Viola, to make my point: WE WILL DO THIS TOGETHER AND WE WILL DO IT WITH LOVE “JPMorgan Chase is just the first domino in what’s going to be a series of large civil settlements with large payments from Wall Street,” says William Cohan, a former investment banker, BloombergView contributor and best-selling author. “There’s going to be more of this to come,” Cohan says, suggesting the JPMorgan settlement will be the “template for other banks” that were big players in the mortgage-backed securities market, including Citigroup (C), Deutsche Bank (DB) and Royal Bank of Scotland (RBS). Indeed, The Financial Times reports Monday that Bank of America (BAC) is in talks to pay a $6 billion settlement to the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac. As Cohan notes, that’s even larger than the $4 billion JPMorgan is earmarked to pay the FHFA, according to numerous reports. (Note: The irony of big banks being sued for allegedly misleading Fannie and Freddie is not lost on me and will be addressed in forthcoming coverage.)
Posted on: Tue, 22 Oct 2013 01:24:58 +0000
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