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Mistakes made during the financial crisis are hitting home for one of Wall Street's biggest banks in what -- largest single settlement of its kind.
Investment banking Morgan has used a tenth to thirteen billion dollar deal with the US Justice Department over investigations and its mortgage backed securities business.
Dating back to the financial crisis.
It's mid 2010 the bank is paid close to six billion dollars in fines and settlements with its total legal reserve now standing at 23 billion dollars why.
Was -- JPMorgan singled out you think about it they are being singled out because of two banks they acquired.
-- and Washington Mutual and and actually -- brokerage Bear Stearns.
For them for their for their acts when the government was encouraging them to do that during the financial crisis and pushing them to do it in a hurry when didn't have due diligence.
And Morgan is not alone Bank of America also facing up six billion dollar penalty.
Taken together bank legal costs are starting mortgages securities and foreclosures may now total 137.
Billion dollars since the crisis began despite the potential record settlement illegal -- will not and -- JPMorgan CEO Jamie Dimon has been unable to convince the -- and a criminal probe -- -- thanks activity according to reports the investigation released and whether JPMorgan misrepresented the quality of the mortgages it was packaging into bonds and selling to investors.
They need to find an investigation.
-- remains unquestioned leader JPMorgan.
In New York Times article over the weekend sources close to the company -- bank's board remains firmly behind -- -- -- chairman and CEO.
For more log on the foxbusiness.com.
In New York I'm -- cats.
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