Skip to main content

Newsroom

November 12, 2013

Pressure mounts on DOJ over JPMorgan settlement

Critics from both sides of the aisle are raising their voices to make sure taxpayers aren’t responsible for footing part of JPMorgan Chase’s record $13 billion penalty.

Unions, lawmakers and public interest groups say the department should prevent the bank, which is the country’s largest, from writing off a portion of its settlement as a tax deduction. Letting it deduct billions of dollars would penalize consumers who have already been hurt by the financial crisis, they say.

“’As your enforcement actions unfold, it is important that the American people—already victimized once by Wall Street’s malfeasance—not be forced to pick up more of the tab,’ a group of 74 organizations wrote to Attorney General Eric Holder on Monday.

Also on Monday, Americans for Tax Fairness and the U.S. Public Interest Research Group delivered to the department a petition with 160,000 signatures asking it to specifically prevent JPMorgan from claiming a tax deduction on the penalty.”

***

Read full The Hill article here

In the News
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today