Outraged Congressman Wants to Make Sure JPMorgan Pays (via Moyers & Company)
One member of Congress, Peter Welch (D-VT), is outraged that JPMorgan may get off easy in its settlement agreement with the Department of Justice. Reacting to reports earlier this week that a large share of the pay-out could be written off of the mega…
$200 Billion is getting close. By my math, $ 100 B for the damages, plus $200 B for punitive damages equals $300 B. THEN we start talking about the length of the jail term.
Who is writing the legislation to break up these supersized banks? Or to reimpose Glass-Steagall? Get a legal judgement, impose a hefty fine and then sit back and watch the corporate lawyers file an appeal. Go to sleep for a lifetime, wake up and maybe….just maybe….the appeals process will have ended in favor of the taxpayers. But don’t bet on it because the 1% is in control.