J.P. Morgan: Okay, if we give you $11B will you leave us alone?
It worked out well I waited to discuss this story that broke this morning. J.P. Morgan initially proposed a payment of somewhere between $3B and $7B to settle all outstanding violations and probes. I understand how they would just want to pay a lump sum to make it all go away. Everyone has their price, but apparently half of JPM’s Q2 revenue wasn’t enough. The settlement deal could be actually as high as $11B. Reports from earlier in the week indicated that it may be up to $20B, but that would be astronomical. I doubt that $11B is the final number they settle upon.