JPMorgan CEO Dimon Says Government Cases Were 'Unfair'

Image: JPMorgan CEO Dimon Says Government Cases Were 'Unfair'

Thursday, 23 Jan 2014 09:15 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on Thursday that government legal cases, including those over mortgage securities the company settled for more than $13 billion, were "unfair".

Dimon, speaking on CNBC in a pre-recorded interview from Davos, Switzerland, said most of the government claims against the company were for dealings that took place at companies before JPMorgan bought them in the financial crisis.

"I think a lot of it was unfair, but I am not going to go into the details," Dimon said in the television interview.

JPMorgan agreed last year to pay $13 billion to settle multiple government claims over dealings in mortgage securities at JPMorgan and at two banks it took over during the crisis, Bear Stearns and Washington Mutual.

It also settled other assorted cases for about $7 billion more. Those included allegations stemming from derivatives and electric power trading and sales of extra products to credit card customers.

Dimon said JPMorgan had "two really bad options" in choosing to settle or fight the cases. Going to court could have taken three or four years and the outcome could have been worse, he said.

"It would really hurt this company and that would have been criminal for me to subject our company to those kinds of issues," Dimon said.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

ISIS Proving Prowess Through Technology

Saturday, 30 Aug 2014 16:31 PM

Just a few years ago, al-Qaida leader Osama bin Laden had to record his messages in Arabic and have them smuggled out fo . . .

Report: Joan Rivers on Life Support

Saturday, 30 Aug 2014 18:19 PM

Joan Rivers remains unconscious since being rushed to a New York hospital on Thursday morning and is on life support, ac . . .

Cops Find Car Linked to Obama Death Threat

Saturday, 30 Aug 2014 16:17 PM

A car sought in connection with a suspected death threat against President Barack Obama has been located in Connecticut . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved