Republicans view JPMorgan as VICTIMS! ....
They are OUTRAGED that DoJ want to hold people accountable, perp walks.
The poor things............
The Morgan Shakedown
A landmark that shows how much politicians now control U.S. finance.
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Then there's the fact that $4 billion of the settlement is earmarked to settle charges against the bank by Fannie Mae FNMA +4.55% and Freddie Mac. We are supposed to believe that the bank misled the two mortgage giants about the quality of the mortgage securities they were issuing. But everyone knows that Fan and Fred had as their explicit policy the purchase of securities for liar loans and subprime mortgages to further their affordable-housing goals. Those goals went far to create the crisis, but now these wards of the state are portraying themselves as victims.
The news reports add that another $4 billion in the settlement will go for consumer relief, and that it is up to the feds how this will be distributed. But remember that most of the charges being settled relate to Morgan's sale of mortgage securities. Even if you believe those charges, which we don't, the victims would be the institutional buyers of those securities.
To make the victims whole, the government would have to distribute the settlement proceeds to those buyers, who aren't mom and pop. If instead the feds pass out the money to consumers or their favorite advocacy groups, the fact that this is a political shakedown and wealth-redistribution scheme becomes even clearer. Perhaps the Administration will have the checks arrive in swing Congressional districts right before the 2014 election.
The tentative settlement doesn't even include the criminal probe the feds are still conducting against the bank or even how much wrongdoing Morgan will admit. You would think $13 billion, the largest such settlement against a U.S. company, would be enough. But the political left isn't satisfied these days with cash, though it will take what it can get.
But like medieval justice, the left wants perp walks, if not heads on pikes. The assumption is that if there aren't indictments, then prosecutors must be going easy on the bankers. Poor Lanny Breuer, the former head of the Justice Department Criminal Division, was vilified for not indicting enough bankers, as if he didn't try.
complete article:
http://online.wsj.com/news/articles/SB10001424052702303448104579147881111406764
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