J.P. Morgan Chase, and the toxic bankers’ grand finale
JPMorgan Chase will pay $13 billion to settle charges of misrepresentation in the sale of mortgage securities.
This sets the stage for other toxic banks to follow suit, but in no way will the settlements make up for the horrendous damage done to homeowners and the economy by the banks’ predatory fraud. In the case of JPMorgan Chase, individual bankers are let off the hook, and the fine represents 1/2 of their 2012 profits.
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