Robbery at J.P. Morgan Team Obama tries to destroy Jamie Dimon for not toeing their line.Submitted by meekandmild on Sun, 09/29/2013 - 20:09
Government lawyers are backing up the truck again at J.P. Morgan Chase JPM +0.67% to extract another haul from the country's largest bank. State and federal attorneys have burrowed close enough to J.P. Morgan's vault that the bank is considering a staggering $11 billion settlement related to mortgage-backed securities, including one of the largest fines ever against a single company.
Trying to keep an accurate tally of the government investigations of J.P. Morgan has become a full-time job. This week the New York Times counted investigations in at least seven federal agencies, while the Journal counted seven investigations in the Justice Department alone, plus inquiries at other agencies.
Keep in mind that this is one bank that did not need taxpayer assistance in 2008 or since. And this partly explains why Morgan CEO Jamie Dimon is the Obama Administration's favorite Wall Street target. Washington in this era prefers dependent banks that quietly accept their role as money pots to be raided when politics demands. Mr. Dimon keeps deviating from the Obama script.