To the DOJ, a $13 billion receipt is the "largest ever settlement with a single
entity." To #AskJPM, a $13 billion outlay is a 100%+ IRR. And
perhaps more relevant, let's recall that JPM holds $550 billion in Fed
excess reserves, on which it is paid 0.25% interest, or $1.4 billion
annually. In other words, out of the Fed's pocket, through JPM, and
back into the government. Luckily, this is not considered outright government
financing.
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