Jonathan Tasini: JP Morgan Execs MUST BE JAILED, No Deals

[marmar]

from the Working Life blog:



JP Morgan Execs MUST BE JAILED, No Deals
Posted on 02 October 2012.


It is great that JP Morgan Chase has been sued–and congrats to NY Attorney General Eric Schneiderman. But, we’ve seen this picture before: suits are filed and the executives who committed fraud or financial crimes or misconduct are NEVER–NEVER–held accountable. If we want real change–not phony, uplifting change–these people must go to jail. NO DEALS.

Here is the upshot of the news:

The federal mortgage task force that was formed in January by the Justice Department filed its first complaint against a big bank on Monday, citing a broad pattern of misconduct in the packaging and sale of mortgage securities during the housing boom.The civil suit against Bear Stearns & Company, now a unit of JPMorgan Chase, was brought in New York State Supreme Court by Eric T. Schneiderman, the attorney general who is also a co-chairman of the task force, known as the Residential Mortgage-Backed Securities Working Group.

The problem is that this is not the news. The news is that bank executives still have their jobs and are still making huge pay AFTER they engaged, directly or through their subordinates, in illegal, criminal and improper misconduct.

Bank of America executives–who were central to deceiving investors–got a stay-out-of-jail card to the tune of a $2 billion settlement. ...................(more)

The complete piece is at: http://www.workinglife.org/2012/10/02/jp-morgan-execs-must-be-jailed-no-deals/

[Fuddnik]

1. What?!?!!!! Lock up job creators?

Next we'll be wanting to send the Koch Brothers a strongly worded letter.