Friday, September 27, 2013
The Biggest Swinging Dick on Wall St Goes To Washington
The purpose of Jaime Dimon's visit to the Dept. of Justice is to negotiate a price for the past and present criminal behavior of J P Morgan Chase.
Even the "King of Wall Street" has to show his ID to security at the Justice Department.The price seems high until you remember that JPM lost more than that with the London Whale and only suffered minor damage with some small shakeups.
Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co., was photographed flashing his New York driver's license Thursday morning on his way to meet with U.S. Attorney General Eric Holder to discuss possibly settling of a bunch of government investigations.
The nation's largest bank could pay anywhere from $3 billion to $11 billion to settle a range of federal and state probes, according to a person familiar with the negotiations who was not authorized to speak publicly.
The negotiations were fluid and the headline settlement amount could easily change if an agreement is reached, this person noted.
The investigations reportedly involve mortgage-backed securities, many of them stemming from troubled banks Bear Stearns and Washington Mutual, which JPMorgan acquired during the financial crisis.
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