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IDemo

(16,926 posts)
Wed Jan 14, 2015, 10:39 AM Jan 2015

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

41 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
JPMorgan hit by legal costs, Dimon says banks 'under assault' (Original Post) IDemo Jan 2015 OP
My heart bleeds NV Whino Jan 2015 #1
Mistakes like Robosigning and the Great Recession FreakinDJ Jan 2015 #2
Dear Mr. Dimon: Brigid Jan 2015 #3
I'll second that motion, Brigid. bulloney Jan 2015 #6
+1,000 Scuba Jan 2015 #7
*sniff* *sniff* Roland99 Jan 2015 #4
They appear to be classifying penalties as 'legal costs' muriel_volestrangler Jan 2015 #5
Penalty has a very specific meaning Sgent Jan 2015 #21
Poor babies, but not to worry - a new era of bi-partisanship is upon us. Scuba Jan 2015 #8
What poor little lord jamie gets no more love? Autumn Jan 2015 #9
Jamie, if banks were truly SamKnause Jan 2015 #10
- IDemo Jan 2015 #11
Awwww, my heart just bleeds for poor widdle Jamie. City Lights Jan 2015 #12
Crime is under assault! GeorgeGist Jan 2015 #13
Ha! They pay the fine, but Duval Jan 2015 #14
Oh, hey, Jamie, I bet you can get a bill that reimburses your "legal" costs shepherded djean111 Jan 2015 #15
quick, somebody call the waaaambulance... magical thyme Jan 2015 #16
Tough luck you fucking criminal... truebrit71 Jan 2015 #17
Mr Dimon: ..You should have been "BROKEN TO PIECES" misterhighwasted Jan 2015 #18
Hey Dimon! Raid your coffee fund and pay the bill, more are coming your way,,,,,,,, benld74 Jan 2015 #19
Get ready for a new GOP assault on banking regulation. SpankMe Jan 2015 #20
Dickhead Dimon is one big baby!!! TRoN33 Jan 2015 #22
CNN: JPMorgan's Dimon says bank is 'under assault' by regulators pampango Jan 2015 #23
you should have been perp walked Jamie irisblue Jan 2015 #24
Poor baby!... truth2power Jan 2015 #25
They haven't been "assaulted" nearly enough. The Velveteen Ocelot Jan 2015 #26
Jamie should be swinging from the nearest tree ... or in prison .. or both ... Wernothelpless Jan 2015 #27
Oh, really Mr Dimon. Poor little bankies. How many homes have you stolen from people with jwirr Jan 2015 #28
They have not gambled the money away. snort Jan 2015 #34
Andrew Jackson was right about his mistrust of banks Dyedinthewoolliberal Jan 2015 #29
^^^this^^^ L0oniX Jan 2015 #32
Mistakes = Bullshit! These guys knew full well what they were doing! n/t RKP5637 Jan 2015 #30
* L0oniX Jan 2015 #31
awww, me widdle heart bweeeds. niyad Jan 2015 #33
My hemorrhoids bleed for you, poor widdle Jamie Dimon meow2u3 Jan 2015 #35
I'ld like to see Dimon JAILED. SoapBox Jan 2015 #36
I caught part of an update on a business channel this morning and the reporter Vinca Jan 2015 #37
Cry me a river. Trillo Jan 2015 #38
Isn't there some rooftop banking that Dimon could take care of? Earth_First Jan 2015 #39
Let me play my angstrom-sized fiddle sakabatou Jan 2015 #40
"Obviously companies make mistakes. We try to resolve it, we try to fix it, we admit it," adirondacker Jan 2015 #41

Brigid

(17,621 posts)
3. Dear Mr. Dimon:
Wed Jan 14, 2015, 10:45 AM
Jan 2015

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)
6. I'll second that motion, Brigid.
Wed Jan 14, 2015, 10:48 AM
Jan 2015

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.

muriel_volestrangler

(101,145 posts)
5. They appear to be classifying penalties as 'legal costs'
Wed Jan 14, 2015, 10:47 AM
Jan 2015

"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)
21. Penalty has a very specific meaning
Wed Jan 14, 2015, 11:56 AM
Jan 2015

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)
8. Poor babies, but not to worry - a new era of bi-partisanship is upon us.
Wed Jan 14, 2015, 10:53 AM
Jan 2015

I'm sure Republicans and Third Way Democrats will work together to help the long-suffering banksters.

Autumn

(44,743 posts)
9. What poor little lord jamie gets no more love?
Wed Jan 14, 2015, 10:56 AM
Jan 2015

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)
10. Jamie, if banks were truly
Wed Jan 14, 2015, 10:56 AM
Jan 2015

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.

 

djean111

(14,255 posts)
15. Oh, hey, Jamie, I bet you can get a bill that reimburses your "legal" costs shepherded
Wed Jan 14, 2015, 11:11 AM
Jan 2015

right through Congress. Or hidden in something vital. You know the drill!

 

truebrit71

(20,805 posts)
17. Tough luck you fucking criminal...
Wed Jan 14, 2015, 11:19 AM
Jan 2015

Go take a flying fuck at the moon...The regulators won't have succeeded until your arse is behind bars...

misterhighwasted

(9,148 posts)
18. Mr Dimon: ..You should have been "BROKEN TO PIECES"
Wed Jan 14, 2015, 11:26 AM
Jan 2015

Lets talk about that "inequality" thing shall we
Ugh!!

SpankMe

(2,937 posts)
20. Get ready for a new GOP assault on banking regulation.
Wed Jan 14, 2015, 11:55 AM
Jan 2015

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.

pampango

(24,692 posts)
23. CNN: JPMorgan's Dimon says bank is 'under assault' by regulators
Wed Jan 14, 2015, 12:30 PM
Jan 2015
Banking giant JPMorgan Chase used to be the golden child of Wall Street. But the company disappointed investors Wednesday by reporting fourth quarter profits and revenue that was below forecasts -- largely due to increased legal costs.

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".

Wernothelpless

(410 posts)
27. Jamie should be swinging from the nearest tree ... or in prison .. or both ...
Wed Jan 14, 2015, 12:45 PM
Jan 2015

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)
28. Oh, really Mr Dimon. Poor little bankies. How many homes have you stolen from people with
Wed Jan 14, 2015, 12:51 PM
Jan 2015

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)
34. They have not gambled the money away.
Wed Jan 14, 2015, 01:25 PM
Jan 2015

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)
29. Andrew Jackson was right about his mistrust of banks
Wed Jan 14, 2015, 12:55 PM
Jan 2015

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

Vinca

(50,168 posts)
37. I caught part of an update on a business channel this morning and the reporter
Wed Jan 14, 2015, 03:30 PM
Jan 2015

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?

adirondacker

(2,921 posts)
41. "Obviously companies make mistakes. We try to resolve it, we try to fix it, we admit it,"
Wed Jan 14, 2015, 04:51 PM
Jan 2015

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.

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