The Justice Department’s $13 billion mortgage securities settlement with JPMorgan Chase & Co. is a record and also a rarity -- Attorney General Eric Holder’s first big win against a bank at the heart of 2008’s financial crisis.
JPMorgan Chase & Co. has resolved the last obstacles to a record $13 billion settlement of civil state and U.S. probes over the sale of mortgage bonds, clearing the way for a deal today after months of negotiations, two people briefed on the matter said.
Karnit Flug, the Bank of Israel’s prospective new governor, is a conciliator who won’t allow the manner of her appointment to disrupt working relations with Prime Minister Benjamin Netanyahu’s government, according to analysts and former colleagues.
The Federal Reserve should give more subtle guidance to financial markets rather than pin its policy decisions on unpredictable targets, which can send confusing signals if these fail to materialize as anticipated, said Jacob Frenkel, the chairman of JPMorgan Chase International.
Bank of America Corp., sued by U.S. attorneys in August over an $850 million mortgage bond, faces three more Justice Department civil probes over mortgage- backed securities, according to two people with direct knowledge of the situation.
Acting Bank of Israel Governor Karnit Flug, passed over twice for the central bank’s top job, was nominated for the post today in a bid to wrap up a bungled selection process that’s left the institution without a permanent chief since June.
The nomination of former Bank of Israel Governor Jacob Frenkel to his old job may have hit a bump following media reports he was briefly detained seven years ago leaving a Hong Kong shop with cologne he didn’t pay for.
Jacob Frenkel, chairman of JPMorgan Chase International, who’s set to return to the Bank of Israel after leaving the job 13 years ago, will be an “outstanding” and successful governor, outgoing bank head Stanley Fischer said today.