JPMorgan Mortgage-Securities Deal Challenge Tossed by Judge

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JPMorgan Mortgage-Securities Deal Challenge Tossed by Judge

JPMorgan Mortgage-Securities Deal Challenge Tossed by Judge

Bloomberg-

JPMorgan Chase & Co.’s $13 billion fraud settlement with the U.S. can’t be blocked by a watchdog group because it couldn’t prove it was harmed by the deal.

Better Markets Inc.’s lawsuit challenging the U.S Justice Department’s agreement with the bank was dismissed by a federal judge. The group, founded by a hedge fund manager, “failed to meet its burden to show it has suffered an injury in fact, and consequently it cannot demonstrate standing,” U.S. District Judge Beryl Howell in Washington ruled.

The government’s agreement with JPMorgan, announced in November 2013, settled allegations that the biggest U.S. lender by assets misled investors and the public when it sold bonds backed by faulty residential mortgages.

[BLOOMBERG]

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One Response to “JPMorgan Mortgage-Securities Deal Challenge Tossed by Judge”

  1. keepon says:

    http://dailycurrant.com/2014/09/26/eric-holder-takes-77-million-job-with-jpmorgan-chase/

    …Eric Holder has accepted a top job with Wall Street finance giant JPMorgan Chase.

    …Holder will … as JPMorgan Chase’s chief compliance officer, responsibilities will include lobbying Congress on the company’s behalf and ensuring it “gets the best deal possible” from any new proposed financial regulations….

    Holder will earn an annual salary of $77 million plus bonuses for a job well done.

    In a statement, Holder said taking a job at JPMorgan Chase was the logical next step in his career, given the revolving door between financial companies and the government officials who are supposed to regulate these companies.

    “By joining JPMorgan Chase, I’m simply cutting out the middleman — the U.S. Justice Department — and going to work directly for the great Jamie Dimon,” he said. “Plus, when Jamie Dimon calls you, or one of his many secretaries calls you, you pick up the phone immediately. Seriously, that’s what we do here in Washington.”

    “We are extremely pleased to have Eric Holder, a dear friend and and tireless advocate for the interests of Wall Street, join our prestigious financial services firm where he belongs,” Dimon said …. “Considering the awful s**t we did — and boy did we do a lot of sleazy, ugly, ethically insidious s**t — Mr. Holder always stood in our corner and defended us no matter what. Hell, I even got a 74 percent raise out of it!

    “We are sure he will fit right in with our company culture.”

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