Out of Control | JPMorgan Chase had almost $16 billion in litigation expenses since 2009

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Out of Control | JPMorgan Chase had almost $16 billion in litigation expenses since 2009

Out of Control | JPMorgan Chase had almost $16 billion in litigation expenses since 2009

The Big Picture:

INTRO:

On Friday, the Senate Permanent Subcommittee on Investigations will release the final report on the losses associated with failures of internal controls in JPM’s CIO group. We expect that the findings will demonstrate significant failures of senior management and conclude that the Company’s own investigation was incomplete. It is important to remember that those losses, while the largest and most notable, are only one example of many such failures in recent years.

In this report we will focus on the risk management and internal control environment at JPMorgan Chase, a bank whose balance sheet is almost one-ninth the size of the United States economy. JPMorgan’s financial filings, its “Task Force” investigation of losses in the CIO’s office and its recent history of significant regulatory failures demonstrate that shareholders of are continuing to be called upon to pay for the firm’s inability to ensure an acceptable control environment.

We have intentionally chosen not to detail all of the many private or public actions settled or outstanding (which have driven almost $16 billion in litigation expenses since 2009) or, other than the multistate settlement and foreclosure review settlement, the agreed to or unresolved costs of actions related to mortgage putback demands, including those of institutional investors, insurers, the GSEs, FHA, or the costs of foreclosure-related actions. Moreover, the impunity with which the firm is seeking to transfer billions of dollars of Washington Mutual (WaMu) related losses to the FDIC demonstrates their unwillingness to accept the responsibilities for their own management failures.

[THE BIG PICTURE]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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One Response to “Out of Control | JPMorgan Chase had almost $16 billion in litigation expenses since 2009”

  1. no names, please, we're in litigation says:

    My god, SIXTEEN BILLION in litigation expenses since 2009; now that’s the sign of a poorly run company. A dishonest company. An unethical company.
    And, I’m happy to say, I’ve contributed–in my own small way–to Chase’s legal expenses. I hope to continue to do so.

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