The fines are too damn high!
The New York Post reports that's JPMorgan Chase’s top legal eagle’s take on the bank’s record $13bn settlement with the government over the sale of mortgage-backed securities in the run-up to the financial crisis.
'We should all be concerned that there doesn’t seem to be a natural end point to how high fines could go', Stephen Cutler, JPM general counsel, told regulators and attorneys at an industry event Friday.
One light moment occurred earlier in the discussion between Cutler and JPMorgan’s top regulator at the Office of the Comptroller of the Currency, Daniel Stipano, who was also on the panel.
“I’d like to say how handsome (Stipano) looks', Cutler quipped before he griped about the size of government fines levied against the banks.
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