JPMorgan in talks to settle government probes for $11 billion: sources

[Eugene]

Source: Reuters

JPMorgan in talks to settle government probes for $11 billion: sources

By David Henry and Karen Freifeld
NEW YORK | Wed Sep 25, 2013 6:09pm EDT

(Reuters) - JPMorgan Chase & Co is in talks with government officials to settle federal and state mortgage probes for $11 billion, two people familiar with the matter said on Wednesday.

The sum could include $7 billion in cash and $4 billion for consumers, said the sources, who asked not to be identified because the negotiations are private.

The talks are fluid and the $11 billion amount could change, the people familiar with the matter said. They said the discussions include the U.S. Department of Justice, the Securities and Exchange Commission, the U.S. Department of Housing and Urban Development and the New York State Attorney General.

The New York prosecutor's office is participating in the talks because it is part of a working group formed by President Obama in January 2012 to investigate misconduct in mortgage securities that contributed to the financial crisis.

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Read more: http://www.reuters.com/article/2013/09/25/us-jpmorgan-probes-idUSBRE98O12O20130925

[Mr.Bill]

1. So they are going to use money they stole

to buy their way out of trouble. I wonder if I could do that if I robbed one of their offices?

[tularetom]

2. I guess it's a start but it won't sink in unless they put the CEO in jail

He's one of the worst of the Wall Street thieves.