JPMorgan Said to Reach Record $13 Billion U.S. Settlement

The settlement would amount to more than half of JPMorgan’s record $21.3 billion profit last year, or 1.5 times what the firm’s corporate and investment bank set aside to pay employees during this year’s first nine months. Only seven companies in the Dow Jones Industrial Average earned more than $13 billion in 2012, according to data compiled by Bloomberg. Some portions of the deal, such as relief to homeowners, would probably be tax deductible for JPMorgan.


http://www.bloomberg.com/news/2013-10-19/jpmorgan-said-to-have-reached-13-billion-u-s-accord.html


So, riddle me this.... everybody is suffering under a recession but 1 single bank (JP Morgan) makes $21.3B in profit last year.

There are still people losing their homes, jobs and businesses, defaulting on loans, and thru it all just 1 bank makes a profit like this?

We're talking just 1 of several large banks, they make or create NOTHING.....but profit!

Let that sink in for a minute........

Its not just the banks, the oil company's make that in their quarterly profits.

Not the same thing. The Oil companies actually sell a product for a profit. The banks loan our own money back to us for a profit.