ho hum 920 Million

labrea_gwSeptember 19, 2013

JP wants the eyes off it's bidness so we'll give you $920 Million to just go away already! (How much have they paid out this year already)?
If Mr Dimon went to Washington the same bipartisan group of fawning fat heads would be there to kiss his posterior & apologize for the inconvenience!
Still it's better than what some folks were saying only $500 to $600 Million.

In the end

"JPMorgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses," George S. Canellos, co-director of the SEC's Division of Enforcement, said in the statement. "JPMorgan's senior management broke a cardinal rule of corporate governance and deprived its board of critical information it needed to fully assess the company's problems and determine whether accurate and reliable information was being disclosed to investors and regulators"

Here is a link that might be useful: spank

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January 16, 2013


    Bookmark   September 19, 2013 at 11:05AM
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And Haliburton pled guilty to destroying evidence, paid $200,000 as a fine, $25 million donation to the wild life fund.

Houston-based Halliburton reported Monday that total revenue for the second quarter of 2013 was a company record of $7.3 billion, compared with $7 billion for the first quarter of the year. HalliburtonâÂÂs operating income climbed to $1 billion in the second quarter from $902 million in the first quarter of the year, adjusted for the Macondo litigation charge.

Ouch. Like that must have really stung.

    Bookmark   September 19, 2013 at 3:04PM
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Embothrium(USDA 8 Sunset 5 WA)

Probably made 'em want to go shoot somebody.

    Bookmark   September 19, 2013 at 3:48PM
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Over what was tantamount to walking around money? Unlikely. Sound like bonus time for getting off easy.

    Bookmark   September 19, 2013 at 4:04PM
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nancy_in_venice_ca Sunset 24 z10

Here's hoping. From labrea's link: The settlement resolves claims by the SEC, the U.S. Office of the Comptroller of the Currency, Federal Reserve and the U.K. Financial Conduct Authority. The Justice Department and Commodity Futures Trading Commission are among agencies still investigating the trading loss at the CIO, a unit of the New York-based bank that was supposed to help reduce risk and manage excess deposits. JPMorgan said today it was notified by the CFTC that its staff intends to recommend enforcement action. [ . . . ]

âÂÂOpen-Endedâ Cost

The cost for the bank is still âÂÂopen-ended,â said Charles Peabody, an analyst at Portales Partners LLC in New York. Investors want some clarity on the seriousness of the criminal probe, he said. âÂÂIâÂÂm not sure that these settlements will conclude anything because you still have the CFTC, the DOJ and state AGs investigating.âÂÂ

    Bookmark   September 19, 2013 at 4:09PM
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That's why I fear that the near financial meltdown was only the warning sign of what is to come without great change.

My big gripe with the man I voted for - the one who DID manage to us off the edge of the cliff despite doing what most conservatives still gripe about - is that he didnt go nearly far enough in his efforts to attempt to prevent this sort of thing from happening again. What will it take for real strength and real teeth in legislation proposals to curb the out of control greed?
Our President who should have proposed them and all of congress who should also have proposed them, has failed us.
From that time of crises, too many who were already well off ended up better off and too many who had enjoyed a middle class life are now still without a job or are facing the reality that they will never again have the middle class lifestyle they worked so hard to reach. Too many who had their retirements in place, saved and sacrificed for, ended up with nothing at all and now dependent upon taxpayers and family for a roof over their head. While those who ran the companies into the ground and then sold out and ended up as millionaires, after raiding the retirement funds.
I will admit, if our President actually had gone after legislation to prevent these sorts of things from happening, those with real money and those conservatives in power would have done anything necessary to stop him. He and most conservatives and democrats in power proved they have an interest in keeping things as they are, too. Are they doing the bidding of their people as well as protecting their own personal interests?

I say, same on them all. Perhaps, shame on us all.
The rest of us will suffer the consequences, including those who laughed and sneered at Occupy which took place around the world, attempting change via a non-violent route. Along with those who are financially comfortable but nowhere near the 1% top wealthiest.

If the meltdown happens again, or if we get close to a meltdown again, those who "have" - even if obtained by the most innocent means possible, might have reason to be frightened for themselves, family and possessions. The reaction of sneering and laughing to Occupy and the lack of results from the non violent means assumed by the movement have been clearly demonstrated.
It didnt work.
If this happens again, those with hatches should get behind them and batten them down.
Why is it that history's lessons are so easily ignored, even when there are those trying to remind us?
They are laughed and ignored, too.
It will be one time when I will be happy that I don't appear to have excess.
But who knows? The idea of "excess" is very subjective. A homeless person, especially one who has children, might consider us wealthy beyond their dreams.

Our city just passed legislation a day ago severely limiting the areas where the homeless can and cannot ask for money.

    Bookmark   September 19, 2013 at 4:19PM
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mylab: "He and most conservatives and democrats in power proved they have an interest in keeping things as they are, too. Are they doing the bidding of their people as well as protecting their own personal interests? "

Obama is a politician. Just like the rest of them. No different. Bought and paid for. They all wear contacts to hide the dollar signs on their eyeballs.

    Bookmark   September 19, 2013 at 4:42PM
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920 million is probably worth more than the taxes of the "47%" combined (if they were to pay taxes).

    Bookmark   September 19, 2013 at 4:49PM
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JPMorgan ordered to refund $309 million over "unfair" credit card billing.
Not a good day for them time for layoffs!

    Bookmark   September 19, 2013 at 6:29PM
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