What's more, most of the settlement will be tax-deductible. Among other things, that means that this deal will deprive the government of funds that are needed for a variety of purposes -- including helping the victims of Wall Street fraud.
6. The critics were right.
For years the banking industry and its media defenders have lectured the rest of us, telling us that criticism of Wall Street is unfair, unjust, and tars even the best of the big bankers with the same brush. They always pointed to JPMorgan Chase as the example which proves that not all of America's megabanks are morally bankrupt.
They can't say that anymore.
In 2011 Jamie Dimon had some choice words for the Occupy movement. "Acting like everyone who's been successful is bad and that everyone who is rich is bad," he said. ...
Not everybody, Jamie. Just people like you and your colleagues.
7. Jamie Dimon says bankers should "keep to a higher standard." Now he tells us.
In the wake of yet another brewing JPM scandal over the manipulation of LIBOR rates, Dimon reportedly told his staff that "We all need to keep a higher standard."
"Don't exaggerate, don't ruminate, don't bulls**t," Dimon reportedly told his employees. He did not add the words, "That's my job."
9. Once again, the criminals are paying the fine with other people's money.
The fraudsters -- and the senior executives who are responsible for keeping their corporation crime-free -- won't be paying this settlement, any more than they've paid for any of the many fines and settlements that preceded it.
The money will come from shareholders, many of whom were also deceived about the nature and extent of the bank's fraud.
You could teach it as Criminal Justice for Schoolkids: If you steal something and don't have to give it back when you're caught, you'll keep right on stealing. That's something even a first grader can understand, although it's called "deterrence" in professional circles.
10. Nobody's going to jail.
And speaking of deterrence:
Until a senior bank executive goes to prison, as more than 800 did after the much smaller savings and loan scandal, things aren't likely to change very much -- at JPMorgan Chase or any other big bank.
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