Receiving Wide Coverage ...
Hard Ball: Don't be fooled into thinking that U.S. Attorney General Eric Holder will end up strong-arming JPMorgan Chase's CEO Jamie Dimon. While Dimon has largely agreed to provide $4 billion in "soft dollar" relief for borrowers, the DOJ wants more than the proposed $7 billion in penalties. But wait. Dimon also wants California prosecutors to drop a criminal investigation into the bank's mortgage practices, a request that Justice has not yet agreed to, says the NYT's Dealbook. The WSJ says the biggest sticking point is whether JPMorgan will admit wrongdoing, which Dimon has resisted. Only the Washington Post mentions that the deal still represents a sliver of the damage wrought by the bank for selling mortgage securities "that it allegedly knew were worthless."
The meeting was variously described as "a rare step," and "hourlong" by the NYT, "constructive," but lasting two hours says the FT, and "not something that came together overnight," says the WSJ, which says it lasted 45 minutes.
The face-to-face, held at a long conference table beneath a portrait of former AG Janet Reno, was "remarkable" because Dimon has been actively involved in the discussions from the get-go. The NYT's Business section ran a front-page photo of Dimon presenting his New York state driver's license to a security guard outside the Justice Department's headquarters just after 9 a.m. Priceless.
A WSJ opinion piece quips that government lawyers
Hold Out: In a rare public dissent, Federal Reserve Governor Jeremy Stein says he would have been comfortable if the Fed had pared its bond purchases last week, and that the Fed could do better in communicating its thinking to the public. Stein called the decision not to scale back the pace of purchases "
Stein says there may be "
Wall Street Journal
Wedbush Securities was ordered to pay a broker
Financial Times
Bankers are warning of