“Thumbs up to the non-profit group Better Markets for its suit against the U.S. Department of Justice for its $13 billion settlement with J.P. Morgan Chase to resolve civil claims in connection with the banking giant’s marketing and sale of bogus mortgage-backed securities prior to the financial meltdown of 2008. And thumbs up, too, to U.S. Rep. Jim Himes, D-Conn., for pointing out that the settlement totally ignores the matter of personal liability by individuals who drove the bus as the rest of us were going over the cliff. Thirteen billion sounds like a lot of money until you consider the company’s assets are somewhere around $2 trillion. Dennis Kelleher, Better Markets’ CEO, is right when he says actions by JP Morgan and other “too big to fail” institutions left “human wreckage, coast to coast.” Individuals at JP Morgan and other institutions should be held accountable, not allowed to buy their way out of taking responsibility.”
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