From in a Gist
From Newsmax repost October 22, 2013
Many newspapers in the states screamed in the headlines that JP Morgan was "robbed" in the $13 billion settlement with the US government announced last week. Some quarters say that this was a payback by this current govt because its CEO did not toe the line and was critical of the current government. Another IB, also with the same securities, but close to the administration was spared.
To top it all, 80% of the securities were acquired from the failing banks: Bear Stearns and Washington Mutual. JP Morgan took over these securities, at the request of the US government to stave off financial meltdown.
But JP Morgan violated the basic rule in EA, PESTEL - never mess up with the politics; ride along with the tide/wave
P.S
I went to a wake early this morning. A friend lawyer died of pneumonia. Luck had it that the eldest brother works at JP Morgan Chase in FB office in Manila. And guess what - he works for mortgage bankin group and we engaged so much on this topic; and he was very conversant on this topic while claiming he is just an ordinary employee. He is a very bright and enlightened JP Morgan employee
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