Receiving Wide Coverage ...
JPMorgan Reaches Big Mortgage Accord: The New York bank agreed to a $13 billion settlement to resolve the government's longstanding issues with questionable mortgage practices. The Wall Street Journal said the "historic settlement," which ends multiple probes into mortgage bonds issued before the financial crisis, is the largest amount of fines and damages the government has secured from a company in a civil settlement. The New York Times notes that $4 billion in consumer relief was the key component of the deal. The Financial Times reported that JPMorgan agreed to not file any claims with the FDIC, which brokered the sale of Washington Mutual to the company.
Warming Up to Bitcoin? Virtual currencies such as Bitcoin, which hit a record high valuation Monday, are getting some support from folks in Washington. A member of the Department of Justice told a Senate committee that virtual currency systems "have the potential to promote more efficient global commerce." Fed Chairman Ben Bernanke submitted a letter saying such funds "may hold long-term promise," despite posing potential money laundering risks. The IRS, an agent said, was "actively working" on rules for Bitcoin. American Banker has been all over Bitcoin coverage, including yesterday's BankThink piece on why Washington should leave the currency alone.
Wall Street Journal
Sens. Max Baucus and Dave Camp want to overhaul how the government taxes corporations' overseas profits. The proposal is expected to pursue a temporary reduction in the corporate tax rate for those earnings, among other things.
Citigroup has closed more than 20 branches in South Korea this year, dropping its total in the country below 200 as a labor strike looms.
BNP Paribas is in talks to buy Royal Bank of Scotland's structured retail investor products and equity derivatives business.
New York Times
DealBook weighs in on Tim Geithner's decision to join private equity firm Warburg Pincus. While others have accused the former Treasury Secretary of selling out, columnist Andrew Ross Sorkin believes that charge "doesn't quite fit either" because Warburg Pincus has "little to do with the big institutions" that Treasury oversees.
Geithner's new gig gave the Times an opportunity to look at where other high-level financial officials, such as Mary Schapiro and Jeffrey Goldstein, landed after leaving their Washington posts.