Posts Tagged ‘Jamie Dimon’

Three of the country’s largest financial companies gave their CEOs huge raises for 2013, complete with large stock packages. Despite the outrage those raises have prompted, the three men more than earned those pay bumps by sidestepping major legal and financial consequences for their contributions to the financial crisis. This saved their companies ten of billions of dollars in fines, as well some jail time for at least some executives.

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Wall Street Executives Get Massive Pay Raises For Avoiding Legal Repercussions For Their Misdeeds That Cost the Economy (Main Street) Six to Twenty Trillion Dollars–Thinkprogress.org

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According to Reuters, “JP Morgan Chase & Co CEO Jamie Dimon has pleaded with and complained to the U.S. Justice Department but cannot convince the government to end its criminal probe of his bank because prosecutors are not yet certain of their findings, people familiar with the matter said.” Perhaps that’s because Dimond’s neck deep up in crimes. A life time in prison isn’t exactly what anybody would want.

While the criminal investigations are still on going, Dimon has agreed to “the largest single-institution settlement arising from the financial crisis. Dimon’s JP Morgan Chase has agreed to pay $13 billion dollars. This is to resolve multiple investigations involving its mortgaged backed securities and other derivatives. The civil settlement appears to have no bearing on other ongoing criminal investigations of the bank.

While there has been no official release from the Department of Justice (DOJ) which negotiated the settlements or from JP Morgan itself, it is widely reported that the settlement includes $9 billion in fines and $4 billion in relief for consumers. Reuters is reporting that 80 percent of the settlement involves investigations of the mortgage business of Washington Mutual and Bear Stearns, which were both acquired by JPM. Others are reporting that the $4 billion in consumer relief arises out of claims from the Federal Housing Finance Agency that the bank sold improperly vetted mortgages to Freddie Mac and Fannie Mae, loans which eventually defaulted.

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Government welfare recipient JP Morgan was accused by a Senate committee on Friday of believing it was “too big to fail.” Government welfare recipient and JP Morgan Chief executive Jamie Dimon came under fire for withholding information from regulators as the bank’s “London Whale” losses mounted. The losses were over $6 trillion, among the largest in Wall Street history.

From 2009 through 2012, JP Morgan earned $64.2 billion in profits while doling out $107.5 billion in pay and bonuses to executives. How did they do that? The government gave them $129.6 billion in welfare. In other words, Dimond had his hacks in political office hand over the extra taxpayer money (including some of mine) so that a company supposedly in financial trouble could give the people who train wrecked the business more pay and bonuses. What a scam! These welfare cheats at JP Morgan should be in prison. This was an ultimate income redistribution scam.

JP Morgan Senate Panel Trading Losses–The Guardian UK

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Massachusetts Senate candidate Elizabeth Warren (D) is calling for JP Morgan CEO Jamie Dimon to resign from his position at the New York Federal Reserve Bank to acknowledge that he was in a position of trust after his company revealed that it had recently lost $2 billion as a result of bad bets on derivatives.

“I’d like to see some real accountability here,” Warren told CBS host Charlie Rose on Monday. “I’d like to see Jamie Dimon, for example, resign from his position as a Class A director of the New York Federal Reserve Bank.”

During a Sunday interview on NBC, Dimon had explained he had been “dead wrong” to dismiss concerns about his company’s banking practices.

“In hindsight, we took far too much risk,” the CEO said. “The strategy we had was badly vetted. It was badly monitored. It should never have happened.”

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Senate Candidate Elizabeth Warren Demands Ouster of NY Federal Reserve

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