Ah yes, JP Morgan. Friends and frenemies with this White House. Jamie Dimon is held up publicly by the administration for a few days in an orchestrated PR move, then Dimon flies back to New York, he and his company in the clear. Dimon was never going down. JP Morgan certainly wasn’t.
The Obama administration gets to say that it held the megabank accountable. JP Morgan gets to say that it has done its penance. Then life goes on, and the fiat money flows. The public forgets.
Well not all of the public.
Yes, $13 billion dollars in fines sounds gargantuan, but it’s really just another public relations stunt to give the appearance of cracking down on epic financial crime. Jamie Dimon is still running JPMorgan Chase, surrounded by former government regulators and DOJ officials — and Eric Holder and his crew are doing the resume polishing necessary to return to multi-million dollar legal partnerships defending clients, well ones like Jamie Damon and JPMorgan Chase.