JP Morgan Chase is heading towards a $13 billion fine, plus:
While the deal would put those civil cases to rest, it would not save JPMorgan from a parallel criminal inquiry from federal prosecutors in California, the people briefed on the talks said. Under the terms of the preliminary deal, the people said, the bank would also have to assist prosecutors with an investigation into former employees who helped create the mortgage investments.
JP Morgan has set aside $9.2 billion in legal fees for its various troubles, and has budgeted $23 billion for litigation and settlement costs overall.. I just turned on Meet the Republicans for a few minutes and Maria Bartiromo informed me that this kind of over-regulation is killing the economy. Looking at these numbers, it’s obviously that if JPM didn’t have to deal with pesky regulators and fines, they could do so much more good for our economy than they’ve already done in the last half-dozen or so years.