Despite $13 billion fine, JPMorgan Chase chief says he’s ‘so damn proud of this company’

http://www.rawstory.com/rs/2013/10/21/despite-13-billion-fine-jpmorgan-chase-chief-says-hes-so-damn-proud-of-this-company/



Despite $13 billion fine, JPMorgan Chase chief says he’s ‘so damn proud of this company’
By Dominic Rushe, The Guardian
Monday, October 21, 2013 22:46 EDT

The embattled JP Morgan chairman and chief executive, Jamie Dimon, said on Monday the bank was attempting to put its problems behind it, as prosecutors weighed a record $13bn fine.

Dimon reached a tentative deal this weekend with the Justice Department to end a number of civil investigations into its sale of mortgage securities before the 2008 financial crisis. The deal is not thought to end a potentially more serious criminal probe into the US’s largest bank and its executives.

“I am so damn proud of this company. That’s what I think about when I wake up everyday,” Dimon told CNBC in an interview that aired on the Squawk Box show, adding: “260,000 people around the world are doing a great job for our clients. We’re gaining market share. We’re doing great stuff. We’re trying to get our problems behind us.”

The deal with the Justice Department comes amid a series of investigations into the bank in the US, UK and China. The Justice Department deal is thought to include a $4bn payment to settle claims that the bank misled lending giants Fannie Mae and Freddie Mac about the quality of mortgage-backed securities it sold them before the 2008 crash. Another $4bn would be paid in consumer relief, and $5bn in penalties.