JP Morgan's $13 Billion Deal and Accountability on Wall Street
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JP Morgan Chase has agreed to pay $13 billion to avoid civil charges over troubled mortgage investments. CEO Jamie Dimon and Attorney General Eric Holder worked out the deal personally. Is it evidence of a cozy relationship, or is Wall Street beginning to pay a price for the Great Recession? Also, Health and Human Services Secretary Sebelius under fire over healthcare's problem-plagued insurance exchange, and watching rare birds on the California Condor-Cam.
Banner image: Jamie Dimon (L), chairman and CEO of JP Morgan Chase, is questioned by journalists as he and other CEO's arrive at the White House on October 2, 2013, for a meeting of the Financial Services Forum with President Barack Obama. Photo: Jason Reed/Reuters
Health Secretary Sebelius Under Fire ()
The Secretary of Health and Human Services is taking political heat for the troubled online roll-out of the Affordable Care Act. On CNN, she dismissed Republicans' calls to resign, "My job is to get this fully implemented and to get the web site working right. And that's really what I'm focused on…I work at the pleasure of the President. He is singularly focused on making sure we deliver on this promise. That's what I'm committed to doing." Sheryl Gay Stolberg covers the political personalities, ideas and culture of Washington for the New York Times.
JP Morgan Chase: A Record Penalty or a Get-Out-of-Jail-Free Card? ()
What does it take to get America's biggest bank to agree to what looks like the biggest civil penalty in American history? Four hours before the Justice Department was planning to announce civil charges against JP Morgan Chase, the CEO Jamie Dimon called an aide to Attorney General Eric Holder. After five direct phone calls and a personal meeting, Dimon and Holder worked out a deal. America's biggest bank agreed to the biggest civil penalty in American history for its role in the Great Recession: $13 billion. But critics say it's not what it seems. Pension funds, retirees with 401(k)'s and even bank shareholders may not see a penny. The government still has the option of criminal prosecution, but will the real masters of Wall Street fraud ever be held accountable?
- Ben Protess: New York Times
- Dennis Kelleher: Better Markets, @DennisKelleher1
- Joshua Rosner: Graham Fisher & Company, @JoshRosner
- Kevin Roose: New York magazine, @kevinroose
Today's Talking Point
Condor Cam Goes Live in Big Sur ()
The California Condor is a vulture and America's largest bird. After almost becoming extinct, condors have been raised in captivity and released to the wild. Now, in the remote reaches of Central California, there's a video camera where scientists can watch them feed. The condor-cam is located high in the hills of the Coast Range, east of Big Sur, California. Paul Rogers is a veteran of environmental reporting for the San Jose Mercury News, who manages the Science Unit at KQED, the PBS station in San Francisco.
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