var googletag = googletag || {}; googletag.cmd = googletag.cmd || []; googletag.cmd.push(function() { googletag.pubads().disableInitialLoad(); });
device = device.default;
//this function refreshes [adhesion] ad slot every 60 second and makes prebid bid on it every 60 seconds // Set timer to refresh slot every 60 seconds function setIntervalMobile() { if (!device.mobile()) return if (adhesion) setInterval(function(){ googletag.pubads().refresh([adhesion]); }, 60000); } if(device.desktop()) { googletag.cmd.push(function() { leaderboard_top = googletag.defineSlot('/22018898626/LC_Article_detail_page', [728, 90], 'div-gpt-ad-1591620860846-0').setTargeting('pos', ['1']).setTargeting('div_id', ['leaderboard_top']).addService(googletag.pubads()); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); } else if(device.tablet()) { googletag.cmd.push(function() { leaderboard_top = googletag.defineSlot('/22018898626/LC_Article_detail_page', [320, 50], 'div-gpt-ad-1591620860846-0').setTargeting('pos', ['1']).setTargeting('div_id', ['leaderboard_top']).addService(googletag.pubads()); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); } else if(device.mobile()) { googletag.cmd.push(function() { leaderboard_top = googletag.defineSlot('/22018898626/LC_Article_detail_page', [320, 50], 'div-gpt-ad-1591620860846-0').setTargeting('pos', ['1']).setTargeting('div_id', ['leaderboard_top']).addService(googletag.pubads()); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); } googletag.cmd.push(function() { // Enable lazy loading with... googletag.pubads().enableLazyLoad({ // Fetch slots within 5 viewports. // fetchMarginPercent: 500, fetchMarginPercent: 100, // Render slots within 2 viewports. // renderMarginPercent: 200, renderMarginPercent: 100, // Double the above values on mobile, where viewports are smaller // and users tend to scroll faster. mobileScaling: 2.0 }); });
Download App | FOLLOW US ON SOCIAL MEDIA
 Upload Your Resume   Employers / Post Jobs 

Lawyers Profiting from Financial Fallout

published January 08, 2011

Published By
( 1 vote, average: 2.4 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
The three largest banks in America, Bank of America, JP Morgan Chase, and Citigroup owe billions in legal costs incurred while they were pleading their cases for a government bailout. JP Morgan, for example, is said to owe $5.2 billion in legal fees for just the first nine months of 2010. The staggering number is higher than the $4.4 billion the bank made during the entire third quarter net profit (incidentally, up 23% from the year before). JP Morgan's CEO, Jamie Dimon, doesn't expect the fees to end anytime soon. According to Dimon, legal costs, ''ain't going away.'' He added, ''It's becoming a cost of doing business.''

JPMorgan has yet to see the last of its legal woes. The banking giant is suffering from a $6.4 billion lawsuit on the legs of the Bernie Madoff Ponzi scheme, the biggest Ponzi scheme in history. Irving Picard is asking for $6.4 billion from the bank, claiming that JPMorgan aided the Madoff's scheme.

The nation's largest bank, Bank of America, expects to see a $1.9 billion total for their legal expenses stemming from the country's largest financial crisis since the great depression, in addition to a barrage of lawsuits being brought by an array of plaintiffs. Many of those suing Bank of America, and for that matter, the third-largest bank in the country, Citigroup, are homeowners who saw their houses foreclosed upon, as well as investors who saw their investments depleted by mortgage backed bonds.

Richard Bove, an analyst at Rochdale Securities in Lutz, Florida says,'' They're under legal attack. They're similar to the asbestos or the tobacco industry, and they're going to be repeatedly sued in the next few years.'' Incidentally, Bove also rated JPMorgan stock a ''buy'' in the current marketplace.

published January 08, 2011

( 1 vote, average: 2.4 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.