From the article:
JPMorgan Chase is pulling out its checkbook to help mend frayed relationships with the government.
More:
The hefty payouts started on Tuesday when JPMorgan struck a $410 million settlement with the nation’s top energy regulator, which had accused the bank of devising “manipulative schemes” to transform “money-losing power plants into powerful profit centers.” The agreement was a record fine for the Federal Energy Regulatory Commission, whose most recent settlement with a big bank totaled only $1.6 million.
More:
The bank’s new approach comes down, at least in part, to dollars and cents. While the settlements are expensive, they pale in comparison to the sort of legal bills that come with long — and embarrassing — legal battles.
More:
The conciliatory tack also reflects a growing recognition among bank executives that JPMorgan was swiftly losing credibility in Washington. At least eight federal agencies are investigating the bank, and some regulators have portrayed JPMorgan as something of a bully.
Wow. Seems like bribing the government is a great way to avoid accountability–not to mention a jail term!
Life is so much easier when you’re rich!
Read the whole article: dealbook.nytimes.com/2013/07/30/jpmorgan-to-pay-410-million-in-power-market-manipulation-case/
via thepete.com http://thepete.com/nytimes-reports-on-how-jpmorgan-can-effectively-bribe-the-usg-to-avoid-trials-or-you-know-consequences/
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