Seeking Alpha

JPMorgan $11B settlement could come Tuesday - report

  • An $11B settlement between JPMorgan (JPM) and various regulatory authorities to resolve numerous investigations into the bank could come as early as Tuesday, the NY Post reports.
  • Any global deal could serve as a template for other banks that are the subject of mortgage-bond claims similar to those that JPMorgan is facing.
Comments (12)
  • It makes me sick every time I hear what a great CEO Jamie Dimon is. This and more happened during his tenure and he is therefore ultimately responsible. But I guess in a capitalistic society all that matters is how much wealth he created for his shareholders. Of course most, if not all of that, was a result of the market rising and the banking sector in general. The ends justify the means ... ... ... NOT!!!
    29 Sep 2013, 07:25 AM Reply Like
  • Of course you realize that a lot of these mortgage transgressions were the result of JPM taking over Bear Sterns and other corporations that the Federal Government actually pushed JPM into buying back in 2008. I'm not saying that JPM didn't see a good deal when it got Bears Sterns for pennies on the dollar. But for the government to sue JPM now for what Bear and others were doing because JPM now owns the assets seems pretty fickle to me.

     

    With that said, I'm sure JPM just sees this $11 billion as part of doing business. And if they can resolve the majority of claims by signing this deal, it'll be good for shareholders because JPM will then be able to release the cash reserves they hold to defend themselves against this type of suit. There was a reason JPM was marginally up on Friday when the market was down large. Closing these lawsuits out will settle the dust and let JPM return to doing what it does best.- making money.

     

    Disclosure - long JPM with a $33 cost basis
    29 Sep 2013, 03:28 PM Reply Like
  • if it makes you sick, why do you and the other members of the occupy mob keep coming on investment sites to spew venom about jpm and jamie dimon all the time. its the same on wsj.com. just go back to huffington, where you will be happy. jamie dimon is a great ceo, and a great man. he has done nothing wrong. it is holder who should be investigated. oh, thats right. he was. he was ordered by president obama to investigate himself. i bet you were furious over that too. right?
    29 Sep 2013, 07:49 AM Reply Like
  • Perhaps Mr. Dimon has done nothing wrong, as you say. The same can not be said for the JPM employees who were involved in the London Whale shenanigans, aluminum manipulation, and the mess in Italy, to name just a few of JPM's recent transgressions. Mr. Dimon is the CEO and he has consistently deflected blame for these incidents. Junior JPM folks have "taken one for the team," an act usually reserved for the leader of a company.

     

    Is he a "great" man and CEO? It is clearly an opinion to call someone "great." I respect your opinion, but I disagree with calling Mr. Dimon "great."

     

    Have a wonderful evening.
    29 Sep 2013, 06:25 PM Reply Like
  • JPM had nearly $100B in revenues in the last year.

     

    This so-called settlement is akin to tipping your waiter at a lousy restaurant -- and is actually less than the customary 15%!!
    29 Sep 2013, 08:40 AM Reply Like
  • Janet call the petty cash dept. and tell em to wire the AG $11B
    29 Sep 2013, 10:54 AM Reply Like
  • Exactly. Although they'll never admit it, that's what most of the JPM/Dimon haters are really upset about ... that any company can actually make such unimaginable amounts of money that a $6B loss is indeed a petty cash receipt away and even a $11B fine will ultimately be irrelevant.

     

    The irony is that the U.S. government actually use to borrow money from JP Morgan and the other wealthiest men in order to fund huge unplanned expenses like wars ... now they just "fine" them so they don't have to ask nicely or trade influence.
    30 Sep 2013, 06:06 AM Reply Like
  • Combine this with the Govt shutdown news and I think we have a solution: let's fund Obamacare by taking money from JP Morgan. The result:

     

    * Obama happy because Obamacare is funded
    * Republicans happy because tax money is saved and all the Democrats at JPM (like Dimon) are paying through the yin-yang
    * Jamie Dimon unhappy (but who cares)
    29 Sep 2013, 01:21 PM Reply Like
  • > all the Democrats at JPM (like Dimon) are paying through the
    > yin-yang

     

    Just FYI, last year JPM gave to Republicans more than twice as much as they gave to Democrats:
    http://bit.ly/18ijy6B

     

    So I'm not so sure Republicans will be happy -- after all, they're /never/ happy. :-)
    29 Sep 2013, 10:46 PM Reply Like
  • Chump change for the thieves. Merely a cost of doing business much like the other mafia cartels.
    29 Sep 2013, 02:58 PM Reply Like
  • Correct voice, a shake down nothing more for the Chicago thugs.
    30 Sep 2013, 01:32 AM Reply Like
  • 2 things in this thread are indicative of what makes me fear for this country. make it 3.
    1. many americans have begun to cheer big gov't heavy handedness over private businesses. no waiting for proof or evidence. they just cheer the letting of blood from private business. it is a vile hatred of private businesses, who provide valuable services to our country.
    2. this country spends so much money, that in many people's minds, billions are now thought of as millions. and trillions are thought of as billions. to think that billions of dollars does not hurt a company is crazy, it billions. with a B. you know our national debt is 17 trillion. with a T. this attitude is going to destroy us one day. it is not play money.
    3. we have more and more discount brokers. more and more people like me, enjoy coming to sites like seeking alpha to see what other investors are considering. but more and more, people come on here, and other sites with no intention to invest, or gain investment knowledge. just to bash companies. i go to several sites. it is everywhere, and seems co-ordinated to me. its beginning to be a waste of time.
    for jpm investors, a settlement tuesday could be a big deal. but we really can't even have a place to dicuss whether an 11 billion settlement would make the stock go up or down.
    and for all you gov't is God, business is the devil people, do you not think it is kind of wierd that of the 11 billion settlement being bandied around, 7 billion goes to gov't, and 4 billion goes to people supposedly harmed? shouldn't at a bare minimum it be the other way around? what about the people being harmed get the whole 11 billion, and the gov't gets paid for doing their job like they are supposed to. y'all don't even discuss that. its just really weird.
    30 Sep 2013, 09:05 AM Reply Like
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