JPMorgan Chase, Justice Department reach tentative $13 billion deal over mortgage-backed securities

Steel box with keyThe person close to the talks told CBS News’ Stephanie Lambidakis that the tentative settlement was sealed Friday during a 6 p.m. phone call between Attorney General Eric Holder and JPMorgan CEO Jamie Dimon along with their top lawyers.

SOURCE: JPMorgan Chase, Justice Department reach tentative $13 billion deal over mortgage-backed securities – CBS News.

$13 billion is a lot of money for most corporations so this settlement had to hurt JPMorgan. But what I don’t understand is that the agreement was “sealed”. That means that no one can see what actual agreements were made.  I am a firm believer that the government does the people’s business. In that light they represent all of us. So why can’t we as their clients see the details of the settlement?  Seems kind of strange to me. If I were a conspiracy guy I would be putting out all kinds of allocations. 🙂

3 thoughts on “JPMorgan Chase, Justice Department reach tentative $13 billion deal over mortgage-backed securities

    • Who went to jail? – no one but if Elizabeth Warren had been in charge I’ll bet someone would have.

      It seems Enron set the new standard for corporate morals and that is that the most important thing is the CEO’s and other officer’s bonuses come first, profits second, and way back in the pack is morals and everything else….

      But what angers me just as much is that the government is keeping it a secret the terms of the settlement. That is probably because they have struck a deal that not corporate offices will be indicted…..

      Like

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