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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums$13 Billion Settlement With JPMorgan Is Announced
Whoa!
$13 Billion Settlement With JPMorgan Is Announced
By BEN PROTESS and JESSICA SILVER-GREENBERG
JPMorgan Chase and the Justice Department finalized a $13 billion settlement on Tuesday, punctuating a long legal battle over the risky mortgage practices that became synonymous with the financial crisis.
The civil settlement, which materialized after months of wrangling, resolves an array of state and federal investigations into JPMorgans sale of troubled mortgage securities to pension funds and other investors from 2005 through 2008. The government accused the bank of not fully disclosing the risks of buying such securities, which imploded in 2008 and helped plunge the economy to its lowest depths since the Depression.
JPMorgans settlement strikes at the core of the accusations, requiring the bank to pay fines to prosecutors and provide relief to struggling homeowners as well as compensation for harmed investors. JPMorgan initially planned to pay about $3 billion, a position it abandoned midway through negotiations.
The final $13 billion deal eclipses other major Wall Street settlements. In fact, it is the largest sum that a single company has ever paid to the government.
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http://dealbook.nytimes.com/2013/11/19/13-billion-settlement-with-jpmorgan-is-announced/?smid=fb-share&_r=0
AndyA
(16,993 posts)compared to the money they made from their crimes.
The fine should have been the total of everything they earned from their crimes, then double it. That might hurt.
Better than nothing, now the government can just give it back to them in the form of tax breaks and subsidies.
Scuba
(53,475 posts)Wait a few years, repeat.