JPMorgan Chase isn't so much a bank as it is a criminal enterprise with a bank.
Richard Escow 9/20/13
Banking Monster JP Morgan Chase, the largest bank in America, is close to a deal wth the US Justice Department to pay a 13 billion dollar fine and make it's legal woes go away.
What could this bank have done to deserve a 13 billion dollar fine? It is accused of wrong doing in it's handling of mortgage-backed securities that plummeted in value during the housing crash of the late 2000s.
It is willing to pay 13 billion dollars in fines to make all the lawsuits go away. Of the 13 billion, 9 billion is a fine. 4 billion will go into a a fund to help the people whose lives were destroyed.
Of the 13 billion, how much will go to lawyers?
The 13 billion dollar fine? The bank considers it a cost of doing business.
It is reported the deal doesn't included a get out of jail free card.
So, who is going to jail this time?
In fact, who has gone to jail since this whole thing began? A Google search produced zero hits.
No one has gone to jail.