Buried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank’s relationship with the government has become.
The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims, according to people who declined to be identified speaking about an ongoing investigation.
In response, JPMorgan issued a thinly veiled threat: “The firm is evaluating next steps, including litigation.”
Title is original from site.
Arguably a better title:
Why JPMorgan Chase is prepared to sue the U.S. government over regulation
Should keep this in mind next time they need a massive bailout
There should be no bailouts without an equivalent equity transfer from the bailee to the government
There should be no bailout. Only buying in
In New York 2140 Kim Stanley Robinson describes the government telling banks that if they want to be bailed out the money spent will be a buyout of the bank, and the government will run it as a credit union.
Seems like the best solution.