JP Morgan

J P Morgan Chase Bank has agreed to pay 13 billion in penalties and fines for their part in the mortgage crisis. In return they admit no wrong doing which means that no one goes to jail. The company has assets of 2,500 billion much of which they made during the mortgage debacle so the fine is a small payment to keep the executives out of jail. Nine billion of the 13 goes to various government agencies and 4 billion will go to 100,000 homeowners who suffered from the banks activities. This is $4,000 per home owner hardly enough to keep them from losing their homes. The government is bragging up this great achievement and the bank is bragging up its concern for home owners. This type of corruption is rampant throughout the system.