Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
In JP Morgan Case A Missed Opportunity to Charge Its Executives: Deal Book, New York Times
http://dealbook.nytimes.com/2013/09/25/in-jpmorgan-case-a-missed-opportunity-to-charge-its-executives/?_r=0Both the Securities and Exchange Commission and JPMorgan Chase won great public relations victories last week. But the public lost and in ways that go far beyond this one spat.
By cracking down on the bank for its faulty internal controls in the $6 billion London Whale trading loss, the S.E.C. can claim to be the ferocious regulator we have all been waiting for. JPMorgan and its chief executive, Jamie Dimon, got the best coverage they could have hoped for under the circumstances: the sense that the bank is beleaguered, surrounded by regulators, but at least it could put the trading loss behind it.
Yes, the S.E.C. wrung an admission of wrongdoing out of the bank, and the regulators scored a large settlement. Its an improvement for a regulator to display the ferocity of a mealworm, rather than a banana slug, but lets hold the celebrations until it reaches at least the level of a garter snake.
After all, Mr. Dimon had already made a great display of admitting that he and the banks senior ranks had messed up well, at least as soon as it was clear that bluster wasnt getting them anywhere.
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
4 replies, 1290 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (5)
ReplyReply to this post
4 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
In JP Morgan Case A Missed Opportunity to Charge Its Executives: Deal Book, New York Times (Original Post)
Stuart G
Sep 2013
OP
dixiegrrrrl
(60,010 posts)1. Since the SEC cannot impose criminal charges
only civil charges, all it can do, and has done with JP is to levy fines.
I have no trust that the fines are actually paid, tho. I suspect it is more of a book keeping excerise.
Doctor_J
(36,392 posts)2. "Missed" - lol
the big banks are PART OF THE GOVERNMENT. The reason they weren't charged with anything is because they own those who would be levying the charges.
Jefferson23
(30,099 posts)3. Sickening, K&R. n/t
jsr
(7,712 posts)4. Yeah, missed, as in "My alarm didn't go off and I missed the bus."