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October 22, 2013

JPMorgan Is Too Big to Whine

A new injustice plagues the land, at least according to people who take the side of JPMorgan Chase & Co. and its chief executive officer, Jamie Dimon, after the bank’s tentative agreement to pay a record $13 billion to end civil claims related to its sales of mortgage bonds. The bank and its leader are now — it is claimed — subject to politically motivated prosecution.

This is pointless whining, for three reasons.

First, when pressed, advocates for big banks readily concede that ‘no one is above the law.’ What else can they say in a democracy? When Attorney General Eric Holder and his criminal division chief at the time, Lanny Breuer, suggested last year that very large companies were too big to prosecute, there was even some feeling of embarrassment in the big bank camp -– as well as a great deal of pressure on Holder to walk back his congressional testimony on this point.”

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Read Simon Johnson’s full Bloomberg View piece here

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