WASHINGTON/NEW YORK (Reuters) - JPMorgan Chase & Co CEO Jamie Dimon has pleaded with and complained to the U.S. Justice Department but cannot convince the government to end its criminal probe of his bank because prosecutors are not yet certain of their findings, people familiar with the matter said.
Dimon has negotiated a tentative $13 billion deal to settle many of the U.S. investigations into mortgage bonds that JPMorgan - and the banks it bought during the financial crisis - sold to investors.
But the criminal investigation proved to be a sticking point during negotiations, the sources said, and Dimon's inability to win this point underscores the breadth of the problems his bank faces even after it resolves these mortgage suits.
The criminal probe relates to whether JPMorgan misrepresented the quality of the mortgages it was packaging into bonds and selling to investors.
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9 comments:
That is a slap on the wrist for the worlds biggest fraud besides satan himself. A 13 billion dollar fine for 88 trillion in fraudulent derivatives. That's like a $13,000 fine for $88 million in fraud........really? Oh and don't forget......we're on the hook for our "too big to fail" buddies like JP Morgan Chase
Or a $13 fine for $88,000 in fraud......that's fair
Now that's justice from our justice department
Don't forget the government forced banks to lend money to people that could not afford it...and now they want to go after the banks for "predatory lending".
A monetary fine only penalizes customers and shareholders...somebody needs to go to jail and be fined personally.
Yeah 523, the gov. just strong armed the banks into taking actions that reaped 100's of billions in profits.
This is ALL, smoke and mirrors for suckers to believe in. Politicians are indentured servants of big banking. The majority are bought and paid for already, and Eric Holder is simply a united black showcase for Obombic's, (b.s. TV) via the national not very newsy scripted media. Liberal lip service in motion. Don't buy the minute by minute lies you read. Their collective mantra, let's get your money back Mr. Taxpayer, is like every other made for TV deal, which means, the majority of court cases have been worked out in the back rooms (the judges chambers) with the judge and everyone else present, months ago. This is walk through showboat media event for gullible moronic believers. Don't believe me, ask a friend, if you have one, who's a lawyer. If he or she tells you their truth, it will be that the deal was and is already done, months ago. JP Morgan/Chase are greedy heartless ****s that intend to keep the majority of their stolen wealth, all the while, shoving necessary dollars down deep, into the pockets of all who might stand in their way. Until they are forced to stand up against the firing squad wall, along with their brothers in thiefdom, our corrupt elected politicians, who opened that door for them and are shot dead as well, things will continue anew, again and again, over and over, until Americans take a stand. a violent stand.
Spot on 7:39. This needs to end now!
Fines don't mean anything. It's only jail time that matters.
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