JPMorgan hit by legal costs, Dimon says banks 'under assault'
Source: Reuters
JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, reported a 6.6 percent drop in quarterly profit as legal costs exceeded $1 billion in the wake of government probes, leading Chief Executive Jamie Dimon to claim banks were "under assault."
JPMorgan agreed in November to pay $1 billion in penalties over its conduct in foreign exchange markets. Investigations into that and other areas of the bank's business, including alleged manipulation of Libor interest rates, are continuing.
"Banks are under assault," Dimon said on a conference call with reporters on Wednesday. "We have five or six regulators coming at us on every issue."
"Obviously companies make mistakes. We try to resolve it, we try to fix it, we admit it," he said.
Read more: http://www.reuters.com/article/2015/01/14/us-jpmorgan-results-idUSKBN0KN19C20150114
NV Whino
(20,886 posts)FreakinDJ
(17,644 posts)Brigid
(17,621 posts)Last edited Wed Jan 14, 2015, 02:47 PM - Edit history (1)
News flash for you -- banks need to be under assault.
Love,
Brigid
bulloney
(4,113 posts)Cry me a freakin' river, Dimon. You and others of your ilk should be rotting in jail right now for all of the corruption you've inflicted on the world's financial markets.
Roland99
(53,342 posts)Jamie Dimon...Jumbo Douchebag
muriel_volestrangler
(101,145 posts)"Legal costs" are attorneys' fees and similar. Penalties are fines that they should consider themselves lucky to pay, rather than getting prison time or being shut down.
"Companies make mistakes". You twist and break the law on purpose, Jamie. You just occasionally get caught. The 'mistakes' you make are in not covering up your deliberate actions carefully enough.
Sgent
(5,857 posts)reimbursement for damages isn't one of them. To be considered a penalty (for tax purposes) it must be an amount beyond economic damages (punitive damages in civil litigation), criminal penalties (not restitution), etc.
The big difference is that damages are tax deductible as an ordinary business expense, where as penalties are not.
Scuba
(53,475 posts)I'm sure Republicans and Third Way Democrats will work together to help the long-suffering banksters.
Autumn
(44,743 posts)What a fucking douche. He needs to go buy a few more congress and senate whatever they are and they can make this go away, or he can kiss and make up to the White House. My fucking heat bleeds.
SamKnause
(13,037 posts)under assault, you would be in prison and the too big to fail banks would be broken up.
Jamie you should have all your property and assets seized.
Too bad our president doesn't think you did anything illegal.
Too bad our president views you as someone who is the best and brightest.
Too bad you only pay fines and continue to walk free to continue stealing the wealth of this country.
Too bad our president and Jamie manned the phones to get the Cromnibus Bill passed.
Jamie, you and your ilk are lower than pond scum.
City Lights
(25,171 posts)NOT!
Fuck you, Dimon!
GeorgeGist
(25,294 posts)Eat shit you fucking waste of matter.
Duval
(4,280 posts)they are "not guilty". Right! ARGH!
djean111
(14,255 posts)right through Congress. Or hidden in something vital. You know the drill!
magical thyme
(14,881 posts)truebrit71
(20,805 posts)Go take a flying fuck at the moon...The regulators won't have succeeded until your arse is behind bars...
misterhighwasted
(9,148 posts)Lets talk about that "inequality" thing shall we
Ugh!!
benld74
(9,888 posts)SpankMe
(2,937 posts)Repubs will use this as an example of "over-regulation". They'll go into overdrive to kill either the regulations or defund the regulating agencies.
Because they are fuckers.
TRoN33
(769 posts)pampango
(24,692 posts)And CEO Jamie Dimon continues to show resentment about how much scrutiny his bank has come under from various government agencies. During a conference call with reporters, Dimon said that the bank was "under assault" by regulators. When asked for more details on that, he responded by saying, "You've got to be kidding me."
There are concerns throughout the industry about how increased regulations and calls to boost capital requirements will make these firms far less profitable in the future.
Some experts and politicians -- most notably Senator Elizabeth Warren -- have also called for big banks like JPMorgan Chase to break up so they won't pose as many risks to the financial markets.
Read more: http://money.cnn.com/2015/01/14/investing/jpmorgan-chase-earnings-jamie-dimon/
Poor little ol' JP Morgan Chase - "under assault" by regulators and 'too much scrutiny his bank has come under from various government agencies".
irisblue
(32,828 posts)truth2power
(8,219 posts)*sniffle*
The Velveteen Ocelot
(115,267 posts)Sharpen the pitchforks and light the torches.
Wernothelpless
(410 posts)Last edited Wed Jan 14, 2015, 01:20 PM - Edit history (1)
Maybe he should be happy he owns all the politicians and stfu ...
jwirr
(39,215 posts)faulty loans? How many life savings have you banksters stolen from the poor. Who is it that is under assault?
Our economy is in a shambles because the banks have gambled the money away and refuse to support any kind of reforms. So if they find themselves at the losing end I do not feel sorry for them.
snort
(2,334 posts)They have it all. This is a sickness with his ilk. They will never have enough and it doesn't matter what damages they do because to them its all part of 'winning'.
Dyedinthewoolliberal
(15,485 posts)and I see no reason to not agree with him 150 years later!
Here's a quote- 'Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.
http://www.gilderlehrman.org/history-by-era/age-jackson/resources/andrew-jackson-and-bank-war
L0oniX
(31,493 posts)RKP5637
(67,030 posts)niyad
(112,424 posts)meow2u3
(24,743 posts)SoapBox
(18,791 posts)Crimes against America and the world.
Vinca
(50,168 posts)made the remark that J.P. Morgan Chase was being forced to keep too much money in reserve. Can you imagine? Expecting them to have money to pay off their bad bets. Where's the humanity?
Trillo
(9,154 posts)Earth_First
(14,910 posts)sakabatou
(42,082 posts)adirondacker
(2,921 posts)Obviously people make mistakes. We try to resolve it, we try to fix it, we admit it, then we get fucking raped and raked over the coals with neverending fees, penalties and skyhigh interest rates forcing many into abject poverty and homelessness.
someone oughta smack some sense into that driveling asshat.