JPMorgan Could Pay $11 Billion To Settle Government Probes
Friday, September 27, 2013
JPMorgan is reportedly in discussions to settle scores of government investigations with a settlement estimated at $11 billion.
That's more than what Google earned last year and more than two and a half times as much as BP paid to settle after the massive oil spill in the Gulf of Mexico.
The potential payout is expected to put an end to various federal and state agency probes into how the bank handled mortgage-backed securities before the financial crisis.
This week on Money Talking, regular contributors Joe Nocera of the New York Times and Rana Foroohar of Time magazine examine what could be the largest settlement with the Justice Department ever by a single company.
Some of the money would go to relief for consumers.
Foroohar and Nocera also discuss whether the settlement will satisfy the public's desire to see Wall Street held accountable. Is this the last chapter in the story of the financial crisis?