Saturday, October 19, 2013

BREAKING: J.P. Morgan Chase has reached a $13 billion tentative deal with the U.S. Justice Department.

Yikes. Do not piss off Obama.

(Via CNBC)



JPM had $206 billion in shareholders equity as of 9-30-13.


From WSJ:

J.P. Morgan Chase & Co. has reached a tentative $13 billion deal with the Justice Department to settle a number of outstanding investigations of its residential mortgage-backed securities business, according to a person familiar with the decision.

The general terms of the deal were struck Friday night in a phone conversation between Attorney General Eric Holder, his deputy Tony West, and the bank’s general counsel, Stephen Cutler, the person said.

The deal hasn’t been completed and some particulars are still being discussed, such as the final wording of the agreement, the person said. If completed, the deal would represent the largest settlement the U.S. government has reached with a single company.

The deal doesn’t resolve a continuing criminal probe of the bank’s conduct, which is being handled by federal prosecutors in Sacramento, Calif., the person said.

The deal does include a roughly $4 billion agreement with the Federal Housing Finance Agency to settle allegations that J.P. Morgan misled Fannie Mae and Freddie Mac about the quality of loans it sold them in the run-up to the 2008 financial crisis, the person said.

The deal would also resolve a separate suit brought by New York state’s attorney general, Eric Schneiderman, the person said.


  1. "Do not piss off Obama."

    Welcome to fascism.

  2. Fascism indeed. But in a war between the banksters and the Feds, whom should we be rooting for? Mutual destruction? Or should we hold our nose and wish JPM well? Certainly no incentive to root for government extortionists.