The JPMorgan Shakedown Slush Fund

In my last blog post, I reported Attorney General Holder's shakedown of JPMorgan Chase for $13 billion.  I supposed that Holder may have been punishing CEO Jamie Dimon for criticizing the Obama administration's "anti-business" economic policies during the 2012 election campaign. I missed a possible second political purpose.  According to University of Maryland business economist Peter Morici: They're paying a huge fine to a cash-hungry treasury. They're also giving the president money to spread around for political purposes. Four billion [dollars] for consumers who were hurt by basically fraudulent mortgages. A lot of those homeowners really committed fraud. They're the ones who lied on the mortgage applications. They're the ones that took out loans they had no business taking out, all at the behest of Fannie Mae and Freddie Mac who's also getting paid off. This whole thing is a travesty of justice. Like me, Morici described the settlement as a...(Read Full Post)