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JPMorgan $13B Mortgage Settlement May Be Only the Beginning
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Jonathan_Camhi
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Jonathan_Camhi,
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11/25/2013 | 9:26:13 PM
re: JPMorgan $13B Mortgage Settlement May Be Only the Beginning
As ridiculous as it sounds, a $13 billion loss for an organization like JPM is not really that big of a deal to begin with, never mind the tax considerations. From the reports I read $13 billion was a figure that JPM offered to pay; the regulators didn't have to work that hard to wrangle it out of them.
IvySchmerken
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IvySchmerken,
User Rank: Author
11/22/2013 | 4:44:00 PM
re: JPMorgan $13B Mortgage Settlement May Be Only the Beginning
I agree on a certain level, it's hard to feel sorry for professionals who are not getting bonuses when many are still unemployed and attending job fairs with long lines to get in the door. Firms cut people to lower their expenses and boost their stock prices, so it may have nothing to do with mortgage penalties. The real issue is retraining people to get the highly skilled jobs that are in demand.
Becca L
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Becca L,
User Rank: Author
11/21/2013 | 5:02:15 PM
re: JPMorgan $13B Mortgage Settlement May Be Only the Beginning
I remember the footage on TV, that was a depressing sight. To Kathy and your point, it's disturbing to hear these "pity us, no bonus this year" comments when others are left scrambling for new employment.
Becca L
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Becca L,
User Rank: Author
11/21/2013 | 4:58:48 PM
re: JPMorgan $13B Mortgage Settlement May Be Only the Beginning
I heard the same, which is rather disturbing. I feel like there should be some tax code around this to make sure the fine "sticks."
Byurcan
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Byurcan,
User Rank: Author
11/21/2013 | 1:22:20 PM
re: JPMorgan $13B Mortgage Settlement May Be Only the Beginning
And I've read reports that say $11 billion of this penalty is tax-deductible, for what it's worth.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
11/21/2013 | 11:44:37 AM
re: JPMorgan $13B Mortgage Settlement May Be Only the Beginning
The $13b settlement was probably a good deal for JPM, believe it or not. Now, this entire issue is put behind the company. If JPM decided to fight this in court, it would have dragged on for months, with press headlines each day. The $13b settlement generated headlines for 1 or 2 days, and now it's over.
IvySchmerken
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IvySchmerken,
User Rank: Author
11/20/2013 | 11:49:50 PM
re: JPMorgan $13B Mortgage Settlement May Be Only the Beginning
I agree this is a symbolic effort by the Justice Department to penalize the bank and score points with the public, but not really go after executives that ran the departments in question. After all, these executives are following a strategy approved by those above them. And what about the board?
IvySchmerken
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IvySchmerken,
User Rank: Author
11/20/2013 | 11:47:32 PM
re: JPMorgan $13B Mortgage Settlement May Be Only the Beginning
Some of this penalty is going to compensate investors (i.e., state pension funds) that lost money investing in mortgage-backed securities that contained bad mortgages. Pension funds are investing the hard-earned money of employees, often teachers, fireman and unions, in fixed income and other types of securities. So, on top of home foreclosures, pension funds lost assets from subprime debt that were packaged up and sold to them.
Byurcan
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Byurcan,
User Rank: Author
11/20/2013 | 10:05:08 PM
re: JPMorgan $13B Mortgage Settlement May Be Only the Beginning
Very true, alot of those people carrying boxes of their stuff out of Bear Stearns a few years ago that was all over news reports were regular, middle class workers.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
11/20/2013 | 9:13:57 PM
re: JPMorgan $13B Mortgage Settlement May Be Only the Beginning
Absolutely true. The punishment should be more precise, but I don't think that the Justice Department was ever considering going after individuals at the bank. They were just looking for a big settlement that grabs headlines.
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