Mark Gongloff: Schneiderman's JPMorgan Lawsuit Lets Every Single Banker Off The Hook

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Mark Gongloff: Schneiderman’s JPMorgan Lawsuit Lets Every Single Banker Off The Hook

Mark Gongloff: Schneiderman’s JPMorgan Lawsuit Lets Every Single Banker Off The Hook

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Eric Schneiderman’s financial crisis lawsuit against Bear Stearns and JPMorgan Chase has one thing in common with the start of the zombie movie 28 Days Later: They’re both devoid of human life.

In the New York Attorney General’s suit, no human is at risk of even being mildly embarrassed, much less going to jail or coughing up any cash, for what happened to Bear Stearns. Instead, the shareholders of JPMorgan Chase, which bought Bear Stearns at a government-sponsored fire sale in March 2008, will end up donating whatever pound of flesh Schneiderman manages to carve out of what’s left of the failed bank.

The lack of any named individuals undercuts Schneiderman’s claim that the suit is a major step toward holding Wall Street accountable for the mortgage-bond monkey business that led to the financial crisis. It sends an awful message to Wall Street: Break whatever you want, your shareholders (and the taxpayers) will pick up the tab.

[HUFFINGTON POST]

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