The vig is a paltry $153.6 million to settle U.S. Securities and Exchange Commission fraud charges.
Typical prison-bitch Bush Era roll over. Obama would have to fire the whole SEC staff and rebuild from scratch to fix that disaster.
But the Madoff trustee Irving Picard is another kinda cat. He read the SEC doc, figures they're offically TBTF Banksters now, and refiled in Federal Court asking for $19-billion dollars.
"JPMorgan Chase chose to enable Madoff's fraud, not just through the various ways it participated in its activity, but by helping to cover Madoff's naked theft with the imprimatur of a globally recognized financial institution."
-- Picard's filing quoted in IBNnews/Reuters
Of course Picard and his staff are not seeking promotion to bank jobs. They get paid for drawing corporatist blood.
More BTF :::
The key to Chase's fraud is that the bank covered up for Madoff on fraudulent transfers of funds and other transactions.
Where other banks refused to go along with the Ponzi scam, JPMC chose to profit to the tune of $500-million in fees and another $400-million in outright fraudulent transfers.
When another bank closed their Madoff accounts when they detected questionable transactions back-and-forth with Chase, the Chase managers decided to continue to keeping their side of those transactions open.
Picard alleges that Chase was central to Bernie Madoff's image. As his main banker, their participation put a seal of approval on his dealings. Picard had sued originally for $6.4-billion, which went up to this $19-billion with this Chase admission of fraud.
Reuters reports that JPMorgan estimated that as of March 31 it might have to pay out as much as $4.5 billion more for litigation than it had set aside earlier. We can wonder where that figure will go on June 30th ?
Chase stock (JPM) has been falling recently. That price could go on down some more.
It peaked at $48 in February. Now that they're seen as one more Wall Street OC gang, their stock hit $39.49 at today's close.