JPMorgan's tentative $13 billion settlement with the Justice Department, the New York attorney general, and the Federal Housing Finance Agency over financial crisis-era mortgage loans is a "terrible deal," former federal and state prosecutor Jacob Frenkel told CNBC on Monday.
"This number is absolutely preposterous," he said in a "Squawk Box" interview. "It's almost as if what we're getting out of federal regulators … is a roulette wheel or some kind of jackpot, how much can you jack up the fine."
CNBC caught up with JPMorgan Chairman and CEO Jamie Dimon on his way into the office Monday. In reaction to the settlement talk, he said in an interview that aired on "Squawk" that he's "so damn proud of this company," adding that's what he thinks about when he "wakes-up everyday." He also stressed the bank's desire to "resolve every matter as best as we can" and then "move on and serve our clients."
(Read more: 'We're trying to get our problems behind us': Dimon)