(The following press release from Senator McCain's office was received by
e-mail. The sender verified the statement.)
FOR IMMEDIATE RELEASE: Contact: Brian
Rogers or Rachael Dean
Monday, September 30, 2013
SENATOR JOHN McCAIN SENDS LETTER TO ATTORNEY GERNERAL ERIC HOLDER ON MEETING
WITH JPMORGAN CEO JAMIE DIMON
Washington, D.C. - U.S. Senator John McCain (R-AZ) today sent a letter to U.S.
Attorney General Eric Holder regarding his meeting with JPMorgan CEO Jamie
Dimon about investigations into JPMorgan's issuance of mortgage-backed
securities in the lead-up to the financial crisis.
The text of the letter is attached and below.
September 30, 2013
The Honorable Eric H. Holder, Jr.
The Attorney General
U. S. Department of Justice
Robert F. Kennedy Building
950 Pennsylvania Avenue, N.W.
Washington, D.C. 20530
Dear Mr. Attorney General:
News reports indicate that you personally met last Thursday with JPMorgan CEO
Jamie Dimon in the course of settlement talks between JPMorgan Chase and the
Department of Justice (DOJ). Your meeting with Mr. Dimon reportedly centered
on multiple investigations into JPMorgan's issuance of mortgage-backed
securities in the lead-up to the financial crisis. These discussions are
taking place while DOJ is also investigating the bank's actions related to the
$6 billion "London Whale" trading losses, which the Senate Permanent
Subcommittee on Investigations independently investigated.
Your personal meeting with the CEO of the corporate target of a major criminal
investigation, at the request of the CEO, while negotiations on a global
settlement agreement are pending, is highly unusual and, under the
circumstances that the meeting occurred, gives rise to concern. It is
noteworthy that at the same time the bank is facing a litany of regulatory woes
that carry hefty fines and potential liability in private civil suits,
individuals within JPMorgan and other similarly culpable financial institutions
have escaped accountability.
JPMorgan's misconduct seriously harmed investors, wreaked havoc on our nation's
financial security, and continues to have painful effects on homeowners in
Arizona and around the country. Any government response relating to these
events must hold the proper institutions and individuals accountable. In
matters involving major corporate malfeasance, individual accountability is
vital to deterring similarly severe misconduct by financial institutions and
their officers, directors, or key employees in the future. Government
enforcement actions must no longer be viewed by institutions and their
management teams as simply the cost of doing business.
With this in mind, please provide responses to the following questions when the
settlement agreement is announced:
1. Is the DOJ considering requiring admissions of wrongdoing on the part
of any individuals within the bank as part of the settlement negotiations? If
not, why not?
2. Will the settlement agreement with the company preclude either civil or
criminal enforcement action against individuals at JPMorgan? Why or why not?
3. Will you seek to hold any top officer, director or key employees within
JPMorgan personally accountable for the wrongdoing?
4. Please describe how each of the following will be determined and
structured in any potential settlement.
d. Compensatory damages and/or restitution
e. Admissions of wrongdoing
5. How will the DOJ ensure that the settlement provides the proper relief
6. Will any settlement reached specify whether JPMorgan is permitted to
receive a tax deduction or favorable tax treatment for any resulting
restitution, fines or penalties, or will such a determination be left to the
IRS? How will this decision be reached? If deductions are permitted, please
specify which aspects of the proposed settlement will be given favorable tax
Thank you for your timely response to this matter. If you have any questions or
concerns, please contact Stephanie Hall, Counsel to the Minority, Permanent
Subcommittee on Investigations, at 202/224-XXXX.
Permanent Subcommittee on Investigations
cc: Edward DeMarco
Federal Housing Finance Agency
400 7th Street, SW
Washington, DC 20024
Eric T. Schneiderman
New York State Attorney General
Office of the Attorney General
Albany, NY 12224-0341
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