The Washington Post story “Justice Department, JPMorgan Chase bank reach $13B settlement on faulty mortgages” (Oct. 20 and TribLIVE.com) and other reports loudly announced that JPMorgan is “settling” civil complaints with federal regulators. While $13 billion might sound like a whole lot of money to mere mortals, to Morgan, it doesn't come to “pin money.”
Interestingly, no individuals are held responsible, let alone punished, and remember, it's individuals who set policy and make decisions that govern the actions of banks and financial houses.
Regarding Justice “holding open the door to criminal action,” nobody is holding their breath, or very few are, given the kid-glove treatment Wall Street has received from President Obama et al .
Additionally, respecting the egregious nature of bank and financial-house antics in the home mortgage racket, remember “robosigning,” for instance. How come Justice, under Eric Holder, Obama's attorney general, has yet to commence the first prosecution of any high-level executives, remembering that it's individuals who make decisions, who set policy?
Am I simply an evil-minded old man, or does the adage about “where there's smoke, there's fire” still hold true? For there is not only smoke regarding the kid-glove treatment of bankers and financial types, there is a really terrible smell.
How come so little from Obama et al. here, compared with so much from them regarding other things — Operation Fast and Furious, for instance? How come, indeed.
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