Let's address two tragedies today.
The first is how Jamie Dimon & Co. and all the guilty big banks get away with murder.
The second is something I want to share with you because 50 years ago today, President John Fitzgerald Kennedy was assassinated. It isn't a conspiracy theory about who did it, but a likely theory about what happened and the conspiracy to cover that up.To continue reading, please click here...
The JPMorgan Settlement: $7 Billion Is Tax Deductible
The fact that this week's $13 billion JPMorgan settlement was a record between a U.S. company and the government is not the most notable part of this deal...
What's more shocking about this record-high settlement is that more than half of it could be tax-deductible.
Under terms of the $13 billion deal, JPMorgan Chase & Co. (NYSE: JPM) will pay $4 billion toward consumer relief. The remaining $9 billion goes to settle federal and state civil claims stemming from entities involved in the mortgage securities. The state of New York will receive $613.8 million, California $298.9 million, Illinois $100 million, Delaware $19.7 million, and Massachusetts $34.4 million, according to the Department of Justice.But now we find out that JPMorgan still has an ace up its sleeve...
Sorry CNBC, but the $13 Billion JPMorgan Fine Was No Shakedown
This week, the financial media has been up in arms about the record $13 billion fine levied on JPMorgan Chase & Co. (NYSE: JPM) for its connection with mortgage-backed securities.
While some voices have called for Chief Executive Officer (CEO) Jamie Dimon's departure from the bank, defendants have stated that JPM was a victim of government pressures to purchase Washington Mutual and Bear Stearns in 2008. Both acquired companies were responsible for 80% of the liabilities within this settlement.The scary thing is, that monster fine is just a tiny hint of what's been going wrong with Wall Street...