Bloomberg-
New York State Attorney General Eric Schneiderman’s fraud lawsuit against JPMorgan Chase & Co. for the misdeeds that occurred at Bear Stearns Cos. has sent exactly the wrong message to Wall Street: Don’t worry, you can get away with seemingly criminal behavior.
And yet JPMorgan — the bank that bought the stock of Bear Stearns in March 2008 with a $30 billion assist from the U.S. government — is offended. The suit alleges that Bear Stearns’s bankers and traders manufactured and sold about $20 billion of mortgage-backed securities containing home loans they knew were fraudulent. What JPMorgan objects to is that the government asked it to buy Bear Stearns “over the course of a weekend” to help keep the financial system from collapsing, and now, more than four years later, it has the temerity to sue.
image: prioritarian.com