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Friday, July 08, 2011
JP Morgan Chase And Company To Pay $228 Million To Justice Department
JP Morgan Chase and Company has agreed to pay $228 million to settle a Justice Department case involving municipal bonds. Justice charged former JP Morgan employees with rigging bids for the bond investments of several cities and states. By agreeing to reimburse the affected cities, JP Morgan admits responsibility for those activities. In May, USB AG agreed to a $160 million settlement under the same investigation.
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I'm a bit curious...in a crime where the defendant admitted to (what?) "rigging bids" (hasn't the Justice Dept used the RICO statutes against Mafia people for the same crime??.. (and THOSE guys went to PRISON for YEARS), did any of those rich/connected thieves go to prison? Or did the already rich guys just pay up and go home for dinner? Steal a loaf of bread because your kids are hungry and jail time awaits you. Steal 220 MILLION because your greed is insatiable, you'll be home in time for the 6 o'clock news. All ya gotta do is "settle up". Can the other guy just give the bread back and call it even??
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