JP Morgan Chase - 3Q12 record profits

Discussion in 'Politics, Religion, Social Issues' started by elistan, Oct 12, 2012.

  1. elistan macrumors 6502a

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    #1
  2. GoCubsGo macrumors Nehalem

    GoCubsGo

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    Not sure what you're expecting from such a post but troubled waters are ahead for JP. The NY AG is coming after them. Whether that cuts into profits remains to be seen, but they will hurt a little from this if the AG is successful (and they likely will be).
     
  3. mcrain macrumors 68000

    mcrain

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    26 Billion dollars of profit in the quarter; my guess is they can afford a lot of very experienced attorneys to swamp the AGs office with paperwork/motions/and discovery. If I had to guess, I would say the budget for the defense will be 10-20 times more than the "budget" the AG will have to work with.
     
  4. GoCubsGo macrumors Nehalem

    GoCubsGo

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    Sure, that is absolutely true but even with larger budgets lenders or former lenders have fallen to the AG's (MA AG, OH AG, TX AG, and NY AG) to name a few.
     
  5. elistan thread starter macrumors 6502a

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    My expectation was to amuse a few people with a sarcastic dig at the meme that American businesses are suffering. :) (See thread about David Siegel's letter to his employees.) For what it's worth, the largest fine I can find for a bank is in the few-hundred-millions range. (BofA's recent $2.43 billion settlement wasn't a fine, it was from a class-action lawsuit.) Reports are that JP Morgan has set asside $684 million for legal expenses. With a three-month profit of $5.3 billion, I don't think "hurt" would be the term I'd use to describe the loss of any legal action against them. More like, "good return on investment."
     
  6. Rodimus Prime macrumors G4

    Rodimus Prime

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    record profits and layoffs two things that should not be in the same sentence .... And people wonder why executives are though so little of.

    Sorry but they need to crack down even harder on the banks. They are the reason we are in this mess. I really hope more AG go after them.
     
  7. NT1440 macrumors G4

    NT1440

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    These measly fines (while still "record breaking") are now merely viewed as the cost of doing business if you really want to profit big.
     
  8. flopticalcube macrumors G4

    flopticalcube

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    Their friends at the Fed are feeding them free money. Only a complete idiot couldn't make a penny or two on that. They also handle lot's of gov't transactions like EBT where they make a tidy sum on the taxpayer's penny under dubious circumstances. For my shame, I used to work for them.
     
  9. Zombie Acorn macrumors 65816

    Zombie Acorn

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    Please refrain from using banks as a meter for the average American small business or the American economy. Especially one who received 400 billion in financial assistance from the government. Most small business don't get that type of support, these banks raked the taxpayers over the coals, I fail to see what there is to celebrate about their profits.

    ----------

    The sad part about the whole thing. The government has lost control of the banks completely. The blatant disregard for any law and failure to adhere to any type of ethics is a true sign of that.
     
  10. flopticalcube macrumors G4

    flopticalcube

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    All true, ZA, all too true.
     
  11. mcrain macrumors 68000

    mcrain

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    I'd like to see more states establish State run banks like the one out west, one of the Dakotas, I think.
     
  12. Zombie Acorn macrumors 65816

    Zombie Acorn

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    Regardless of who runs it, I would like to see some personal accountability, and some heads rolling. The US banks put the country into a stall and then jumped out using our parachutes. I want to see some real laws on the books for this type of behaviour that puts the idiots running the show behind bars.
     
  13. NT1440 macrumors G4

    NT1440

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    Thats exactly what multinationals will eventually do. No single government has the power to control them, what the **** do we think they're gonna do? Theyre designed to make money, thats it. The only time ethics come into play is if its enough PR to over ride public opinion. Take a look at BP's ad campaign in the south right now.
     
  14. VulchR macrumors 68020

    VulchR

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    Agreed we need international regulation to stop banks from exploiting international loopholes. Then we need to isolate the economies of tax haven/money laundering countries that are not transparent about banking by preventing them from doing business in the US or EU.

    Either that, or I think we might actually start to see class wars in many countries.
     

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