Besides being a ridiculously small amount of money, once again, the chumps at the SEC allowed Wall Street to get away with avoiding any wording that suggested guilt or wrongdoing. There is still a chance that there may be additional charges against individuals but the record of prosecuting Wall Street abuses under Obama is no better than it was during the Bush years. But hey, it's election season and there are boots to lick if you want to raise campaign money. Change we can believe in, right?
The bank neither admitted nor denied wrongdoing under the settlement.
For JPMorgan, the settlement amounts to less than 1 percent of the bank's 2010 net income of $17.4 billion -- which amounts to less than what JPMorgan earns in one week.
The bank agreed to settle the charges two weeks after Jamie Dimon, CEO of JPMorgan Chase & Co., complained to Federal Reserve Chairman Ben Bernanke that new financial regulations designed to prevent another financial crisis were too burdensome on banks.
