Have you read the sensational headlines about the “record-breaking” $13 billion settlement levied by the impotent Justice Department against J.C. Morgan Chase for its part in bilking investors out of billions and bringing the U.S. economy to its knees?
Sound to you like justice is finally being done? Or maybe you’re one of those who thinks the government is leaning too heavily on Jamie Dimon’s empire? Wrong on both counts.
“In fact, this deal is actually quite a gift to Chase. It sounds like a lot of money, but there are myriad deceptions behind the sensational headline.” ~Matt Taibbi, Nobody Should Shed a Tear for JP Morgan Chase
Turns out this is just another in a long line of faux enforcement actions taken by various agencies that are supposed to protect the public, but really end up kowtowing to the big corporate banks.
“In fact, the deal that has just been completed between Chase and the state represents the end, or near the end, of a long process by which people who committed essentially the same crimes as Bernie Madoff will walk away without paying any individual penalty.” ~Matt Taibbi
Yep. That’s what I was afraid of. For one thing, the deal only specifies that about $4 billion be devoted to “mortgage relief,” which sounds to the uninformed like it will help head off the bank’s massive foreclosure machine but really means the banks find creative ways not to do that very thing.
Amazing how the banks keep throwing money at the fake enforcers with one hand and raking it in even faster with the other. These settlements (with no admission of wrongdoing and no jail time for any of the executives) perpetuate the false notion that our government is holding banks accountable. It’s not.