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Thu Feb 13, 2014, 07:36 PM

Government Hid Key Points In JP Morgan Deal

from the Working Life blog:

Government Hid Key Points In JP Morgan Deal
Posted on 10 February 2014

For the price of a measly $20 billion, the government left JP Morgan Chase walk away from the responsibility of helping fuel the wreckage that became the global financial crisis–and, to boot, it paved the way, incomprehensibly, for Jamie Dimon to get a big fat pay raise(long live the American free market!!!). Now, an important suit by Better Markets has been filed to potentially undo the deal, or, at least, force a more honest, open discussion about what the government’s cheap stay-out-of-jail, sock-it-to-the-customers actually says.

Not everyone was buying the P.R. gimmicks Dimon was throwing out at the gullible press and political world about what a great job he did that warranted the cheap deal and his subsequent pay raise. Better Markets correctly, and, in my view, courageously, referred to the bank as a “One Bank Crime Spree“. Now, Better Markets has filed a lawsuit challenging the deal and the critical point is here:

And yet, according to a lawsuit that a nonprofit group filed against the Justice Department on Monday, the crucial details of the deal were for the government’s eyes only.

In other words, the Administration is hiding details from the public–the very public which has had to bear the cost of the behavior of JP Morgan, Dimon and the rest of the pirates on Wall Street, whether those costs were lost jobs, obliterated savings and, now, the cost of the settlement which will be passed on to consumers. ..................(more)

The complete piece is at: http://www.workinglife.org/2014/02/10/government-hid-key-points-in-jp-morgan-deal/#sthash.YV8jx8Wu.dpuf

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