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    JP Morgan on verge of $ 13 billion deal over bad morgage loans.Proposed deal with US Government

    would not absolve the company from criminal liability.

    Finance Johnnies damage not only UK Economy but the worlds.

    Finance Johnnies from top to the bottom `bookkeeper`avoiding tax.

    JP Morgan Chase is said to be close to a huge deal with the US government.JP Morgan Chase is said to be close to a huge deal with the US government. Photograph: Spencer Platt/Getty Images
    JPMorgan Chase has reached a tentative $13bn (£8bn) deal with the US Justice Department and other government agencies to settle investigations into bad mortgage loans the bank sold to investors before the financial crisis, a source familiar with the talks said on Saturday.

    The deal, which would be the largest ever between the US government and a single company, would not release the bank from criminal liability for some of the mortgages it packaged into bonds and sold to investors.

    That had been a major sticking point in the discussions, but the government refused to budge and JPMorgan felt it had no choice but to give in, according to a second source. Until recently, the most that JPMorgan was willing to pay was closer to $11bn.

    The biggest US bank sidestepped the worst of the financial crisis but now faces more than a dozen investigations globally into everything from alleged bribery in China to a possible role in manipulating benchmark interest rates known as Libor.

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