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How the Mighty Eventually Fall

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The embattled JP Morgan Chase drowning now in various legal battles with both clients and regulators has agreed with 21 institutional investors to pay $4.5 billion to resolve claims the bank sold faulty mortgage securities according to Bloomberg. This is just a preliminary deal that covers 330 mortgage bond trusts issued between 2005 and 2008. Drawing first blood from JP Morgan, the favorite son Goldman Sachs who allegedly controls most regulators in the US and Europe not to mention politicians, has lost its shine and will become the next target.