Unable or unwilling to actually prosecute Wall Street bankers for their reckless and (I think) criminal shenanigans with mortgage bonds, the Justice Department has hit on another tactic: press civil litigation against the banks and force them to settle for enormous sums. The news today is that JPMorgan is paying $13 billion; a $2 billion fine plus $4 billion for struggling mortgage holders and $7 billion in repayments to various governmental entities that lost money in the crash.
Here we have another confirmation of an English adage that goes back to medieval times: poor man hanged by the neck, rich man by the purse.
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