JPMorgan Chase reached a tentative $13 billion settlement with the U.S. Department of Justice yesterday, by far the largest settlement on record. Not even a full 24 hours after the pending agreement, JPMorgan CEO Jamie Dimon said that he is “so damn proud of this company.”
“That’s what I think about when I wake up everyday,” Dimon continued.
There have been numerous civil investigations that probe the bank’s mortgage sales leading up to the economic collapse of 2008, which the deal will halt. But there are more serious, suspected criminal activities that JPMorgan is suspected of being involved in that the deal will not help the bank wriggle out of.
The deal is connected to an international investigation of the bank’s branches in China, the United States, and the United Kingdom.
JPMorgan also faces a bribery investigation over the allegations that the bank hired the “children of powerful Chinese officials” to better their business interests.
Talks of the settlement lasted for about year, and after a telephone conversation with U.S. Attorney General Eric Holder, Holder said that the DOJ will hold no criminal liability against the bank.
JPMorgan was involved in billion dollar lawsuits, bribery, bad mortgage sales, and had a large contribution to the financial crisis in 2008. Which is nothing to be proud of at all.