In JP Morgan Case A Missed Opportunity to Charge Its Executives: Deal Book, New York Times

[Stuart G]

http://dealbook.nytimes.com/2013/09/25/in-jpmorgan-case-a-missed-opportunity-to-charge-its-executives/?_r=0

Both the Securities and Exchange Commission and JPMorgan Chase won great public relations victories last week. But the public lost — and in ways that go far beyond this one spat.

By cracking down on the bank for its faulty internal controls in the $6 billion London Whale trading loss, the S.E.C. can claim to be the ferocious regulator we have all been waiting for. JPMorgan and its chief executive, Jamie Dimon, got the best coverage they could have hoped for under the circumstances: the sense that the bank is beleaguered, surrounded by regulators, but at least it could put the trading loss behind it.

Yes, the S.E.C. wrung an admission of wrongdoing out of the bank, and the regulators scored a large settlement. It’s an improvement for a regulator to display the ferocity of a mealworm, rather than a banana slug, but let’s hold the celebrations until it reaches at least the level of a garter snake.

After all, Mr. Dimon had already made a great display of admitting that he and the bank’s senior ranks had messed up — well, at least as soon as it was clear that bluster wasn’t getting them anywhere.

[dixiegrrrrl]

1. Since the SEC cannot impose criminal charges

only civil charges, all it can do, and has done with JP is to levy fines.
I have no trust that the fines are actually paid, tho. I suspect it is more of a book keeping excerise.

[Doctor_J]

2. "Missed" - lol

the big banks are PART OF THE GOVERNMENT. The reason they weren't charged with anything is because they own those who would be levying the charges.

[Jefferson23]

3. Sickening, K&R. n/t

[jsr]

4. Yeah, missed, as in "My alarm didn't go off and I missed the bus."