That's right: Instead of cracking down on these guys, the government is helping them get even richer -- and helping their out-of-control bank get even bigger and more dangerous. And they're doing it at a time when the Attorney General of the United States has made it clear that he will not prosecute criminals at a too-big-to-fail bank like Chase. Talk is cheap, but actions speak louder than rhetoric.
Life is still good for Dimon and some of the other senior executives at JPMorgan Chase: Shareholders can't -- or won't -- fire them. The government won't prosecute them. Taxpayers are helping them get rich. And every day their institution becomes bigger and more powerful. Sure, all that power doesn't come cheap, but they've found other people willing to pay the price ...
$16 billion and counting.
The price of evil may be high at JPMorgan Chase, but the malefactors who actually committed the wrongdoing aren't paying it. Wrongdoing and incompetence may be expensive. But for executives at JPMorgan Chase and our other too-big-to fail banks, it's also surprisingly affordable.
Further reading from our archives:
Senators Roast JPMorgan Chase. Are The Winds Shifting For Diamond Jamie?
Is JPMorgan Chase the Scandal of Our Time?
Who Was 2010's Worst Corporate Outlaw?
Young Americans: Syracuse Students Reject Jamie Dimon
"Jamie Didn't Know"
Diamond Jamie: Corporate Crime Watch
10 Reasons to Be Suspicious About Facebook's IPO fiasco
The Case Against Jamie Dimon: Oligopoly, Pain, and Systemic Risk in Five Slides
Why AIG's CEO and Jamie Dimon Don't Give a Damn What You Think