements between financial firms and the government.

To read the complete article please use the link below.

$13B Deal

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