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November 25, 2013

J.P. Morgan Lawyer Criticizes Big Bank Fines

Stephen Cutler isn’t backing down.

As J.P. Morgan Chase  & Co.’s top lawyer took the stage on Friday for a panel discussion in New York, he was confrontational as regulators Daniel Stipano of the Office of the Comptroller of the Currency and Deb Morris of the Consumer Financial Protection Bureau sat just to his right.

“‘At what point does this stop?’ he said, referring to record-setting fines for J.P. Morgan and other large banks. ‘We should all be concerned,’ he added, ‘because at a certain point people become immune to the numbers.’

Mr. Stipano said the government’s application of fines in legal settlements is ‘more art than science.’ He said the OCC is exploring ways to improve its calculations. An OCC spokesman declined further comment.”

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Read full Wall Street Journal article here

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