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September 19, 2013

Press Release: The JP Morgan Settlement Is Better, but Individual Executives Must Pay a Price for Breaking the Law

“The JP Morgan settlement is better than the many prior indefensible sweetheart settlements that have rewarded Wall Street’s recklessness. JP Morgan’s admission of certain facts and acknowledgment that it violated the law is an important step in the right direction.  But, using shareholder money to pay headline-grabbing fines to buy a get-out-of-jail-free card for its executives will not end the Wall Street crime spree,” said Dennis Kelleher, President of Better Markets, a nonprofit organization that promotes the public interest in the financial markets.

“The behavior and culture on Wall Street must change and that will only happen when CEOs and other senior executives are personally charged and held responsible.  Buildings and banks don’t break laws.  People do.  CEOs and executives do.  They need to pay big fines from their own pockets.  They need to be censured and barred from the industry.  They need to see the inside of prison cells,” Mr. Kelleher said.

“Then, and only then, will the culture and behavior of Wall Street change,” Mr. Kelleher concluded.  

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