Wai wai wait. Instead of jail, how about....

david52 Zone 6September 25, 2013

"NEW YORK (AFP) - JPMorgan Chase has offered to pay about $3 billion to settle an array of pending Justice Department probes, The Wall Street Journal reported Tuesday, citing a person familiar with the discussions.

The Justice Department argued JPMorgan would need to pay billions above the $3 billion offer to settle the cases, according to the person.

The newspaper, citing people familiar with the matter, said that JPMorgan, the biggest US bank by assets, and the Justice Department had expanded the settlement talks to include an array of cases.

It said it was unclear which of the more than half a dozen open Justice Department investigations into JPMorgan's conduct would be resolved by such an agreement."

end quote

So, next time you, private citizen, rip off mortgage holders, laundry money for drug cartels, manipulate the aluminum market, rig the interest rate market, etc etc etc, and the law comes after you - why, you, private citizen, can just offer to pay about a weeks worth of income and ask that they all just go away.

Here is a link that might be useful: link

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kimka(Zone 6B)

From Enron on down, the so-called huge fines levied on these big corporations, but especially the Wall Street companies, have never even come close to equaling the profits they've made from violating the laws.

Since the only penalty is to surrender PART of their profit and no jail time and no loss of the right to do more business, the fines are just built in as a possible cost of doing business.

But bless the Republican "we're the party of regulation and getting the government off buiness's back" Party. Bless their cotton pickin' little hearts.

    Bookmark   September 25, 2013 at 4:49PM
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ohiomom

They are the "creators" who worship the "golden calf" ... kneel before them.

    Bookmark   September 25, 2013 at 6:18PM
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labrea_gw

Yep same old BS same bi partisan crowd will line up to kiss Jamie Dimon's backside if he goes back to Washington.
The same old posters will ignore it their busy wailing about border crosser's & Obama care rather than the Billions the country has been ripped off by these bastards & their machinations.

    Bookmark   September 25, 2013 at 9:23PM
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jodik_gw

The kicker? They don't even have to admit wrongdoing. Reputations remain mostly in place.

I couldn't have said it better, Joe.

    Bookmark   September 26, 2013 at 4:35AM
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tobr24u(z6 RI)

Greed is good! At least for some...

    Bookmark   September 26, 2013 at 5:15AM
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david52 Zone 6

Rumor has it that the Feds are thinking more about 11 billion to settle the claims

-snip -

Financial publications such as Quartz and the Wall Street Journal have been reporting varying figures as to how much JP Morgan will owe the government in the settlement of cases that arose after the Department of Justice investigated its pre-2008 mortgage dealings. Initial news from the Wall Street Journal was that the company would owe $3 billion, but the figure has now reached reports of up to $11 billion.

Those figures would be paid in order to cover a wide variety of costs associated with the accusations against JP Morgan. Quartz reports that the main reason behind the lawsuits is that JP Morgan misrepresented the quality of home loans in mortgage bonds that it sold pre-2008 economic crisis, which led to the loss of $33 billion in taxpayer loan money after the government bailouts of 2008 (Fannie Mae and Freddie Mac).

The company has already paid $3.68 billion in settlements this year. $80 million was paid to regulators for credit card billing fraud. An additional $309 million in refunds was paid as a result of that case. JP Morgan also paid $1.96 billion for illegal foreclosure practices, $410 million to the Federal Energy Regulatory Committee for tinkering with the electricity market and $920 million after the London Whale fiasco.

The allegations against JP Morgan - both settled and pending - are difficult to keep track of and understand completely, so much so that Slate has published an article entitled âÂÂA Guide To Everyone Suing JP Morgan.â New investigations outside the allegedly imminent $11 billion payout to the Department of Justice include suits by the state of Massachusetts and the Securities and Exchange Commission.

JP Morgan continues to make annual profits nearly double the penalty they may owe the government, but the large settlement is a testament to the companyâÂÂs role in the economic crisis that continues to linger. Whether itâÂÂs a deserved punishment or a solution to the problem remains up for debate.

Here is a link that might be useful: link

    Bookmark   September 28, 2013 at 9:59PM
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esh_ga

The company has already paid $3.68 billion in settlements this year. $80 million was paid to regulators for credit card billing fraud. An additional $309 million in refunds was paid as a result of that case. JP Morgan also paid $1.96 billion for illegal foreclosure practices, $410 million to the Federal Energy Regulatory Committee for tinkering with the electricity market and $920 million after the London Whale fiasco.

Wow. So many wrong things ....

    Bookmark   September 28, 2013 at 10:16PM
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david52 Zone 6

And lets not forget that they're the ones cornering the aluminum stockpile, forcing up prices.

    Bookmark   September 29, 2013 at 12:33AM
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esh_ga

Why don't we ever learn from this?

    Bookmark   September 29, 2013 at 7:55AM
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marshallz10(z9-10 CA)

Esh, learning about something after the facts is not the same as knowing what to do to counter the terrible ethics that promote this sort of corporate behavior. At this level, criminal behavior pays off because the cost of doing business includes paying off nuisance fines.

As long as officers, Directors/Trustees and shareholders are not criminally liable for such misdeeds, there is little incentive to behave ethically.

    Bookmark   September 29, 2013 at 3:27PM
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