Why Holder Didn't Loot Goldman Sachs

It is hard to prove that Attorney General Holder's shakedown of JPMorgan Chase for $13 billion was politically motivated. The timing suggests political motivation, in that JPMorgan CEO Jamie Dimon had spoken out against Obama's "anti-business" economic policies during the 2012 election campaign. But timing doesn't prove causation.  The circumstances suggest political motivation, in that the charges mostly stem from shady practices at two failed financial institutions that JPMorgan bought to prevent a chain reaction of defaults, at the request of the Bush administration. But Holder's punishment of public-spirited take-overs, also, doesn't prove political motivation. The size of the settlement, the largest every extracted by the government from an American business, and the diversion of $4 billion into a political slush fund suggest political motivation. But, again, they do not prove it. The evidence for political motivation comes from...(Read Full Post)