$13 billion fine for US banking giant

The US bank JP Morgan is facing fines of 13 billion dollars as a sort of reparation for its sale of home loan securities which led to the 2007-8 banking crisis. If the fine goes through it will be the single biggest fine ever imposed on a US business. The settlement, if it goes through, will clear all remaining civil claims, but will not clear up the criminal charges the bank sill faces. Of the $13 billion, nine billion will be used in fines and four billion for relief for those still struggling on account of the banks actions. Unfortunately neither the bank itself nor the US justice department were available for comment, so we have no real idea about any conclusive decision.

JP Morgan seems to be getting into the habit of record breaking loans as just last month it was fined over 600 million pounds just last month on account of the London wale scandal, the second biggest fine ever imposed by a city regulator. It has also had to deal with over 9 billion dollars in legal fees, and has had to set aside a fund of 23 billion to deal with legal costs.

Its nice to see those people who are at least partially responsible for the worlds economic problems getting a few problems of their own to deal with, isn't it?