The Feds allege JPMorgan should have known what Madoff was up to. Marc LoPresti, founder of LoPresti Law Group, and CNBC's Herb Greenberg, discuss the $2 billion fine the bank will pay the Feds for "turning a blind eye" to Madoff's fraudulent operations.» Read More
NEW YORK, Oct 18- JPMorgan Chase& Co has reached a tentative $4 billion deal with the U.S. Federal Housing Finance Agency to settle claims that the bank misled government-sponsored mortgage agencies about the quality of mortgages it sold them during the housing boom, the Wall Street Journal reported on its website on Friday.
The federal investigations into JPMorgan are like cops following you for 500 miles, Warren Buffett said. "You're going to get a ticket."
Happy Tuesday. Nursing a Columbus Day hangover? Have a Six-Pack.
Regulators and investors seem to disagree with recent calls for the ouster of the head of JPMorgan over the bank’s expensive legal troubles.
"The 17th will come, the lights will still be on and everything will look normal for 99 percent of Americans," said Steve Bell, a budget expert at the Bipartisan Policy Center in Washington. The Congressional Budget Office estimates Washington would start missing payments between Oct. 22 and the end of the month.
After reporting earnings, JPMorgan's CEO Jamie Dimon feels the government is being "unreasonable." Cathy Areu, Washington Post Magazine, and Alex Sanchez, Florida Bankers Association, weigh in.
Oct 11- Profit at Wells Fargo& Co rose by a better-than-expected 13 percent in the third quarter, as the largest U.S. mortgage lender made up for a decline in that business by releasing a large chunk of money set aside for bad loans.
Oct 11- JPMorgan Chase& Co Inc's hard-charging chief executive, Jamie Dimon, looked a bit more vulnerable on Friday after the bank took a $7.2 billion hit from penalties, expected future litigation and other legal matters, reporting its first quarterly loss since 2004..
Oct 11- JPMorgan Chase& Co on Friday posted its first quarterly loss under Chairman and Chief Executive Jamie Dimon as a tangle of legal and regulatory probes cost the biggest U.S. bank $7.2 billion. But he was less adept at anticipating legal expenses, at least some tied to banks that JPMorgan bought during the crisis.
Oct 11- JPMorgan Chase& Co on Friday posted its first quarterly loss under Chairman and CEO Jamie Dimon after a tangle of legal and regulatory probes cost the biggest U.S. bank $7.2 billion. But now legal woes, at least some tied to banks that JPMorgan bought during the crisis, are taking a toll.
Oct 11- JPMorgan Chase& Co, the biggest U.S. bank by assets, reported a rare quarterly loss after incurring $9.2 billion in legal expenses, including money set aside for future settlements. JPMorgan's shares were up 1.9 percent at $53.50 in premarket trading.
Marty Mosby, banking analyst, Guggenheim Partners, looks at JPMorgan's earnings and explains the company's litigation costs, and whether Jamie Dimon's job is in jeopardy.
U.S. investigations into JPMorgan show "a bit of an aggressiveness," said the former JPMorgan man and White House chief of staff to President Obama.
Former Treasury Secretary Hank Paulson told CNBC he'd comment on JPMorgan's legal troubles, even though he shouldn't. Warren Buffett also weighed in.
The NY Times is reporting Speaker Boehner is determined to prevent a federal default, and is willing to pass a measure through a combination of Republican and Democratic votes. CNBC's Eamon Javers, and Josh Boak of The Fiscal Times, provide perspective.
Discussing the relationship between the White House and Wall Street amid JPMorgan's settlement talks, with CNBC's Eamon Javers, and Josh Boak of The Fiscal Times.
*Groups like Club for Growth gain prominence with GOP. As the shutdown of the government approaches its third day, business leaders and groups like the U.S. Chamber of Commerce are worried about the economic implications of a standoff over the debt limit, but their pleas have not moved the Republican leadership in the House of Representatives to action.
By Jeff Mason and Mark Felsenthal. WASHINGTON, Oct 2- Chief executives from major financial institutions met with President Barack Obama on Wednesday and warned of "adverse" consequences if government agencies remain closed and if lawmakers failed to raise the U.S. debt ceiling by mid-October.
CEOs from major banks met with President Obama on Wednesday and warned of the consequences if lawmakers fail to raise the US debt ceiling.
WASHINGTON, Oct 2- President Barack Obama was scheduled to meet on Wednesday with chief executives of major banks to discuss the government shutdown and the looming deadline to raise the nation's debt limit, the White House said.