OBAMA GIVING WALL STREET A BIGTIME SPANKIN . THE OBAMA HATERS AINT GONNA BE ABLE TO HATER-ATE THIS ONE AWAY. . $13 BILLION FROM JPMORGAN ALONE - AND THEYRE NOT DONE - AND, THEY WOULDNT LET THE BANK NOGOTIATE AWAY THE POSIBILITY OF BIGSHOTS GOING TO JAIL: . Washington Post: . “As part of the tentative agreement, JPMorgan dropped its demand for the Justice Department to take a non-prosecution agreement off the table, the person said, which means a criminal investigation of the banks conduct being handled by federal prosecutors in Sacramento, Calif., continues. . “In a way, the deal came about like a real estate negotiation. JPMorgan was holding steady at $11 billion, saying it would not go higher unless the government got rid of the criminal exposure, the person close to the talks said. Holder refused, calling it a non-starter. The breakthrough came when Dimon agreed to Justices terms. . “Of the $13 billion, $9 billion is fines or penalties and $4 billion will go to consumer relief for struggling homeowners, the person said. “JPMorgan also agreed to provide cooperation in investigations against individuals in the company, the person said. . “The Justice Department is still pursuing a criminal investigation of the trading loss and a possible cover-up at the bank. Two of the banks former traders in London are facing criminal charges. The SEC also is investigating individuals involved in the trading loss. . “Mounting legal costs from government proceedings pushed JPMorgan to a rare loss in the third quarter, the first under Dimons leadership. The bank reported Oct. 11 that it set aside $9.2 billion in the July-September quarter to cover a string of litigation stemming from the financial crisis and its London Whale trading debacle. JPMorgan said it has placed a total of $23 billion in reserve to cover potential legal costs.” . cbsnews/8301-201_162-57608321/jpmorgan-chase-justice-department-reach-tentative-$13-billion-deal-over-mortgage-backed-securities/
Posted on: Sun, 20 Oct 2013 13:35:47 +0000
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