The fine being negotiated has reportedly risen from $3 to $11 billion this week. The question is what wrong doing (if any) will this “fortress” behind legal teams be forced to admit over its legendary securities law abuses. The JPM share price has run up 25% since the company first announced the “London Whale” losses in May 2012. CEO Jamie Dimon said in a statement issued today: “We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them.” If only that could be true…so long as crime pays so lucratively, why would they change their business model?
JPMorgan CEO Jamie Dimon has arrived at the Justice Department where he is set to meet with Attorney General Eric Holder on what could potentially be an $11 billion settlement on multiple mortgage bond investigations. Here is a direct video link.