JP Morgan and the Department of Justice are hammering out a $17 billion agreement over the financial company’s role in the mortgage meltdown and the 2008 financial crisis. The Washington Post reports that the company financial giant had offered $11 billion and the DOJ said “no dice” so now it looks like they’re settling on $18 billion. Part of the deal includes JP Morgan listing what it did wrong.
The deal could be finalized in a couple of days, according to a person familiar with the negotiations who was not authorized to speak publicly. The Justice Department and JPMorgan are hammering out the final details, including a statement listing what the company did wrong.
Officials at JPMorgan and the Justice Department declined to comment.
JPMorgan had fought to secure a waiver from criminal investigations, but department officials refused, the person said. (Read More)
I just wonder if the government will be required to include a statement listing what they did wrong? They set it all up for the financial industry to sell these bogus mortgaged backed securities. They created the CRA, they forced lenders to issue risky mortgages, and they’re still doing it. Maybe there should be a criminal investigation against them. Oh wait, then they’d have to expose the Democrats who were behind it all.