This morning, the NY Times had an article titled: JPMorgan Reveals It Faces Criminal and Civil Inquiries. The timing was funny, because we had been discussing this up in Maine over the weekend.
The dollar figures for the fines just since 2011 are pretty astounding:
$56 million (April 2011)
$153.6 million (June 2011)
$229 Million (July 2011)
$88.3 Million (August 2011)
$5.29 Billion (February 2012)
$110 million (February 2012)
$150 million (March 2012)
$296.9 million (November 2012)
X% of $8.5 billion (January 2013)
$100 million (March 2013)
$410 million FERC settlement (August 2013)
Source: Daily Beast
Assuming that the unknown amount is modest, the total fines over the past 2 years are still over $7 billion dollars in fines, just over the past two years. (And that’s before we add in the $8 billion in London Whale losses).
That’s just what was settled.
According to this March 2013 NYT article, there are “at least eight federal agencies are investigating the bank, including the Federal Deposit Insurance Corporation, the Commodity Futures Trading Commission and the Securities and Exchange Commission. Federal prosecutors and the F.B.I. in New York are also examining potential wrongdoing at JPMorgan.
Fortress JP Morgan? Dimon the greatest banker of his generation?
The data says otherwise . . .
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.