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JP Morgan Fines Now More Than $8 Billion Dollars

Posted By Barry Ritholtz On September 19, 2013 @ 7:06 am In Corporate Management,Legal,Regulation | Comments Disabled

Time to update the tally [1]: Each year, JPM has profits of about $25 billion dollars on revenues well over $100 billion dollars. Part of the cost of generating that revenue in a variety of dubious and even extra-legal ways are fines.

Since 2011, JPM has been fined $8B:

$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)
$900 million (September 19, 2013)

Fortress Dimon: Its walls are made of lawyers, and its moat is made of burning money. Something is wrong with a board of directors that tolerates this sort of egregious incompetency and/or rampant illegality.

 

Sources: NYT [2], Bloomberg, Daily Beast [3]


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2013/09/jpm-fines-8b/

URLs in this post:

[1] the tally: http://www.ritholtz.com/blog/2013/08/jp-morgan-6-9-billion-in-fines-unknown-billions-in-legal-costs/

[2] NYT: http://dealbook.nytimes.com/2013/09/18/jpmorgan-set-to-pay-more-than-900-million-in-fines/

[3] Daily Beast: http://www.thedailybeast.com/articles/2013/05/08/jpmorgan-chase-s-crazy-fine-tally.html

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