JPMorgan May Face `Whale' Fines of $750M Plus

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Sept. 17 (Bloomberg) -- Two former JPMorgan Chase & Co. traders were indicted for engaging in a securities fraud to hide trading losses that eventually surpassed $6.2 billion on wrong-way derivatives bets last year. Stephanie Ruhle reports on Bloomberg Television's "In The Loop." (Source: Bloomberg)

And now the bank is set to pay a huge fine.

Let's look at the fine.

$750 million fine on top of already losing over $6 billion.

We just learned the bank set aside $1.5 billion in litigation reserves and they have already added 3000 employees for internal compliance and control.

That is a lot of money for the set aside.

It is a drop in the bucket for jpmorgan.

The former ceo of home depot said that same thing and he continues to be a huge supporter of the bank.

Jpmorgan had their best year in earnings the same year they lost $6 billion with the london whale and now they are being fined $750 million for having had the whale loss.

They made a bet, they lost, that's the punishment.

There you have it, he says this thing has already been wrapped up and done.

If you look at how much jpmorgan has lost, it's a lot of money, but in the grand scheme of things and what they do, it's not.

You have the sec going after them and for other organizations going after jpmorgan.

Many are asking, is this too much?

Four charges already against two employees and they have added a fifth, securities fraud which could be a 20 year sentence in jail.

That is a big number.

Isn't that too much?

They make hundreds of billions money, but in the grand scheme of things and of dollars of loans to gas stations and car washes and dry cleaners, you name it, and people who want to buy a car.

Any time you loan money, you run the risk of not getting our money back.

That's why banks exist.

He thinks banks should be taking risks.

I asked him specifically about bruno ixel,. he is cooperating with the fed but should he be the guy pointing -- who we should be pointing the finger at?

For those of us who have not been keeping tabs, how much has this cost jpmorgan?

$750 million in fines and they have lost already $6 billion.

1.5 billion dollars in litigation reserves, it's a lot of money.

In the grand scheme of jpmorgan who made $19 billion the year of the london whale, it is not affecting their bottom line but it is a headache for the company and the fact that two former employees could face jail is major.

You will not find a bank ceo that wants to be in any sort of structured derivatives business.

Thank you very much.

This morning's mover and shaker is general motors ceo dan ackerson setting up a head to

This text has been automatically generated. It may not be 100% accurate.


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