Just as JPMorgan Chase & Co. (JPM) and the U.S. Justice Department seemed ready to ink their record-setting $13 billion settlement, the deal hit a new snag. At issue now is whether or not JPMorgan Chase is liable for the mistakes made by failed mortgage lender Washington Mutual, the company which JPM bought during the financial crisis. The New York-based bank is looking to have criminal inquiries into Mutual’s dealings shut down, so it’s not liable for more damages down the road. While this is a stumbling block, negotiations for the settlement are still ongoing. Something else that’s still ongoing is the drain on JPMorgan Chase’s coffers as this wrangling with Justice continues. Third quarter earnings for JPM reflect a loss of $0.4 billion, leaving Chase investors longing for the warmth of a settlement.
The U.S. market continued its steady rise as the Dow Jones jumped 1.38% and the S&P 500 rose 0.98%. Global markets have had a surprisingly poor run over the past two weeks, with the MCSI Emerging Markets Index down 1.19%.
Your Alpha Investor Letter portfolio also had a strong week. Big gainers included Icahn Enterprises, L.P. (IEP), which soared another 8.00% last week. Google Inc. (GOOG) also rose 2.90% and Visa Inc. (V) added 2.13%. The Market Vectors Biotec
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