JP Morgan Criminal Charges at Last?

jp-morgan Bldg

Finally, the political pressure is building to bring some sort of criminal charge against a New York Bank. The Justice Department has been pursuing criminal charges against J.P. Morgan & Co regarding the sale of mortgage securities that the allegation is based on information from an inside person from the bank. The gist of this will be that nobody goes to prison and the bank will admit criminal activity and the fine will be around $11 billion, with perhaps $7 billion would be cash that goes to the government and $4 billion in relief to consumers according to the Wall Street Journal.

The political pressure is building globally and a lot of flak is coming at the US for doing absolutely nothing against the bankers when their actions have cause the rising deficits, exploding taxes, and the trend toward BAIL-INS rather than BAIL-OUTS.