Who should pay for the legal violations? Shareholders? Tax-Payers? Management? Should the Federal Government take back the bonuses?
Top 10 Bank Fines (Post 2008-09 Crisis)
By Barry Ritholtz
Fines here, fines there, fines everywhere!
The Wall Street Journal discusses the proposed $11 billion dollar JPM fine, but buries the good stuff in this morning’s article on Jamie Dimon (This Generation’s Greatest Banker! ®)
We have been tracking JPM’s fines, but if you want an industry overview, try this collection: Here is a quick [look]:
Top 10 Bank Fines
$25 Billion for Foreclosure processing abuses.
Five Banks: Wells Fargo & Co., J.P. Morgan Chase & Co., Citigroup Inc., Bank of America Corp., Ally Financial Inc.
Regulators: U.S. Department of Housing and Urban Development, U.S. Department of Justice and 49 state attorneys general (2012)$9.3 Billion for Foreclosure abuses.
Thirteen Banks: Bank of America Corp., Wells Fargo & Co., J.P. Morgan Chase & Co. and 10 others
Regulators: Office of the Comptroller of the Currency and Federal Reserve (2013)$1.9 Billion for Money-laundering
HSBC Holdings
Regulators: U.S. Department of Justice, Treasury and others (2012)$1.5 Billion for Manipulating Libor rates.
UBS
Regulators: Commodity Futures Trading Commission, former U.K. Financial Services Authority, Swiss Financial Market Supervisory Authority, U.S. Department of Justice (2012)$920 Million for Lack of oversight of giant bets by ‘London whale.’ (poor internal controls).
J.P. Morgan Chase & Co.
Regulators: Securities and Exchange Commission, Office of the Comptroller of the Currency, Federal Reserve and U.K.’s Financial Conduct Authority (2013)….
Keep reading: Top 10 Bank Fines (Post 2008-09 Crisis)
