negotiations

  • 21 Oct 2014 at 3:06 PM
  • Banks

De Blasio To Dimon: F*ck You And F*ck Your Tax Breaks

jamie-dimon (2)JPMorgan Chase’s cap-in-hand routine isn’t flying with the Big Apple chief. Read more »

  • 17 Oct 2014 at 3:54 PM

All JP Morgan Wants Is One Billion Dollars

Screen Shot 2014-10-17 at 3.52.13 PMFact: JP Morgan is interested in moving its headquarters from 270 Park Avenue to a yet-to-be constructed “corporate campus” on the west side of Manhattan. Fact: Real estate developers like the idea of this place, which would cost approximately $6.5 billion to build. Rub: JP Morgan needs the city to entice it to head West, and not that you can put a price on these things but $1 billion would probably be enough to get Jamie and Co. to put their hard hats on. Read more »

To be fair, the Justice Department hasn’t actually thrown out that figure, but it did scoff at Brian Moynhian’s offer of $13 billion, so. Read more »

According to Dealbook, the government wants 8+. As previously discussed, Martoma and his lawyers do not want a sentence even approaching that length of time, and have so far put forth the argument that it should be a lot fewer years because the ex-trader employee was only responsible for $49 million out of the $276 million SAC Capital made based on inside information about Elan and Wyeth. Read more »

So, that’s something. Read more »

France’s finance minister said on Sunday that talks between BNP Paribas (BNPP.PA) and U.S. authorities over a potential fine for the bank for breaching U.S. sanctions had progressed towards a “more equitable” level. U.S. authorities – five of them in all, including the New York financial regulator – are investigating whether BNP evaded U.S. sanctions against Iran and other countries between 2002 and 2009…”What is being criticized by the U.S. authorities is the violation of a strictly American law. The same acts committed in France in euros would not have been reprehensible,” [Michel] Sapin said. “That said, it is the American law, it should have been respected.” [Reuters, related]

For the past number of weeks, we’ve heard about how the U.S. wants BNP Paribas to plead guilty to violating U.S. sanctions against certain countries like Iran, and pay upwards of $10 billion to show they really mean it. We’ve also heard about how a lot of people in France– like its President, for one– are none too pleased about the idea of such a high fine, and are working hard (though mostly in vain) to get the number down. And while $10 billion does sound like a lot of money, a new report reveals that 1. It could’ve been a lot worse and 2. At this time, BNP might not wanna press its luck. Read more »