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March 6, 2014

Suit seeks to toss out DOJ deal with JP Morgan

“A few things are known about the Department of Justice‘s record $13 billion settlement with JP Morgan Chase to resolve civil claims in connection with the huge bank’s marketing and sale of mortgage-backed securities.”

“Most of them, unfortunately, are included in the above paragraph.”

“Was it ‘a political shakedown and wealth redistribution scheme’ that victimized the bank, as the Wall Street Journal snarled in an editorial? Or was it “pretty much a gift to Chase,” as the Rolling Stone writer Matt Taibbi scoffed?”

“The settlement is so opaque that it’s impossible to fully answer the question.”

“While the settlement is certainly the largest ever reached with a single company, critics say it’s short on transparency and accountability.”

“And now, it’s the target of a federal lawsuit filed by a watchdog group.”

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Read full CTPost article here.

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