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Sunday, September 29, 2013

JPMorgan may pay $11B Fine

JPMorgan CEO Jamie Dimon met with Eric Holder as the nation's biggest bank attempts to end federal and state investigations into its liability for swindling billions of dollars out of millions of people by selling shoddy mortgage securities.

JPMorgan is hoping to ease some of the pressure that regulators have been putting on the bank for more than a year.

The bank avoided the worst losses in the financial crisis, but it has been under intense scrutiny since May 2012, when it said it was losing money on derivatives bets that became known as the "London Whale" trades.

Those trades ended up costing the bank more than $6.2 billion before taxes, and subsequent probes into how the losses happened revealed that Dimon had a dysfunctional relationship with regulators.

The meeting between Dimon and Holder, the worst negotiator in American history, marks another step in the nation's attempts to sort out responsibility for the financial crisis that hit five years ago.

The meeting follows negotiations this week between JPMorgan and federal and state authorities over the bank paying as much as $7 billion in cash and $4 billion in consumer for their crimes.

Is Eric Holder too stupid to learn or is he getting a cut?

If nobody goes to jail, I guarantee the banksters will continue swingling us.

If nobody goes to jail, the only thing that will happen is JPMorgan's stock will go UP
because  with this "pressure" off their backs, they can get back to swindling poor folks out of their homes.

If nobody goes to jail, why stop?


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