Nobody Should Shed a Tear for JP Morgan Chase
http://www.rollingstone.com/politics/blogs/taibblog/nobody-should-shed-a-tear-for-jp-morgan-chase-20131025
Everyone (well, of those tiny number that actually knows this has been in the works) talks about the magnitude of the ‘fine’, but no one is going to jail and none of the decision makers is even having to pony up any of his (or her) ill gotten gains. One hundred percent of the money is coming from shareholders and interestingly, the price of the stock has remained stable. That should tell any rational person (are there any left?) that this ‘record fine’ is meaningless.
…No more crying, please, about no-jail, no-individual-penalty settlements in which companies use shareholder money to pay fines at huge discounts relative to the actual damage they caused. And again, wake me up when even one of these guys goes to jail. There are only about a million Americans doing time for less.
