How to Understand the $13 Billion JPMorgan Settlement

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Felix Salmon has a pretty good take on JPMorgan’s $13 billion settlement with the government. Roughly speaking, $10 billion of it is for liabilities that JPM knew it was inheriting when it purchased Washington Mutual and Bear Stearns—liabilities that were fully incorporated into the original purchase price. The remaining $3 billion covers fines for actions taken directly under Jamie Dimon’s watch. There’s no SEC overreach here, and there are no unfair penalties for actions taken by companies that the government encouraged JPM to buy. More here.

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This is the rubber-meets-road moment: the early days in our first fundraising drive since we took a big swing and merged with CIR to bring fearless investigative reporting to the internet, radio, video, and everywhere else that people need an antidote to lies and propaganda.

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