Monday, December 16, 2013
JP Morgan too big to jail, again
See this story. JP Morgan was up on charges that it ignored obvious signs of Bernie Madoff's frauds. But instead of the US criminally prosecuting them they cut a deal, allowing JPM to pay a $2 billion settlement and offering them a deferred prosecution agreement. The latter means we know JPM broke the law but they don't have to admit it, and that if they behave going forward no criminal charges will be filed. And this from a US prosecutor who previously claimed banks should not be too big to jail, yet again showing they are tough on talk but lack the balls to actually do it. And this is the 3rd time in 2 years JPM has been giving a get-out-of-jail-free card. This is criminal corruption of our entire legal system.