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February 14, 2014

Out-of-court bank settlements undermine trust

“Sir, Banks may be too big to jail but the US justice department is not too big to sue. Thus Better Markets is taking the US attorney-general to court (“The people vs Wall Street Banks”, editorial February 12).”

“Better Markets is a not-for-profit advocate for sound financial reform. At issue is the $13bn settlement reached with JPMorgan’s chief executive. Compared with other banking fines, it was a whopper. However, as with penalties past, it will be paid for with other people’s money – that of shareholders. So was it the right number? How do we know? No executives have gone to jail. Should they? What was the exact evidence that the investigations uncovered? Who were the individuals involved in illegal conduct? What exactly do the settlement and supporting documents say? Was the granting of civil immunity appropriate? Who was and was not in the room when the deal was struck? Were fairness and justice served?”

 

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Read full Financial Times article here.

 

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