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Went there for years after the financial crisis.
The banks are still having a tough time because regulators keep bringing crisis -- cases.
Against the big banks.
It's taken them enough time right today's target as first reported by fox business and JPMorgan.
But there will be more -- Apparently creek Credit Suisse was wrapped up in this one today I think they -- a combined.
400 million dollars from both both banks JPMorgan paid about 295.
Million dollars of the (%expletive) is that we're resource report that JPMorgan is today.
You know we understand from people close to this burgeoning investigation.
I guess is that's way to put it got to this this is a mop up after the financial crisis what -- these firms do wrong.
Well allegedly they sold for these securities mortgage backed securities that they had some idea where packed with mortgages that were fraudulent and -- sold these to investors.
We should point out that two thirds of the JPMorgan stuff.
That -- the securities in India in question came from Bear Stearns shows you just how much of a liability Bear Stearns has been made money off the firm.
There was a -- some money on the firm including just you know fairly sizable settlement today about 300 million dollars.
Will be more cases -- -- we understand there are investigations active investigations going on against Bank of America Wells Fargo.
Citigroup -- which -- bank UBS.
All be investigated.
I think you'll see fines in the so.
This is -- fights of its disgorge -- -- penalties whatever.
All in the same -- to look all the banks about exit will spark much interest and -- they have a lot of time to do due diligence with this Bear -- while this is -- -- -- such that I I think this is a crummy settlement we should put up Bob Khatami.
The enforcement chief for the SEC's said that they found other.
Non Bear Stearns related stuff in here that's what he said we were we reported that -- it was mostly Bear Stearns was two thirds Bear Stearns or three quarters whatever.
I mean is largely Bear Stearns and -- let's rewind the clock Wieting JPMorgan buy Bear Stearns.
On Thursday back in September 2008 for almost you know four years ago.
Bear Stearns blew up that week that we -- by Friday they needed emergency loan from the Fed and that's when the the -- is the excuse.
The Treasury Secretary at the time Hank Paulson.
Tim Geithner Wednesday ahead of the -- president of the New York, New York -- Ben Bernanke name -- they all got together and they should please JPMorgan -- the strongest bank.
I these guys buying at a very low priced initially was set I think -- two dollars a share it went up to ten dollars a share.
Please -- and and JPMorgan Jamie that was like we've got 22 days to basically do this right they said yes we -- abide by Monday.
I've market opened Monday so would it basically to the markets don't open -- uncertainty.
-- said yes he did he actually got a letter from the SE -- I read the letter where basically.
Take -- off the hook for some stuff you know Bear Stearns related.
Not totally off the -- as you see you normally when you buy company by its liabilities because you do due diligence we should point out.
The two days due diligence here -- and he -- a much of -- choice can't cook for folks that quickly at the upper upscale.
Now and I think you know I think -- like you know I just got the honesty when the SEC still hammered -- I mean you know.
It is a pretty big fight it's not a small fine you know 297 million dollars is is it is is not subject I didn't say.
Sort of the -- out the Bear Stearns stuff and then just get them on the -- listens to.
We support after these securities exchange commission is under tremendous pressure to bring crisis related cases and I think.
Now they're looking for headlines to look at for you know.
People simply do the job I don't think to do that good job you're doing -- good job Charlie thank you a look -- -- stories -- case of take that we can recover I'll see you Monday and don't call -- -- -- here.
It's been another block.
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