Easy come, easy go! Does any phrase more aptly describe JP Morgan and the big banks on Wall Street? The New York Times reported today that "Morgan " was very close to reaching a settlement in the Madoff debacle, which will include a "deferred prosecution agreement" and a payment of about $2 billion by the Bank. The Trustee is doing quite a job for the victims in Madoff, I believe now bringing the total recouped to over $10 billion. Wow!! Who woulda thunk?
Meanwhile Morgan will now have paid out something in the neighborhood of $20 billion over the last year...Mind boggling... Watch for ATM fees to go up shortly.....Only in America!
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