Earlier this week, Bloomberg reported that former Treasury Secretary Timothy Geithner secured a line of credit from JPMorgan Chase, one of the too-big-to-fail recipients of bailout cash. Geithner is looking to buy in to a new $12 billion fund at Warburg Pincus, the private equity firm where he now works. He reportedly stands to make …
Tag: jamie dimon
Tax breaks sweeten JPMorgan’s record-setting settlement with DOJ
In a recent post, Kevin examined the revolving door between JPMorgan and the Department of Justice team charged with negotiating its record-breaking settlement. He concluded that the DOJ attorneys would likely be rewarded in the private sector for their roles in the JPMorgan deal, leaving democracy to foot the bill for their soft negotiations. That same …
DOJ-JPMorgan settlement was negotiated by former WaMu attorney
The final terms of JPMorgan’s mortgage fraud settlement with the Department of Justice was announced yesterday. It is not all that it is cracked up to be, but that has not stopped reporters from touting the deal as a record settlement and the result of a tough negotiation. One particularly extreme example is the front …
JPMorgan negotiates through the revolving door
It is quickly becoming clear that JPMorgan’s tentative $13 billion settlement with the Department of Justice is not the massive, overly-punitive sanction that some press reports have made it out to be. The weaknesses in the deal may be explained in part by the fact that in arranging the settlement, JPMorgan was negotiating through the …
Obama shares Wall Street’s delusions
Via Bloomberg, we learned yesterday that President Obama buys in to the Wall Street delusion that bankers actually deserve really high salaries. Speaking about JP Morgan’s Jamie Dimon and Goldman’s Lloyd Blankfein, he said this: The president, speaking in an interview, said in response to a question that while $17 million is “an extraordinary amount …