Well Well Well

Maybe this one should be filed under: About Fuckin' Time, Dude.

via The Agonist, a story out of New York's Office of the AG with the beginnings of details on pending prosecution of some of the crooks at JP Morgan:

Earlier this year, JPMorgan’s reckless trading strategy cost investors $5.8 billion. The embarrassment from investor losses was compounded by Morgan’s vast understatement of the original amount of the losses.. Chairman Dimon commented, “We learned a lot. I can tell you this has shaken our company to the core.” Apparently, there’s a prosecutorial learning curve in place regarding the broad pattern of civil and potentially criminal violations by JPMorgan and the other made men of The Money Party.

A recent survey of trust in financial institutions showed just 23% of the public trusted the big banks like Morgan and only 15% had any trust in the stock market. Schneiderman should have a favorable audience with just about any jury he chooses. The low opinion of big banks and the latent anger at the lack of prosecutions for those who caused the financial collapse will explode given the slightest opportunity.

Even before this indictment, Janet Novack of Forbes characterized the most recent culprit in the title of her Forbes article, America’s Trust in Banks Falling: Thank You, JPMorgan.” JPMorgan’s record and reputation precede the firm into any court.

Another distinct advantage for the AG is the law used to prosecute Morgan.

And remember that these high-level prosecutors almost never bet on anything that isn't real close to a sure thing.