Why JPMorgan Chase & Co. (JPM) Deserves to Lose $1.6 Billion

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But, for the enormity of the fraud, and the immense harm that it caused, JPMorgan’s sewer bond swindle takes the cake. Of course, the bank could never have brought the whole thing off without the willingness of a cadre of southern charlatans, but some of those lost their jobs, at least, while others went to jail. JPMorgan didn’t even see a dent in its municipal bond-floating business. Meantime, the residents of Jefferson County are left to clean up the mess.

So, does JPMorgan deserve to take an $850 million haircut, on top of the fines it has already paid to the SEC, for its responsibility in this debacle? Certainly, it seems the very least it can do.

The article Why JPMorgan Deserves to Lose $1.6 Billion originally appeared on Fool.com and is written by Amanda Alix.

Fool contributor Amanda Alix has no position in any stocks mentioned. The Motley Fool recommends Goldman Sachs and Wells Fargo. The Motley Fool owns shares of Bank of America, JPMorgan Chase, and Wells Fargo.

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