specific number of people s lives you needed to ruin before you considered your business model a success? but almost as fast as the social media experience came out, it was canceled. you wonder, who failed at jpmorgan? i would like to suggest, older, dumber people. for america s most hated bank, it is back to the drawing board indeed. if you think it s a populist backlash against the banks has eased, five years after the financial crisis, you would be sorely wrong. joining me now is one of the participants in that twitter chat, alexis goldstein, communications director for the other 98%, a nonprofit grassroots network of activists. alexis, why are you picking on jpmorgan chase? well, i think a lot of people like to say, oh, poor jpmorgan. they went on twitter and day got trolled. but the thing you have to remember, this is basically like the comic relief, in a long, shakespearean tragedy, where we all take a minute and have a little laugh. otherwise, we would have to cry
possible. reporter: in june 2010, jpmorgan paid a $48.6 million fine for combing bank and client funds. in april 2011, the bank paid a $56 million settlement for overcharging active-duty service members on mortgages. in june of that year, they paid $153.6 million in penalties for misleading investors. in july, they ponied up $228 million in a settlement on charges that they rigged municipal bonds transactions. and last month, it was reported the bank was in negotiations with the justice department over a $13 billion settlement for wrongdoing before and during the housing crisis. it has been a rough couple of years for the bank, to say the least. but not everyone has been piling on. the stock s touching a ten-year high. it s a cash-generating machine. sure, they ve had their regulatory issues, was he s looking to settle them
did you think this would be a good idea? . my own favorite, did you have a specific number of people s lives you needed to ruin before you considered your business model a success? but almost as fast as the social media experience came out, it was canceled. you wonder, who failed at jpmorgan? i would like to suggest, older, dumber people. reporter: for america s most hated bank, it is back to the drawing board indeed. if you think it s a populist backlash against the banks has eased, five years after the financial crisis, you would be sorely wrong. joining me now is one of the participants in that twitter chat, alexis goldstein, communications director for the other 98%, a nonprofit grassroots network of activists. alexis, why are you picking on jpmorgan chase? well, i think a lot of people like to say, oh, poor jpmorgan. they went on twitter and day got trolled. but the thing you have to remember, this is basically like the comic relief, in a long,
of a ceo. reporter: in fact, jpmorgan has become a flash point of debate. i think a lot of their earnings and revenue we ve seen have come from really shady dealings. come on! it s a fact, it s in the news. what s the fact? the fact that they hired the children of prominent party officials and there s a spread sheet on which it s connected to deals they were trying to do in china. hiring connected people is as old as not actual fact on this program, because i do have a problem with that. anybody can google jpmorgan and see this. it was in the new york times. it s not oh, the new york times, oh, okay! reporter: well, jpmorgan is in the new york times again today. the paper reports, to promote its standing in china, jpmorgan chase turned to a seemingly obscure consulting firm, run by a 32-year-old executive named lily chang. but what was known to jpmorgan executives in hong kong was that lily chang was not her real name. it was an alias for wen ruchun, t
don t, they won t be profitable. but the reason they ve exchanged so much scrutiny, jamie dimon, their ceo, has been uniquely arrogant and full of hubris lout this whole process. and even as they continue to rack up the fines you so neatly summarized in the intro, he has continued to lobby. and when he came before congress for the london whale trades which lost them billions of dollars and they were later fined millions of dollars for manipulating the credit market, congress basically said, oh, jamie dimon, you re amazing. and senator wicker said, why haven t we involved you in the conversation. and jamie dimon famously said, oh, i ll get an apartment in d.c. so unlike the other banks that have taken a slightly less arrogant tone, jpmorgan has always trumpeted how wonderful they are in spite of all these fines and crimes. so the big question about jpmorgan, they re in the midst of negotiating this big settlement and you and i have talked about this before, what breaks the bad habit?