20 votes

JPMorgan to take big HIT on Monday!

JPMorgan Reaches Record $13 Billion U.S. Settlement!

Bloomberg:
http://www.bloomberg.com/news/2013-10-19/jpmorgan-said-to-ha...

JPMorgan Chase & Co.’s record $13 billion deal to end U.S. probes of its mortgage-bond sales would free the nation’s largest bank from mounting civil disputes with the government while leaving a criminal inquiry unresolved.

The tentative pact with the Department of Justice increased from an $11 billion proposal last month and would mark the largest amount paid by a financial firm in a settlement with the U.S. The deal wouldn’t release the bank from potential criminal liability, at the insistence of U.S. Attorney General Eric Holder, according to terms described by a person familiar with the talks, who asked not to be named because they were private.

“To not get the waiver from criminal prosecution is not good,” said Nancy Bush, a bank analyst who founded NAB Research LLC in New Jersey. “What we’re looking for in a settlement of this size is certainty from things like the criminal prosecution of a company. The Street wants certainty.”

JPMorgan Chief Executive Officer Jamie Dimon, 57, personally discussed the deal with Holder after markets closed Oct. 18 as the banker sought to end probes that have beset his firm and resulted in its first quarterly loss under his watch. The agreement, which isn’t yet final, includes $4 billion in relief for unspecified consumers and $9 billion in payments and fines, according to another person briefed on the terms.

The settlement would amount to more than half of JPMorgan’s record $21.3 billion profit last year, or 1.5 times what the firm’s corporate and investment bank set aside to pay employees during this year’s first nine months. Only seven companies in the Dow Jones Industrial Average earned more than $13 billion in 2012,
http://www.bloomberg.com/news/2013-10-19/jpmorgan-said-to-ha...

Forbes:
http://www.forbes.com/sites/halahtouryalai/2013/10/19/jpmorg...

WSJ:
http://online.wsj.com/home-page

CNBC:
http://www.cnbc.com/id/101065738

FoxBusiness:
http://www.foxbusiness.com/industries/2013/10/19/jpmorgan-re...

Reuters:
http://www.reuters.com/article/2013/10/20/us-jpmorgan-settle...

CNNMoney:
http://money.cnn.com/2013/10/19/investing/jpmorgan-settlemen...

JPM closed Friday @ $54.30, lets see where they open on Monday!

Now we need to file a Federal RICO Suit against JPM for manipulating the precious medals markets! Don't we have a whistle blower with the goods on that one!



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HA HA -Who Really Gets the $13 Billion?

IT goes to the US government where it pays the salaries of all the ex Goldman sach and JP morgan bankers and lawyers working for the US government at the SEC, Dept of Treasury, Dept of Justice etc.

It all ends up in the circular money file where the Fed gives money to JP morgan and they buy US treasuries and JP Morgan acts as primary dealer in the sale of treasuries.

It doesn't hurt JP Morgan at all to pay-it all comes back to them anyway and keeps smaller banks out because they could never pay a $13 billion fine.

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This is all show to make it

This is all show to make it seem like we have some sort of Justice system. JP Morgan is part of the Federal Reserve, it does not matter what fine you give them when the Federal Reserve is in charge of the Banking System. JP Morgan could change there name like AIG did, go bankrupt it would not matter.

Correct this is not justice, but rather a payoff

so the regulators have money to pursue actions against JP morgan's competitors

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Bribe!!

If I understand this correctly from when I first heard about in, JP Morgan approached the DOJ ans said "hey, ole buddy, ole pal; If I give you $11 billion, will you make these investigations go away?". I thought at that time, hmm, if I did that, I would find myself in an orange jumpsuit learning to be some big dudes wife..

Now I hear that the conversation must have gone a little bit differently- "hey judge, ole buddy, ole pal; would an $11 billion dollar check make this investigation go away? Judge: You know Mr. Dimon, I could put you away for that statement alone. Dimon: of course judge, I meant to say, $11 billion fine and $2 billion for you sir! Judge: well.....in that case, uh hum, I see nothing wrong here.

Nothing here says this is going to make them stop what they're doing. Worse, the $13 billion dollars sounds like a pay off for the DOJ to simply turn their backs to the problem!

Or maybe Dimon crossed someone bigger than himself, ...

and now it's payday!

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Good point

I have to wonder, from $23 billion dollar record profits to paying out, "off" the DOJ, to posting loss. If what they did to post record profits, while Americans lose everything, has turned out to stick in the crawl of the DOJ, what will they do now to overcome the loss and get back to profits? Who all will have to fall this time for their benefit?

Can't help but think there's something much bigger going on,.

here! There's too many front page news releases on this. We ALL know Dimon is extremely arrogant. I think he may have pissed off the wrong people.

If you look back into Dimon's career he wasn't that important a decade or so ago!

He accelerated to the top of the Banking Industry when taking over JPMorganChase. I think he forgot his place!

www.SpiderWebbs.com (Take Your Bookmarks Wherever You Go!)

How soon you forget

http://www.cbc.ca/m/touch/business/story/1.1377272

The US government is involved in a series of shakedowns for their own survival. They don't give a damn about the law or the Constitution, they want to maintain their empire.

LOL! Yeah. So I wonder how

we will ultimately be made to pay for it. (I can't help but to think we'll be taking the "big HIT" in some way or another....)

What would the Founders do?

This all means exactly:

ZIP!
Let me make sure I understand this right...the bank breaks god-knows-how-many US anti-trust laws, and instead of everybody going to prison to make small ones out of big ones for 30 years (breaking rocks on hard labor) they get to buy their way out and no one gets in trouble? $13B....$18B...the raping and pillaging will continue. One more thing I'm thinking of...IF they actually stroke a check for the fine, WHERE will the currency go? Certainly not into government coffers! Will it go into the same holding account with the $2.3T that was missing back on Sept. 10th, 2001? Will it go to Holder's private island in the Bahamas (I'm speculating here)? Any ideas, ya'll?

------------------
BC
Silence isn't always golden....sometimes it's yellow.

"The liberties of a people never were, nor ever will be, secure, when the transactions of their rulers may be concealed from them." - Patrick Henry

I second that thought.

bump.

No Matter

JP Morgan will go the Discount Window on Monday and get a 13 billion dollar loan at zero percent interest.

The settlements are BOGUS;

The settlements are BOGUS; obviously the Fed, the Federal Government, and the banksters all conspired and made a lot of money thanks to Freddie and Fannie.
There is no excuse for this. The only justice would be to hold the culprits accountable. The Senators need to do their god damn job, grill these people on the hill and give them a fair trial. They have the ability to subpoena and call witnesses. But they will not, and this is the problem.
Obviously the JP Morgan / Fed connection is the elitist ill that plagues the nation, if not the world.
All this does is give the government a 13 billion dollar rebate on the fraud that was made, meaning they got their cut of the profits. Lawyers all got paid.
This is not a victory for the people. This is the essence of the problem that continues.
Are we just going to keep taking it?

Be Your Own Media!!!

The Pendulum Swings...

$13 billion is more than half the amount that JP Morgan received from TARP cash infusion.

Ed Rombach

Yesterday my local news

Said 18bn. If that's true where is the additional 5 going?

To my Liberal Trolls:
"Really Don't mind if you sit this one out. Your words but a whisper, your deafness a shout. I may make you feel, but I can't make you think."
Ian Anderson 1972

With the stock just $2 off it's 10 year high of $56

JPM is well positioned to pay off HoldObama.

Stocks in general want to go higher but unless there's a good pullback it's just going to drift up at this petty pace.
We need a pull back to the OCT 2007 highs before we launch into the biggest bull market ever.

How much did they make?

Is it a 'fine' if they made more than they 'lost'?

Sharing the loot.

Since the government and the banks are in cahoots does this not simply amount to them sharing out the loot?

"Jesus answered them: 'Truly, truly, I say to you, everyone who commits sin is a slave to sin. The slave does not remain in the house forever; the son remains forever. So if the Son sets you free, you will be free indeed.'" (John 8:34-36)

Is JPMorganChase afraid of a run on their Bank?

I think they are!

This past week it was reported JPMorganChase sent out letters stating a new policy change regarding CASH withdrawals. If the truth were known, they knew this was coming and are afraid of a Bank Run.

Paybacks are a bitch, fitting for a bank who stole Washington Mutual!

www.SpiderWebbs.com (Take Your Bookmarks Wherever You Go!)

I doubt there will be a run

I doubt there will be a run on them. Their stock will probably go up. What investors don't like is uncertainty. Now that the "penalty"/blackmail amount has been decided, it's full steam ahead.

Oh, come on. It's blackmail.

Oh, come on. It's blackmail. Government is going after every big target they can these days to extract blood money to score points with the public and to pad their own wallets.

LOL, You're probably right on the money,

nothing would/will surprise me anymore. But I still hope the Demon goes to prison!

www.SpiderWebbs.com (Take Your Bookmarks Wherever You Go!)

JPM is corrupt.

The sooner you divorce youself the better.

Despite the blackmail, the

Despite the blackmail, the "marriage" continues.

I think you mean to say; the sooner the country divorces itself

from this bank the better off we'll all be!

www.SpiderWebbs.com (Take Your Bookmarks Wherever You Go!)