US banking giant JP Morgan is set for a record $13bn (£8bn) fine to settle investigations into its mortgage-backed securities, US media reports have said.

A tentative deal is believed to have been reached in talks with senior US Justice Department officials.

The fine relates to the sale of securities based on home loans, which led to the near-collapse of the banking system in 2007.

If confirmed, it would be the biggest settlement ever paid by an US company.

Last month, JP Morgan was fined almost $1bn in the "London Whale" scandal, which arose from huge disastrous bets on the financial markets placed by former bank employee Bruno Iksil.

Apparently the big US banks have paid something like $100 Billion in fines and legal fees sine 2008.

And ours have paid......

the next big banksters scam to come to light is the way the used interest rate swap loans to businesses ...

http://www.bbc.co.uk/iplayer/episode/b0 ... g_Scandal/

its going to make the PPI scandal look like a pussy cat club ...