Boston, MA 10/21/2013 (wallstreetpr) – As per some reports, The CEO of JPMorgan Chase & Co. (NYSE:JPM) has complained and even pleaded to the U.S. justice department regarding the criminal probe on the bank. However, he failed to convince the government because the prosecutors are still not aware of the details of the findings.
There are reports that state that Dimon, the CEO has agreed to a $13billion deal and this should settle a lot of U.S. investigation cases related to mortgage bonds involving JPMorgan. Even when the negotiations were being made, the main problem is the criminal investigation. Even after the issues related to the mortgage suits that the bank brought during the period of financial crisis is sorted, the problems of criminal investigation may still persist.
The criminal probe revolves around the doubt regarding whether or not JPMorgan ended up misrepresenting the mortgage quality that it packaged into bonds prior to selling it to their investors. JPMorgan hasn’t accepted any wrong deeds on their part, but their CEO believes that ending the criminal probe is going to take a long time. In the meanwhile, it is important for the company to settle other civil cases so that it can steer clear of some of the problems at least.
There are reporters that JPMorgan has set aside $23billion in order to handle the different legal issues and there are more than a dozen pending probes on a global scale. The prosecutors are not willing to end the criminal probe before they have extracted intricate details of the matter. The prosecutors believe that solving the case could take up to several months as there is a lot of data that will be unearthed. U.S. President Barrack Obama has set up a special task force in order to investigate the fraudulent activities that led to the meltdown and the fiasco that followed.
