Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

New York (AFP) – American banking giant JPMorgan Chase expects to spend $2 billion in annual compliance costs starting in 2014, chief executive Jamie Dimon said Wednesday.

The spending is double what the bank previously projected and comes on the heels of several major settlements over alleged law and banking rules violations with regulators.

“The $2 billion for the most part is permanent,” Dimon said at a Goldman Sachs conference. “It’s not going to go away.”

Dimon said the spending would go to hire compliance staff, conduct training, employ auditors and take other steps to ensure the U.S.’ largest bank by assets operates in line with the rules.

Dimon expects overall expenses to be lower in 2014 than in 2013, in spite of the higher compliance costs. “So we will find a lot of efficiencies,” he added.

JPMorgan continues to face a number of significant civil and criminal probes ranging from its hiring of Asian staff to its sale of mortgage-backed securities ahead of the financial crisis.

In November, the bank paid a record $13 billion to settle several civil lawsuits over its sale of mortgage-backed securities.

Earlier this fall, JPMorgan also agreed to more than $1 billion in fines relating to various alleged violations stemming from the ‘London whale’ trading loss.

“We’ve got a lot of litigation… behind us,” Dimon said Wednesday. “We’ve got more to go.”

Donald Trump Jr.

Screenshot from Twitter

You've probably heard about Donald Trump's claim that his Democratic rival got "a big fat se onhot in the ass" before delivering a nearly perfect performance on a recently televised town hall. Or his more recent demand that Joe Biden get a "drug test" before their debate on Tuesday night. Having spent months lowering expectations for Biden, the Trumps are now busily defaming him as a junkie.

But that particular slur backfired spectacularly over the weekend when the Trump campaign posted a bizarre video of Don Jr. -- seemingly in a condition that called for rehab services. As his father might put it, "many people are saying" that the presidential spud looked and sounded like someone abusing a controlled substance. (His slurred message was disturbed too, something about an "army of able-bodied men and women" to intimidate voters).

It's both funny and sad to watch Don Jr. decompensate on Twitter. (More funny, though.)

Click and judge his condition for yourself.