The excerpt from NY Times below is just wrong. It does, in my mind, sugar coat the real story to say JP Morgan pays $900 million. It is – as always – the innocent JP Morgan shareholders who get stuck. It is disgraceful that the shareholders are the ones that ALWAYS get stuck.
Yes, to say JP Morgan may be literally correct, but it should say “SHAREHOLDERS (not JP MORGAN), who DID NOTHING WRONG, GET SACKED WITH A $900 MILLION DOLLAR BILL FOR THE CROOKS AND CREEPS (JP MORGAN EXECUTIVES) WHO DID IT — AND YES, THE CROOKS AND CREEPS (once again!) GET OFF THE HOOK WHILE RIPPING OFF THE SHAREHOLDERS TO THE TUNE OF $900 MILLION TO COVER THEIR TRACKS.”
And some wonder why there is an “Occupy Wall Street” movement? They ought to join forces with the Tea Party Movement.
“….JPMorgan Chase is expected to pay more than $900 million in fines to government authorities in Washington and London and make a rare admission of wrongdoing on Thursday, a pact that will settle a range of investigations over a multibillion trading blunder the bank suffered last year, according to people briefed on the matter.
The settlements with the government authorities — the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Reserve and the Financial Conduct Authority in London — will mark a pivotal moment for the nation’s largest bank as it works to move past the $6 billion trading loss…”