Jamie Dimon Rents Buckingham Palace to Celebrate his $13 billion Settlement

[Silver Rocket Bitches!]

It must have been a welcome spot of light relief for Jamie Dimon. Only days after he finally agreed to a $13 billion settlement with U.S. mortgage regulators, the boss of JPMorgan – and dozens of his corporate clients - were sitting back amid the splendor of Buckingham Palace, enjoying a fine dinner and performances by the Royal Philharmonic and the English National Ballet.

The event, hosted by Prince Andrew, Duke of York, reflects growing enthusiasm by the Royal Family to use its premises to promote business interests. But it also risks stoking criticism over its apparent commercialization and its intimacy with business.
One senior participant said the bank paid nothing for the evening but the Palace said the bank paid an undisclosed fee for food, drink and the venue. The bank said it also made charitable donations to the orchestra and ballet company.
According to the Palace, the Duke of York is involved in efforts to support British business, and the event was an opportunity to "engage" with international chief executives about what Britain has to offer.
Keith Vaz, the Labour chairman of the home affairs select committee, said the arrangement threatened to undermine the cachet of the royal palaces and even the security of the royal family.
He compared it to controversial plans to open up the House of Commons to businesses, telling the Financial Times: "It could be that a company perhaps is not blue chip but may look it. We could take their money and only afterwards find out it is not an appropriate company to book a room in Buckingham Palace."
He added: "There is also the fact that this should be a special place. This is the home of the Queen. Where is it all going to end?"


The JPMorgan event on October 30, had a guestlist that included up to 100 corporate and political heavyweights, ranging from Kofi Annan, the former UN secretary-general, to Indian industrialist Ratan Tata. Also present was Tony Blair, the former prime minister who chairs JPMorgan's "international council" of senior advisers.


http://www.cnbc.com/id/101224226

[mick silver]

we the tax payer gave him 13 b they didnt give shit to the gov

[Silver Rocket Bitches!]

JPMorgan can deduct big chunk of $13 billion deal (http://money.cnn.com/2013/11/19/news/companies/jpmorgan-doj-deal/)
The majority of the $13 billion settlement JPMorgan struck with the government Tuesday is likely to be tax deductible, reducing the bank’s financial hit. Here’s why: Many of the costs associated with corporate legal cases are treated as deductible under the tax code, in much the same way that a company’s wages or equipment expenses are.
That means JPMorgan will be able to reduce its tax bill because of many of the settlement payments that it must make. “From 1913, our tax laws have permitted companies to deduct their ‘ordinary and necessary’ expenses, which include compensation and restitution payments,” said Steve Rosenthal, a lawyer specializing in financial institution taxation and a visiting fellow at the Tax Policy Center.
But not all types of settlement payments are deductible. For instance, companies are prohibited from deducting fines and penalties payable to the federal government. “In 1969, Congress decided that allowing companies to deduct fines and similar penalties frustrated public policy, so it disallowed deductions for these payments — and, separately, disallowed deductions for antitrust damages, illegal bribes, and kickbacks,” Rosenthal said.
The U.S. Department of Justice, which negotiated the deal with JPMorgan, said the bank will pay $2 billion as a “civil penalty” to settle certain legal claims. And it’s JPMorgan’s understanding that the $2 billion is not deductible, the bank’s chief financial officer said on an analyst call Tuesday.
It wasn’t immediately clear how much of the rest of the $13 billion settlement, if any, may be considered non-deductible as well. But here’s the general bottom line: The compensation or restitution portions of a settlement like the one struck by JPMorgan may be deducted, but the penalties can’t.
While that may seem like a bright line, settlements are often written in a way that can leave a lot open to interpretation. In some deals, for instance, a penalty may be characterized in such a way that the company could argue that it should be deductible.

http://www.theautomaticearth.com/whos-really-king-of-the-world-today/

[osoab]

You guys didn't get the invite?

[Glass]

I wonder who the sacrifice was on that night? probably more than one.

[Twisted Titan]

Place is gonna burn real nice when The Nights of The Long Knives return.....