Austin Powers

JPM, $9.2 Billion Legal Expenses

Wi$e-Guy  Money Roll
These numbers just boggle the mind, but $9.2 billion is pre-tax, so…

Lets do the math.

If JPMorgan pays $500.00 per hour for legal aid that’s 18,400,000 hours. 18,4 Million hours? Lets keep doing math… Lets say 2000 hours┬áper year per person;┬áthat’s 9,200 employees, full-time.

How is that possible? Even if they’re paying $1000 per hour (which would be, well, ridiculous).

Some other crazy details. They have $31 billion in reserves now for Legal and claim to be under reserved. They’re expecting to need another $6 billion!

Do the math with $37 billion and JPMorgan could employee the entire state of Ohio, forever…

Mind boggling.

But all that brings to mind, this. It’s a crazy world.

*Update 17/12/13
Stumbled on a decent piece at euromoney.com: JPMorgan Bids up Legal…