How the Post Office Could Save Itself by Helping the Poor →

(Source: thisiscitylab, via reagan-was-a-horrible-president)

Could Post Offices Become Public Banks? →

What do you think of this idea?

Head of SEC Given Waiver to Oversee Past Client →

JPMorgan Agreed to Pay $20 Billion in Penalties Last Year →

In the fourth quarter alone, JPMorgan felt the effect of a $2 billion penalty for failing to alert authorities to Bernard L. Madoff’s huge Ponzi scheme, a $4.5 billion settlement with a group of investors over mortgage claims and a $13 billion agreement with the government over the bank’s sale of shaky mortgage securities in the years leading to the financial crisis.”


All the Reasons Why JP Morgan May Be Facing the Biggest Bank Fine Ever

On Tuesday (Sept. 24), the Wall Street Journal reported that JP Morgan was offering the government $3 billion to settle (paywall) an unspecified number of criminal probes after the Department of Justice threatened to file suit in an investigation of its pre-crisis mortgage dealings. Yesterday, it reported that regulators are looking for something like $11 billion in compensation (paywall), including $7 billion in penalties and $4 billion in consumer relief.

These numbers are still in flux, but depending on how many cases the payment resolves, it would likely be the largest single-bank payout in the history of financial regulation, supplanting HSBC’s $1.92 billion money-laundering penalty.

Read more.


JP Morgan admission of wrongdoing: less than meets the eye?

But despite the conspicuous nature of the announcement, JPMorgan is still admitting only to non-scienter-based charges under Sections 13(a) and 13(b)(2) of the Exchange Act. Basically, the bank should have made more accurate public filings and had better internal controls. Serious issues, for sure, but a long way from fraud-based charges

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JPMorgan to be hit with $80 million in penalties →

(Source: nyt.com)