The Briefing Room
General Category => Economy/Business => Topic started by: kevindavis007 on August 07, 2013, 11:42:35 pm
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JPMorgan Chase & Co, the biggest U.S. bank by assets, said on Wednesday it is being investigated by civil and criminal divisions of the U.S. Department of Justice over offerings of mortgage-backed securities.
The civil division gave the company a notice in May that it had preliminarily concluded that the firm violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during 2005 to 2007, JPMorgan said.
The company made the disclosures in a quarterly filing with the Securities and Exchange Commission.
JPMorgan also raised its estimate of possible legal losses in excess of reserves to $6.8 billion at the end of June from $6 billion three months earlier.
http://www.cnbc.com/id/100928557
As someone who banks at Chase, I'm a little concerned in what the DOJ is doing. This smells like a shakedown imho.
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JPMorgan Chase & Co, the biggest U.S. bank by assets, said on Wednesday it is being investigated by civil and criminal divisions of the U.S. Department of Justice over offerings of mortgage-backed securities.
The civil division gave the company a notice in May that it had preliminarily concluded that the firm violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during 2005 to 2007, JPMorgan said.
The company made the disclosures in a quarterly filing with the Securities and Exchange Commission.
JPMorgan also raised its estimate of possible legal losses in excess of reserves to $6.8 billion at the end of June from $6 billion three months earlier.
http://www.cnbc.com/id/100928557
As someone who banks at Chase, I'm a little concerned in what the DOJ is doing. This smells like a shakedown imho.
Of course it's a shakedown.