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Posts Tagged ‘JPMorgan Chase’

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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The US credit union regulator has filed an anti-trust lawsuit against 13 major international banks as part of the global crackdown in the Libor rate-rigging scandal.

The National Credit Union Administration (NCUA) said it aims to recover some of the funds lost by five corporate credit unions it supervised and which have since failed, according to a statement posted on the NCUA website Monday.

“We have a responsibility to pursue recoveries through every available avenue against those who caused billions of dollars in losses to credit unions,” NCUA Board Chairman Debbie Matz said.

Click below for the rest of the story.

As for the Libor scandal, it was simply case of major banks illegally rigging interest rates higher than they should have been. That way, CEO’s were able to pay themselves and their rich shareholders more of your money whenever you took out a loan during the scandal. In other words, the Libor scandal was an income redistribution scam putting the money of the 99 percent into the pockets of the 1 percent. It was business, as usual.

Regulator sues 13 banks in Libor rate-fixing case for selling nearly $2.4 billion in ‘faulty securities’ to credit unions–Rawstory.com

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The banks got trillions in loans from the Federal Reserve that they claim they paid back, although it is statistically impossible for them to have done so; but now the banks are willing to pay billions to homeowners, which isn’t all that much when divvied up among all the homeowners the deal is supposed to help. $25 billion is a drop in the bucket, but it is an election year, so Obama fans the illusion that he cares about working people. No doubt about it, he does care, but only during an election year. Otherwise, President “Wall Street” Obama would have done something to help homeowners a long time ago.

click here for the full story

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