Search This Blog

Translate

Blog Archive

Middleboro Review 2

NEW CONTENT MOVED TO MIDDLEBORO REVIEW 2

Toyota

Since the Dilly, Dally, Delay & Stall Law Firms are adding their billable hours, the Toyota U.S.A. and Route 44 Toyota posts have been separated here:

Route 44 Toyota Sold Me A Lemon



Tuesday, November 26, 2013

You just paid JPMorgan Chase's Fine!

Revolving Door Sham: JPMorgan CFO Admits $7 Billion of DOJ Settlement is Tax-Deductible
by Mark Karlin | Truthout

To hear the number $13 billion dollars as a fine in the much-leaked-but-finally-announced Department of Justice (DOJ) settlement with JPMorgan Chase is meant to imply that the DOJ is getting tough on Wall Street. After all, $13 billion dollars is a jaw-dropping pile of money.
...
In reality, it is, according to The New York Times only "half the bank’s annual profit." As BuzzFlash at Truthout has pointed out in the past, that still means roughly $6.5 billion dollars in profit for the behemoth financial institution, no apparent cut in the oligarchical compensation of the likes of JPMorgan's chief executive, Jamie Dimon, and no major changes in the salaries or composition of Dimon's executive team.

Furthermore, the NYT reports that "Marianne Lake, JPMorgan’s chief financial officer, emphasized that $7 billion of the settlement was tax-deductible." In addition, as BuzzFlash reported in an earlier commentary, JPMorgan may -- if you can believe this -- may receive several billions of dollars in FDIC coverage that would offset as much as a third of the $13 billion fine.

Read the full story here:
http://www.truth-out.org/buzzflash/commentary/item/18327-revolving-door-sham-jp-morgan-cfo-admits-7-billion-of-doj-settlement-is-tax-deductible

Image courtesy of OccupyLA
 
Revolving Door Sham: JPMorgan CFO Admits $7 Billion of DOJ Settlement is Tax-Deductible 
by Mark Karlin | Truthout

To hear the number $13 billion dollars as a fine in the much-leaked-but-finally-announced Department of Justice (DOJ) settlement with JPMorgan Chase is meant to imply that the DOJ is getting tough on Wall Street. After all, $13 billion dollars is a jaw-dropping pile of money.

In reality, it is, according to The New York Times only "half the bank’s annual profit." As BuzzFlash at Truthout has pointed out in the past, that still means roughly $6.5 billion dollars in profit for the behemoth financial institution, no apparent cut in the oligarchical compensation of the likes of JPMorgan's chief executive, Jamie Dimon, and no major changes in the salaries or composition of Dimon's executive team.

Furthermore, the NYT reports that "Marianne Lake, JPMorgan’s chief financial officer, emphasized that $7 billion of the settlement was tax-deductible." In addition, as BuzzFlash reported in an earlier commentary, JPMorgan may -- if you can believe this -- may receive several billions of dollars in FDIC coverage that would offset as much as a third of the $13 billion fine.

Read the full story here:
http://www.truth-out.org/buzzflash/commentary/item/18327-revolving-door-sham-jp-morgan-cfo-admits-7-billion-of-doj-settlement-is-tax-deductible

Image courtesy of OccupyLA
 
 
 
 
 

No comments: