Comments on: JP Morgan’s $920 million fine https://www.overlawyered.com/2013/09/jp-morgans-920-million-fine/ Chronicling the high cost of our legal system Tue, 08 Oct 2013 02:04:46 +0000 hourly 1 By: It's a "massive problem"... - Overlawyered https://www.overlawyered.com/2013/09/jp-morgans-920-million-fine/comment-page-1/#comment-239631 Wed, 02 Oct 2013 04:30:05 +0000 http://overlawyered.com/?p=41514#comment-239631 […] budget from fines, notes Michael Greve, reflecting on the J.P. Morgan “London Whale” settlement and other […]

]]> By: Bob Lipton https://www.overlawyered.com/2013/09/jp-morgans-920-million-fine/comment-page-1/#comment-238471 Fri, 20 Sep 2013 13:00:38 +0000 http://overlawyered.com/?p=41514#comment-238471 1: Stuff done by the companies that Bank of America, J.P. Morgan and other companies acquired at the behest of the Federal government should be walled off from corporate government prosecution. Going after the individuals is fine, but several of these companies (Bear Stearns, for example) were acquired without a chance to do normal due diligence because of the insistence that it had to be done immediately. the government, being complicit in the acquirers’ assuming these tainted assets, should bear the responsibility. The acquirers have enough on their plates in cleaning up the messes.

2: Issues like the London Whale are corporate responsibilities. However, J.P. Morgan-Chase can and should turn around and cross-sue the individuals who failed in their responsibilities to the corporation.

Note: I own shares in J.P. Morgan-Chase.

Bob

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