Yesterday the Justice Department announced a $13 billion settlement with JPMorgan over the megabank’s fraud in the mortgage backed security market that helped trigger a financial meltdown in 2008. The deal was completed after JPMorgan CEO Jamie Dimon summoned Attorney General Holder to a private meeting to avoid a press conference, the terms discussed at that meeting would later be finalized into the current settlement agreement.
|By: DSWright Wednesday November 20, 2013 11:58 am|
|By: DSWright Wednesday October 23, 2013 6:46 am|
Feeling generous? You should because you are about to help pay for JPMorgan’s $13 billion fine for causing the 2008 financial crisis. According to tax experts the money JPMorgan will be paying to the government ($9 billion) and to wronged customers ($4 billion) can be written off as a “business expense.” In other words, JPMorgan may be sticking the taxpayers with the bill.
|By: DSWright Monday October 21, 2013 9:50 am|
The previous fines Wall Street banks have paid have been laughable. But a $13 billion fine would be more than half of JPMorgan’s profit last year. Serious money. Though apparently JPMorgan thinks it might have to pay even more for its wrongdoing.
|By: DSWright Monday October 14, 2013 12:46 pm|
Under the Dodd-Frank Act banks that are “systemic threats” to the financial system or Too Big To Fail are supposed to be dismantled to avoid the necessity for taxpayer bailouts and subsidies. So far the power has not been used which many are claiming is due to the incredible sophistication of the megabanks not a lack of will by public officials. But now US and UK regulators are saying that’s not true and that the Too Big To Fail banks can be broken up.
|By: DSWright Tuesday July 30, 2013 12:51 pm|
Too Big To Fail Megabank JP Morgan Chase is back on the government’s radar. The bank has been under investigation numerous times after taking a bailout during the 2008 financial crisis – most notably for the London Whale trade – and is now under scrutiny for its trading activities in the energy market. The accusation comes ahead of a likely legal settlement between JP Morgan and the Federal Energy Regulatory Commission.
|By: DSWright Thursday July 18, 2013 6:30 am|
Citigroup alumn and current U.S. Treasury Secretary Jack Lew has claimed that if the ever looming threat of banking institutions that are so big their failure would bring down the economy is not eliminated by year’s end further actions will be needed.
|By: DSWright Friday June 14, 2013 8:55 am|
Freedom isn’t free. The National Security Agency along with the CIA, FBI and other intelligence agencies of the U.S. government has been swapping information with private companies. In exchange for private companies giving the intelligence agencies information on their users, the private companies receive access to classified intelligence.
|By: DSWright Friday May 10, 2013 12:25 pm|
As a recent study indicates that college and universities are giving financial aid to rich students at the expense of poor ones Senator Elizabeth Warren is offering a bill to bring student debt relief. Warren says students should get the same rates as Wall Street.
|By: DSWright Tuesday April 9, 2013 7:35 am|
Believe it or not, there is a bill in Washington to break up the Too Big To Fail banks. Sponsored by Senator Sherrod Brown (D-Ohio) and Senator David Vitter (R-Louisiana) the Brown-Vitter bill would break up the Megabanks by requiring higher capital reserves. Not surprisingly Wall Street is not pleased.
|By: DSWright Thursday February 14, 2013 9:11 am|
Treasury Secretary nominee Jack Lew made a stunning and fantastic claim at his confirmation hearing, namely that the Too Big To Fail or systemic risk threat from the mega banks no longer existed. That the problem had been solved by the Dodd-Frank legislation.