Banks BILLIONS in FINES
This page is being updated soon with all the major banks fines and settlements in the hundreds of billions from CRASH of 2008-9 through March 2018:
Rank Bank Name Total assets
1 JPMorgan Chase & Co.$2.53 trillion
2 Bank of America Corp.$2.28 trillion
3 Wells Fargo & Co.$1.95 trillion
4 Citigroup Inc.$1.84 trillion
5 Goldman Sachs Group Inc.$917 billion
6 Morgan Stanley$851.86 billion
7 U.S. Bancorp$462.04 billion
8 TD Group US Holdings LLC$380.91 billion
9 PNC Financial Services Group Inc.$380.77 billion
10 Bank of New York Mellon Corp.$371.76 billion
11 Capital One Financial Corp.$365.69 billion
12 State Street Corp.$238.42 billion
13 BB&T Corp.$221.64 billion
14 SunTrust Banks Inc.$205.96 billion
15 HSBC USA Inc.$201.30 billion
Note 1: Many other banks during this period went bankrupt due to their own fraudulent behavior and were absorbed by the above banks. Like Washington Mutual Bank absorbed by JPMorgan Chase and Countrywide abosorbed buy Bank of America.
Note 2: Most of the fines and settlements by the banks are/were to prevent bank executives accountable for finacial crimes/felonies - from going to jail.
Rank Bank Name Total assets
1 JPMorgan Chase & Co.$2.53 trillion
2 Bank of America Corp.$2.28 trillion
3 Wells Fargo & Co.$1.95 trillion
4 Citigroup Inc.$1.84 trillion
5 Goldman Sachs Group Inc.$917 billion
6 Morgan Stanley$851.86 billion
7 U.S. Bancorp$462.04 billion
8 TD Group US Holdings LLC$380.91 billion
9 PNC Financial Services Group Inc.$380.77 billion
10 Bank of New York Mellon Corp.$371.76 billion
11 Capital One Financial Corp.$365.69 billion
12 State Street Corp.$238.42 billion
13 BB&T Corp.$221.64 billion
14 SunTrust Banks Inc.$205.96 billion
15 HSBC USA Inc.$201.30 billion
Note 1: Many other banks during this period went bankrupt due to their own fraudulent behavior and were absorbed by the above banks. Like Washington Mutual Bank absorbed by JPMorgan Chase and Countrywide abosorbed buy Bank of America.
Note 2: Most of the fines and settlements by the banks are/were to prevent bank executives accountable for finacial crimes/felonies - from going to jail.
Due to the major banks caught up in mortgage fraud through securitzation of loans/notes, they collectively have had to pay tens of billions in settlements - not just with regulators, investors, insurance companies and other banks! - but with individual homeowners successfully fighting their fraudulent and illegal foreclosures.
The settlements with individual homeowners are not made public - not reported by MSM who does not want to lose their major banks ad revenue from ads tv/radio/print. Obviously if these cases were made public and reported there would be a tsunami of homeowners dealing with foreclosure in taking there bank/servicer to court.
Here is a partial list of settlements with regulators, investors, insurance companies and other banks!:
The following is just for JPMorgan Chase crazy Fine Tally as of 9-19-2013
JP Morgan Chase’s Long List of Expensive Legal Settlements Grows Even Longer. Back in May 2013, we tallied up J.P. Morgan Chase’s impressive, depressing, and expensive list of legal and regulatory worries. The company has been eager to draw a line under its legal woes. But the charges, settlements, and investigations keep coming. On Thursday alone, JP Morgan Chase was hit with about $1.3 billion in new costs. While individual charges are generally drops in the bucket for big banks, the cumulative effect of JPMorgan’s woes even have members of its board asking when it will end.
Here is an updated list of the highlights—or lowlights—of the bank’s settlements over the past couple of years.
First an update on settlements since September 19, 2013:
Date: January 7, 2014 Bernie Madoff Amount: $2 Billion
JPMorgan Chase to pay $2.5 billion in penalties tied to Bernie Madoff's $65 billion scam
The payout is the largest-ever bank forfeiture as well as the biggest Department of Justice penalty for a Bank Secrecy Act violation, though victims believe it's not enough. NEW YORK DAILY NEWS
JPMorgan Chase agreed to a record $2.5 billion in penalties Tuesday in a deal that spared its executives any chance of jail time in Bernard Madoff’s $65 billion Ponzi scheme.
But in a different courthouse — just a couple of hours after the deal was announced — a small-business owner was sentenced to four years in prison for duping a wealthy investor. The disparity reads like a tale of two cities.
The settlement by JPMorgan, the nation’s largest bank, ended its 22-year relationship with the man behind the crime of the century — and infuriated Madoff victims who denounced the agreement as a slap on the wrist.
Date: November 19, 2013 FDIC v JP Morgan Chase Amount: $13 Billion
NEW YORK, Nov 19, 2013 (BUSINESS WIRE) --JPMorgan Chase & Co. announced today that it has reached a $13 billion settlement in principle negotiated by the President's RMBS Working Group of the Financial Fraud Enforcement Task Force. Today's settlement resolves actual and potential civil claims by the Department of Justice (DoJ), several State Attorneys General (State AGs), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA) relating to residential mortgage-backed securities (RMBS) activities by JPMorgan Chase, Bear Stearns and Washington Mutual. In Exhibit D at paragraph 13 of the settlement, JPMorgan Chase admitted that it is not successor in interest to WaMu loans.
Date: September 19, 2013 Amount: $309 Million
Behavior: The Consumer Financial Protection Bureau said that JPMorgan Chase and Chase Bank used unfair billing practices and charged credit card customers for credit monitoring services they never actually got. It was forced to pay refunds to a total of 2.1 million customers
Date: September 19, 2013 Amount: $920 Million
Behavior: Massive losses in 2012 from trades conducted by the so-called “London Whale” led to fines from both US and UK regulators. They include: $200 million to the Federal Reserve for risk-management failures, $300 million to the Comptroller of the Currency for unsafe derivatives trading activities, $200 million to the SEC, and $220 million to the UK Financial Conduct Authority.
Date: September 9, 2013 Amount: $300 Million*
Behavior: JPMorgan and insurer Assurant settled charges that it pushed customers into overpriced property insurance, which would reap kickbacks for JPMorgan in the form of commissions.
*The total amount was not all paid by JPMorgan.
Date: September 5, 2013 Amount: $18.3 Million
Behavior: When JPMorgan acquired Bear Stearns at the height of the financial crisis, it also acquired Bear, Stearns’s legal obligations and problems, including this lawsuit that charged Bear failed adequately to disclose interest rates on mortgage documents with adjustable interest rates. The company agreed to settle the charges for a small payment.
Date: July 30, 2013 Amount: $410 million
Behavior: From September 2010 to November 2012, JPMorgan allegedly engaged in market manipulation in the electricity markets in California and Michigan. It was forced to disgorge profits and pay a fine to the Federal Energy Regulatory Commission.
Date: June 6, 2013 Amount: $1.564 Billion
Behavior: In November of 2011, Jefferson County, Alabama declared bankruptcy in part because risky securities arrangements left it with billions of debt for financing sewer repair. JPMorgan Chase was the bank the county blamed in what was the biggest US municipal bankruptcy – until Detroit. In June, a court ++ruled++[ http://dealbook.nytimes.com/2013/06/05/debt-deal-in-alabama-will-cost-jpmorgan/
] that JPMorgan would lose $842 million of the $1.22 billion in sewer debt it held. What’s more, the bank also sacrificed $647 million in termination fees on derivatives that it had collected, and paid a $75 million to the SEC.
Date: March 2013 Amount: $100 million
Behavior: JPMorgan Chase agreed to return$546 million to former customers of MF Global Holdings, the investment firm run by former New Jersey governor Jon Corzine that collapsed in 2011. While it did not admit wrongdoing, JPMorgan had been threatened with a lawsuit if it didn’t return the cash that had been transferred from MF Global during the firm’s chaotic final days.
Date: January 2013 Amount: Unclear
Behavior: Ten banks, including JPMorgan Chase, agreed to an $8.5 billionsettlement with the Office of the Comptroller of the Currency and the Federal Reserve over “robo-signing” and other alleged abuses of the foreclosure process. The banks were to pay $3.3 billion to harmed borrowers and provide a combined of $5.2 billion in assistance in the form of principal reductions or mortgage modifications. JPMorgan Chase didn’t disclose its share of the settlement.
Date: November 2012 Amount: $296.9 million
Behavior: The Securities and Exchange Commission chargedJPMorgan with misleading investors about the quality of mortgages that underlay mortgage-backed securities it sold. The bank settled the charges without admitting or denying guilt.
Date: March 2012 Amount: $150 million
Behavior: After being sued by pension funds and investors for investing their funds in a risky structured investment vehicle that failed at the height of the global financial crisis in 2008, JPMorgan settled the suit without admitting wrongdoing.
Date: February 2012 Amount: $110 million
Behavior: Along with Bank of America and a few smaller lenders, JPMorgan settled consumer litigation that claimed the banks processed checks by size—rather than by chronological order—so they could charge unwarranted overdraft fees.
Date: February 2012 Amount: $5.29 Billion
Behavior: JPMorgan and four other major mortgage servicers agreed to pay a combined $25 billion to settle charges with state attorneys general, the Justice Department, and the Department of Housing and Urban Development relating to what Washington Attorney General Rob McKenna called years of “shoddy loan servicing, illegal robo-signing, and faulty foreclosure processing.” JPMorgan Chase’s share of the settlement came to $5.29 billion.
Date: August 2011 Amount: $88.3 Million
Behavior: Talk about shady dealings. The Treasury Department alleged the banking giant violated sanction orders by conducting transactions with people or entities tied to Iran, Sudan, Cuba, and Liberia. JPMorgan Chase settled the charges and violations by paying $88.3 million civil penalty.
Date: July 2011 Amount: $229 Million
Behavior: In response to a suit by federal and state authorities, JPMorgan settled allegations that it rigged the bidding process for reinvesting bond transactions that affected 31 state governments. The bank paid $229 million to settle the charges without admitting or denying the allegations.
Date: June 2011 Amount: $153.6 million
Behavior: The Securities and Exchange Commission sued JPMorgan for misleading buyers by allegedly failing to inform investors that a hedge fund assisted in picking and betting against securities in a collateralized debt obligation JPMorgan had sold in 2007. JPMorgan paid $153.6 million to settle the charges without admitting or denying the allegations.
Date: April 2011 Amount: $56 million
Behavior: JPMorgan was one of several banks called out in a class-action lawsuit for overcharging or wrongfully foreclosing on active-duty military personnel. The company apologized, paid out $27 million in cash, cut interest rates on home loans and returned houses that were wrongfully foreclosed upon.
The settlements with individual homeowners are not made public - not reported by MSM who does not want to lose their major banks ad revenue from ads tv/radio/print. Obviously if these cases were made public and reported there would be a tsunami of homeowners dealing with foreclosure in taking there bank/servicer to court.
Here is a partial list of settlements with regulators, investors, insurance companies and other banks!:
The following is just for JPMorgan Chase crazy Fine Tally as of 9-19-2013
JP Morgan Chase’s Long List of Expensive Legal Settlements Grows Even Longer. Back in May 2013, we tallied up J.P. Morgan Chase’s impressive, depressing, and expensive list of legal and regulatory worries. The company has been eager to draw a line under its legal woes. But the charges, settlements, and investigations keep coming. On Thursday alone, JP Morgan Chase was hit with about $1.3 billion in new costs. While individual charges are generally drops in the bucket for big banks, the cumulative effect of JPMorgan’s woes even have members of its board asking when it will end.
Here is an updated list of the highlights—or lowlights—of the bank’s settlements over the past couple of years.
First an update on settlements since September 19, 2013:
Date: January 7, 2014 Bernie Madoff Amount: $2 Billion
JPMorgan Chase to pay $2.5 billion in penalties tied to Bernie Madoff's $65 billion scam
The payout is the largest-ever bank forfeiture as well as the biggest Department of Justice penalty for a Bank Secrecy Act violation, though victims believe it's not enough. NEW YORK DAILY NEWS
JPMorgan Chase agreed to a record $2.5 billion in penalties Tuesday in a deal that spared its executives any chance of jail time in Bernard Madoff’s $65 billion Ponzi scheme.
But in a different courthouse — just a couple of hours after the deal was announced — a small-business owner was sentenced to four years in prison for duping a wealthy investor. The disparity reads like a tale of two cities.
The settlement by JPMorgan, the nation’s largest bank, ended its 22-year relationship with the man behind the crime of the century — and infuriated Madoff victims who denounced the agreement as a slap on the wrist.
Date: November 19, 2013 FDIC v JP Morgan Chase Amount: $13 Billion
NEW YORK, Nov 19, 2013 (BUSINESS WIRE) --JPMorgan Chase & Co. announced today that it has reached a $13 billion settlement in principle negotiated by the President's RMBS Working Group of the Financial Fraud Enforcement Task Force. Today's settlement resolves actual and potential civil claims by the Department of Justice (DoJ), several State Attorneys General (State AGs), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA) relating to residential mortgage-backed securities (RMBS) activities by JPMorgan Chase, Bear Stearns and Washington Mutual. In Exhibit D at paragraph 13 of the settlement, JPMorgan Chase admitted that it is not successor in interest to WaMu loans.
Date: September 19, 2013 Amount: $309 Million
Behavior: The Consumer Financial Protection Bureau said that JPMorgan Chase and Chase Bank used unfair billing practices and charged credit card customers for credit monitoring services they never actually got. It was forced to pay refunds to a total of 2.1 million customers
Date: September 19, 2013 Amount: $920 Million
Behavior: Massive losses in 2012 from trades conducted by the so-called “London Whale” led to fines from both US and UK regulators. They include: $200 million to the Federal Reserve for risk-management failures, $300 million to the Comptroller of the Currency for unsafe derivatives trading activities, $200 million to the SEC, and $220 million to the UK Financial Conduct Authority.
Date: September 9, 2013 Amount: $300 Million*
Behavior: JPMorgan and insurer Assurant settled charges that it pushed customers into overpriced property insurance, which would reap kickbacks for JPMorgan in the form of commissions.
*The total amount was not all paid by JPMorgan.
Date: September 5, 2013 Amount: $18.3 Million
Behavior: When JPMorgan acquired Bear Stearns at the height of the financial crisis, it also acquired Bear, Stearns’s legal obligations and problems, including this lawsuit that charged Bear failed adequately to disclose interest rates on mortgage documents with adjustable interest rates. The company agreed to settle the charges for a small payment.
Date: July 30, 2013 Amount: $410 million
Behavior: From September 2010 to November 2012, JPMorgan allegedly engaged in market manipulation in the electricity markets in California and Michigan. It was forced to disgorge profits and pay a fine to the Federal Energy Regulatory Commission.
Date: June 6, 2013 Amount: $1.564 Billion
Behavior: In November of 2011, Jefferson County, Alabama declared bankruptcy in part because risky securities arrangements left it with billions of debt for financing sewer repair. JPMorgan Chase was the bank the county blamed in what was the biggest US municipal bankruptcy – until Detroit. In June, a court ++ruled++[ http://dealbook.nytimes.com/2013/06/05/debt-deal-in-alabama-will-cost-jpmorgan/
] that JPMorgan would lose $842 million of the $1.22 billion in sewer debt it held. What’s more, the bank also sacrificed $647 million in termination fees on derivatives that it had collected, and paid a $75 million to the SEC.
Date: March 2013 Amount: $100 million
Behavior: JPMorgan Chase agreed to return$546 million to former customers of MF Global Holdings, the investment firm run by former New Jersey governor Jon Corzine that collapsed in 2011. While it did not admit wrongdoing, JPMorgan had been threatened with a lawsuit if it didn’t return the cash that had been transferred from MF Global during the firm’s chaotic final days.
Date: January 2013 Amount: Unclear
Behavior: Ten banks, including JPMorgan Chase, agreed to an $8.5 billionsettlement with the Office of the Comptroller of the Currency and the Federal Reserve over “robo-signing” and other alleged abuses of the foreclosure process. The banks were to pay $3.3 billion to harmed borrowers and provide a combined of $5.2 billion in assistance in the form of principal reductions or mortgage modifications. JPMorgan Chase didn’t disclose its share of the settlement.
Date: November 2012 Amount: $296.9 million
Behavior: The Securities and Exchange Commission chargedJPMorgan with misleading investors about the quality of mortgages that underlay mortgage-backed securities it sold. The bank settled the charges without admitting or denying guilt.
Date: March 2012 Amount: $150 million
Behavior: After being sued by pension funds and investors for investing their funds in a risky structured investment vehicle that failed at the height of the global financial crisis in 2008, JPMorgan settled the suit without admitting wrongdoing.
Date: February 2012 Amount: $110 million
Behavior: Along with Bank of America and a few smaller lenders, JPMorgan settled consumer litigation that claimed the banks processed checks by size—rather than by chronological order—so they could charge unwarranted overdraft fees.
Date: February 2012 Amount: $5.29 Billion
Behavior: JPMorgan and four other major mortgage servicers agreed to pay a combined $25 billion to settle charges with state attorneys general, the Justice Department, and the Department of Housing and Urban Development relating to what Washington Attorney General Rob McKenna called years of “shoddy loan servicing, illegal robo-signing, and faulty foreclosure processing.” JPMorgan Chase’s share of the settlement came to $5.29 billion.
Date: August 2011 Amount: $88.3 Million
Behavior: Talk about shady dealings. The Treasury Department alleged the banking giant violated sanction orders by conducting transactions with people or entities tied to Iran, Sudan, Cuba, and Liberia. JPMorgan Chase settled the charges and violations by paying $88.3 million civil penalty.
Date: July 2011 Amount: $229 Million
Behavior: In response to a suit by federal and state authorities, JPMorgan settled allegations that it rigged the bidding process for reinvesting bond transactions that affected 31 state governments. The bank paid $229 million to settle the charges without admitting or denying the allegations.
Date: June 2011 Amount: $153.6 million
Behavior: The Securities and Exchange Commission sued JPMorgan for misleading buyers by allegedly failing to inform investors that a hedge fund assisted in picking and betting against securities in a collateralized debt obligation JPMorgan had sold in 2007. JPMorgan paid $153.6 million to settle the charges without admitting or denying the allegations.
Date: April 2011 Amount: $56 million
Behavior: JPMorgan was one of several banks called out in a class-action lawsuit for overcharging or wrongfully foreclosing on active-duty military personnel. The company apologized, paid out $27 million in cash, cut interest rates on home loans and returned houses that were wrongfully foreclosed upon.