Just don't over-regulate these capitalists!

One billion dollars in fines for J.P. Morgan, which admits wrongdoing--a rare admission.  All too often, these kinds of things are settled on the false premise that the defendant admits of no wrongdoing, but is pleased to settle and move on.  Not  here--and there might be more damage to come for these scumbags: 

http://www.reuters.com/article...dUSBRE98I0JL20130919

In agreements with regulators totaling $1 billion and made public on Thursday, the nation's biggest bank settled four civil investigations into its "London Whale" trading scandal and two more into the wrongful billing of credit-card customers.

The deals, which involve five authorities from the United States and one from the UK, are a milestone in the company's push to clean up its legal affairs but leave JPMorgan exposed to additional costs and embarrassment.

The bank still faces criminal probes into the trading scandal, its conduct during an energy trading investigation, sales of mortgage securities in the United States and possible bribery in China. Investigators are also looking into its role in setting benchmark interest rates known as LIBOR.[A creative and versatile company--finding many ways to cheat and steal!]

The settlements include $920 million of penalties for JPMorgan's London Whale trading scandal, which Chief Executive Jamie Dimon [A character often siongled out for  high praise within the banking and finance industry] at first dismissed as a "tempest in a teapot" and ultimately resulted in $6.2 billion in losses. The deals included an admission of wrongdoing, which has been rare in past settlements made by the U.S. Securities and Exchange Commission."

And this Dimon varmint pulled in  $14 million  in compensation while all this lying, cheating, and illegal manipulation was going on!

Ironically this same Jamie Dimon was a big dog in the effort to gain relief for Wall Street wheeler-dealers from gummint regulation:

"The trading losses are an acute embarrassment for Mr Dimon, who has led Wall Street’s fight against what banks have deemed excessive regulation in the wake of the financial crisis."

http://www.hedgeho.com/hot-gos...was-paid-14-million/

What  a despicable schweinhund!

Also, on the same day, Halliburton, Di ck  Cheney's old company, paid $200,000 in fines for lying about its role in the BP oil spill.  Here's the dirt on that one:

"Leading oilfield service provider Halliburton Co. (HAL - Analyst Report) reported the closure of an investigation by the United States Department of Justice (DOJ) on the company’s role in the Gulf of Mexico’s Macondo well disaster. The incident claimed 11 lives and spewed more than 4 million gallons of crude -- the worst oil spill ever. Halliburton was in charge of the cementing job at the well.

Moreover, the U.S. district judge has accepted the guilty plea from Halliburton of intentionally removing computer records after the disaster. The court imposed a fine of $200,000 and also forced Halliburton into a probationary period of three years."

 SCUMBAGS ALL! 

JP Morgan lost $6 billion in investors' funds and hid the fact.  To punish JP Morgan, the government seizes another billion of the investors' funds.  Now, ask me why I find the SEC ludicrous.  The crime was hiding the information.  Those who participated should be fined and, perhaps, banned from working in the investment field.  To punish the investors is not just. Its just government at work. 

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I really do not think the billion came from "investor's funds. I think you just assumed that.

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I really do not think the billion came from "investor's funds. I think you just assumed that.