Thursday, January 30, 2014
Taibbi on the Justice Dept's JP Morgan joke
As usual Taibbi spares no mercy in criticizing the Justice Dept. (DOJ) for just not getting that the likes of JP Morgan (JPM) knows it can get away with crime. Sure the DOJ handed down a record settlement for JPM's admittedly criminal behavior. So what does JPM do in response? Thumb their nose at the DOJ by giving CEO Dimon a 47% raise while also laying off 7,500 employees and freezing salaries of many other non-executives. The DOJ thinks it's getting tough on them and JPM thinks they're getting off easy, given absolutely no criminal penalties and paying out a mere smidgen of what they stole from the economy. Yeah, that will show them. What though is the question: that they can get away with crime, keep doing it, tell the government to go fuck itself while it also fucks over its own employees and the economy as a whole. You'd think the DOJ would get that by now but apparently not.