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JPMorgan's (JPM) share of the $8.5B settlement over foreclosure abuse between 10 banks and...

JPMorgan's (JPM) share of the $8.5B settlement over foreclosure abuse between 10 banks and regulators is $2B, with the company saying it will take a $700M pretax charge in its Q4 results. The charge shows how banks pushed to close the deal so they could include the costs in their upcoming reports using "subsequent-events" accounting rules, allowing them to start 2013 with a cleaner slate.
Comments (2)
  • I believe this is normal accounting to show set asides as a cost to present a more realistic valuation of their balance sheets. This should counter criticism that the balance sheets are under valued. This goes along with the ability to shelter profits from taxes that otherwise would have been due. In the longer run, this saving will strengthen their cash positions and possibly allow more dividend increases in the future.
    10 Jan 2013, 07:52 AM Reply Like
  • yar!!! make the scury dogs walk the plank!

     

    i don't care if they have letters of marque, pirates they be and pirates they should meet their maker as!
    10 Jan 2013, 11:20 AM Reply Like
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