When you see a Wall Street rogue like JPMorgan get slapped with a $13 billion fine -- the largest ever for a Wall Street Bank -- it sure seems like justice has been done. But it's awfully hard to hurt a Too Big to Fail Bank with fines, no matter how enormous.
- What the JPM Settlement Means for Wall Street
- JPMorgan (NYSE: JPM) Talks $11 Billion Settlement; Q3 Earnings at Risk
JP MorganChase & Co. (NYSE: JPM) finds itself in front of regulators yet again for misdeeds.
Chief Executive Officer (CEO) James Dimon was in Washington yesterday (Thursday) attempting to broker a settlement over the bank's sale of substandard mortgages.
Dimon met with U.S. Attorney General Eric Holder about a possible $11 billion settlement in attempts to end criminal and civil charges over JPM's questionable mortgage practices. The U.S. Justice Department said earlier in the week it could file a lawsuit over one of the bank's pending mortgage cases.