Wednesday, January 7, 2015

Revolving Door Sham: JPMorgan CFO Admits $7 Billion of DOJ Settlement is Tax-Deductible

o 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




But then we get down to the basic fact that the DOJ still cannot
answer.  How can a bank-too-bit-to-fail commit $13 billion worth of
fraud and yet no one committed a crime?

 READ ARTICLE AT   Revolving Door Sham: JPMorgan CFO Admits $7 Billion of DOJ Settlement is Tax-Deductible

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