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View Diary: U.S. Banks Legal Bills Exceed $100 Billion (9 comments)

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  •  The $103 billion includes fines and settlements (1+ / 0-)
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    johnny wurster

    Morgan is paying $6 billion per a news release yesterday.

    "The way to see by faith is to shut the eye of reason." - Thomas Paine

    by shrike on Wed Aug 28, 2013 at 07:16:45 AM PDT

    •  I saw a (3+ / 0-)
      Recommended by:
      petral, shrike, phonegery

      note on the ticker on Bloomberg that regulators are seeking 6 billion from JP Morgan for actions related to mortgage derivatives sold to Fannie Mae or Freddie Mac.

      I do not think this has happened yet, and JP Morgan is going to fight this proposed settlement.

      The bottom line is that despite what we have read on this site, the US regulators have fairly quietly been pursuing resolution from the banks for reckless actions they took to help cause the financial calamity of 2008.

      And they are really just getting started. Some folks on here have accused the Obama administration of doing nothing, while the fact is that it takes a tremendous amount of legwork to put these kinds of cases together...and time.

      The bankers are crying ''uncle'' and ''enough!''....but that is not deterring the SEC and others from plowing forward on these cases.

      JP Morgan is going to get hit for 600 million for the London whale trade fiasco also.  On CNBC they are decrying the singling out of Jamie Dimon and JP Morgan...but that is the price of playing poker.

      The President has often been accused of being too buddy-buddy with Dimon, but I doubt he is on Dimon's Christmas card list anymore.

      Bravo Mr. President!

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