Jamie ain’t got any gun

Il ne veut pas finir en taule
Et le gouvernement a besoin de fric.

L’amende gonfle, la probabilité d’avoir à avouer leurs méfaits aussi, bref en termes de négociations on dirait qu’ils n’ont aucun atout dans leur jeu.

Blague à part, est-ce que par hasard le gouvernement américain ne serait pas en train de refaire le coup de l’arrestation des templiers?

Dimon sought a meeting with Attorney General Eric H. Holder Jr. in an urgent bid to dispose of multiple government investigations into the bank’s conduct leading up to the financial crisis — and avoid criminal charges. The deal that Dimon discussed with Holder would involve paying the government at least $11 billion, the biggest settlement a single company has ever undertaken, according to several people familiar with the negotiations.

It would also potentially pave the way for other giant banks to reckon with Washington for their roles in the near-collapse of the financial system five years ago. While it would be a historic amount, the fine would still represent a sliver of the damage wrought by the bank for selling mortgage securities that it allegedly knew were worthless.

Dimon, 57, the most prominent of all the Wall Street chieftains, was once mentioned as a possible candidate for Treasury secretary, but in the past year he has faced embarrassing setbacks. In addition to grappling with various government probes, Dimon recently survived a challenge to his leadership after acknowledging a $6.2 billion loss by a JPMorgan trader known as the “London Whale.”

For Holder, 62, meanwhile, a landmark settlement with JPMorgan could help quiet criticism that the Justice Department has failed to hold Wall Street accountable for sparking the housing market’s crash and the ensuing recession. Holder was criticized by lawmakers and consumer advocates this year for saying that some banks had become too big to prosecute.

Holder has taken a direct hand in the negotiations and, in an unusual move, held a 50-minute meeting with Dimon on Thursday. The meeting was “civil,” according to a person familiar with the negotiations, but the talks could still fall apart.

The discussion centered partly on whether the bank could avoid criminal prosecution if it paid the fine and whether it would have to admit guilt. Asked about the negotiations in an unrelated news conference, Holder acknowledged the meeting but snapped at a reporter who suggested that “prison time” was not part of the talks. “You weren’t in the room when I said I was talking to them,” Holder said.

An $11 billion fine would be the largest by far imposed by Justice, far above the $3 billion paid by GlaxoSmithKline in 2011 for illegally pushing antidepressants on consumers. And a person familiar with the matter said the $11 billion represented “a floor” for what JPMorgan would ultimately have to pay to wipe away a host of probes into its mortgage business.

JPMorgan, which declined to comment, is expected to submit another settlement offer soon.

Even at $11 billion or more, the bank would be paying just a fraction of the damage it wreaked on mortgage investors, government agencies and homeowners. And a deal might ensure that no senior executives go to jail, which some experts say would let Wall Street avoid full responsibility.

For the venerable JPMorgan, arguably the big bank that emerged strongest from the crisis, to even consider paying $11 billion to the government shows that the bank is beleaguered, analysts say.

JPMorgan has just north of $20 billion in litigation reserves; $11 billion is a significant hit given the fact it still has . . . a large litany of further liability exposure,” said Joshua Rosner, managing director of the research firm Graham Fisher & Co.

He added: “I don’t know how they can get a deal to work that satisfies JPMorgan’s desire to have a comprehensive settlement and the government’s desire to get a large number.”


Moralité: il faut attendre que le procureur général soit à l’âge de la retraite pour qu’il soit en mesure de juger une affaire avec un minimum de sévérité. Nul doute que c’est un mouvement politique suite au non déclenchement de la guerre en syrie pour permettre d’attendre la prochaine tentative. Les usa sont en train de gratter tous les conflits potentiels, c’est pour cela que je ne crois aucunement en la fable des islamistes somaliens à nairobi. Si islamistes il y a eu, ils logeaient certainement dans des tentes USaid, exactement comme leurs confrères syriens.



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