Could this be why were broke

Y

Yoda

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Only in America the richest country in the world can a criminal enterprise that makes a PLEA DEAL admitting guilt get to screw the country out of taxs to dramatically lower the pain of their fine. While an american who commits a traffic violation will stay in prision if he doesnt have a job because those same CEOs outsourced his job cant pay his fine.
What a imbalanced, unfair, system this is here.




Tax breaks could ease pain of JPMorgan deal


JPMorgan Chase has struck a tentative deal with the Justice Department to pay a record $13 billion over dodgy mortgage products — but the biggest U.S. bank may be able to slash that bill by paying Uncle Sam less in taxes.

Details of the pact are now being finalized, but it is expected to include $9 billion paid to the government and $4 billion in relief for wronged customers.

The silver lining for JPMorgan: The bank will likely be able to write off a good chunk of those funds by calling them business expenses, tax experts said.

Read more: http://www.politico.com/story/2013/10/jpmorgan-deal-tax-breaks-98688.html#ixzz2iYMyFp3B


http://www.politico.com/story/2013/10/jpmorgan-deal-tax-breaks-98688.html?hp=r2
 
Or maybe this is the reason????

IRS improperly paid out $132 billion in tax credits:


The Earned Income Tax Credit is one of the biggest anti-poverty programs in the U.S. and it's meant for poor working families. But a new report from the Treasury Department's Inspector General finds the IRS routinely pays more than $11 billion dollars a year to people who don't actually qualify.
According to the report, improper payments in the past decade, from 2003 through 2012, totaled up to $132.6 billion dollars, peaking during the 2010 economic crisis at $18.4 billion dollars.


The report says the IRS was unable to show it has taken proper steps to fix the problem after the inspector general flagged it in 2008.

Here's how the tax credit works: low income working families get a credit that reduces their tax bill. The size of the credit depends on their income and number of children. If the credit is larger than what they owe, or they pay no taxes, they get a cash payment. The program was expanded as part of the Obama administration's stimulus.


This year, a married couple with three children can earn up to $51,567 dollars and qualify for a maximum $6,044 dollar tax credit.

The inspector general found up to one-fourth of the tax dollars is given to people who don't qualify. The report said the problem is a mix of fraud and honest families having trouble calculating the credit.


http://www.cbsnews.com/8301-250_162-57608779/irs-improperly-paid-out-$132-billion-in-tax-credits-report/

:palm:
 
you do realize.....JP Morgan didn't actually engage in the mortgage tactics, right?......that's why they were not broke and were able to buy the banks that did after the collapse......
 
PostmodernProphet said:
because they bought the three companies that went broke for doing the things that were the basis for the charges......
Click to expand...

Clean hands...

The FHFA sued JPMorgan and 17 other banks in 2011, alleging that the underlying loans in more than $200 billion worth of mortgage bonds sold to Fannie and Freddie were riskier than disclosed. The agency’s suit against JPMorgan covered roughly $33 billion in bonds sold between 2005 and 2007.
 
So what did JPMorgan Chase do wrong in all of this?

They bought Bear Stearns.

Wait, what?

Okay, that's overstating it a bit. They also got into this mess by buying Washington Mutual. And JPMorgan was responsible for some of the alleged misdeeds on its own. Here's what we're talking about.

One of the firms most heavily involved in this businesses of packaging and reselling subprime mortgage-backed securities was Bear Stearns, then the fifth-largest U.S. investment bank. One of the most active retail mortgage lenders was Washington Mutual.

In March 2008, Bear Stearns was on the verge of failure. In a last-minute deal to prevent the firm from collapsing, facilitated with a $29 billion loan from the Federal Reserve, JPMorgan swooped in and bought the company. Later in 2008, it bought up Washington Mutual out of FDIC receivership.

In the process, JPMorgan took on all of Bear Stearns' and Washington Mutual's outstanding legal exposures. By some estimates 70 to 80 percent of the dealmaking at the heart of the Justice Department settlement was by the acquired companies rather than the pre-2008 version of JPMorgan. But legally, that doesn't matter; the JPMorgan put itself on the hook for those misdeeds when it acquired the two firms.
Click to expand...

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/10/21/everything-you-need-to-know-about-jpmorgans-13-billion-settlement/
 
PostmodernProphet said:
because they bought the three companies that went broke for doing the things that were the basis for the charges......
Click to expand...

And I thought it was because he talked bad about der leaders policies...


The crimes that were committed occurred largely at banks that JP Morgan took over, at the behest of the government, during the 2008 financial crisis. Most of the other stuff the bank is accused of involves mismanagement, not out-and-out investor rip-offs of the Bernie Madoff variety.


No, Dimon’s real sin, as I’ve pointed out on these pages before, was his withering critique of the Obama economic agenda, which he said was holding back the US economy.


For a while, Dimon (a longtime Democrat) was a rarity in Corporate America in that he refused to be cowed by the Washington political class and keep his mouth shut in the face of the absurdity this administration was administering to businesses in the form of taxes, regulation and now a new health-care system where even something as vital as designing a workable Web site to sign up new recruits doesn’t work.


By speaking out, Dimon became de facto public enemy No. 1.

http://nypost.com/2013/10/20/jamie-dimons-real-sin/
 
StormX said:
And I thought it was because he talked bad about der leaders policies...

The crimes that were committed occurred largely at banks that JP Morgan took over, at the behest of the government, during the 2008 financial crisis. Most of the other stuff the bank is accused of involves mismanagement, not out-and-out investor rip-offs of the Bernie Madoff variety.

No, Dimon’s real sin, as I’ve pointed out on these pages before, was his withering critique of the Obama economic agenda, which he said was holding back the US economy.

For a while, Dimon (a longtime Democrat) was a rarity in Corporate America in that he refused to be cowed by the Washington political class and keep his mouth shut in the face of the absurdity this administration was administering to businesses in the form of taxes, regulation and now a new health-care system where even something as vital as designing a workable Web site to sign up new recruits doesn’t work.


By speaking out, Dimon became de facto public enemy No. 1.

http://nypost.com/2013/10/20/jamie-dimons-real-sin/
Click to expand...

This happened before "der leader" took office, dimwit.
 
christiefan915 said:
"But legally, that doesn't matter; the JPMorgan put itself on the hook for those misdeeds when it acquired the two firms. "

Looks like the JPMorgan legal dept. wasn't up to snuff, counselor.
Click to expand...

????....no, they were willing to take the costs as part of the transaction....in fact, they apparently set aside $23bil for potential fines, so I expect the $13bill fine was not bad news......but it doesn't change the fact that those who are dancing because the devil got his dues are not aware the devils aren't the ones paying for it......
 
Yoda said:
Only in America the richest country in the world can a criminal enterprise that makes a PLEA DEAL admitting guilt get to screw the country out of taxs to dramatically lower the pain of their fine. While an american who commits a traffic violation will stay in prision if he doesnt have a job because those same CEOs outsourced his job cant pay his fine.
What a imbalanced, unfair, system this is here.




Tax breaks could ease pain of JPMorgan deal


JPMorgan Chase has struck a tentative deal with the Justice Department to pay a record $13 billion over dodgy mortgage products — but the biggest U.S. bank may be able to slash that bill by paying Uncle Sam less in taxes.

Details of the pact are now being finalized, but it is expected to include $9 billion paid to the government and $4 billion in relief for wronged customers.

The silver lining for JPMorgan: The bank will likely be able to write off a good chunk of those funds by calling them business expenses, tax experts said.

Read more: http://www.politico.com/story/2013/10/jpmorgan-deal-tax-breaks-98688.html#ixzz2iYMyFp3B


http://www.politico.com/story/2013/10/jpmorgan-deal-tax-breaks-98688.html?hp=r2
Click to expand...

What traffic violation will get you sent to prison, if you don't have a job?
 
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