Justice Department Sued Over $13 Billion JPMorgan Pact

[Ichingcarpenter]

With a record $13 billion sticker price, the settlement deal between JPMorgan Chase and the government captured the attention of Wall Street and Washington late last year.

And yet, according to a lawsuit that a nonprofit group filed against the Justice Department on Monday, the crucial details of the deal were for the government’s eyes only. The lawsuit filed by Better Markets, a group critical of Wall Street, challenged the constitutionality of the deal, a landmark settlement stemming from accusations that JPMorgan overstated the quality of mortgage securities it sold before the financial crisis.

In a complaint filed on Monday in the United States District Court for the District of Columbia, Better Markets argued that the Justice Department violated the constitutional principle of separation of powers when it “unilaterally” struck the deal without a judge’s blessing.

“The executive branch, through DOJ, acted as investigator, prosecutor, judge, jury, sentencer and collector, without any review or approval of its unilateral and largely secret actions,” Better Markets said in the lawsuit.

http://dealbook.nytimes.com/2014/02/10/justice-department-sued-over-13-billion-jpmorgan-pact/?_php=true&_type=blogs&_php=true&_type=blogs&_php=true&_type=blogs&google_editors_picks=true&_r=2

[grahamhgreen]

1. Great! Fines are not enough!

[Ichingcarpenter]

2. In the 'Transparency' of the settlement NOT ONE

PERSON WAS IDENTIFIED which caused this settlement for illegal actions.

[SamKnause]

3. As citizens of the U.S.,

we should have a class action lawsuit against the U.S. government for;

1. The illegal invasion of Iraq.
2. The illegal invasion of Afghanistan.
3. The bailout of Wall Street.
4. The Pentagon announcing that they can not account for 2.3 TRILLION $$$$
5. The incarceration of 2.3 million U.S. citizens.
6. The Supreme Court ruling in favor of corporations and declaring them people.
7. Privatizing our penal system.
8. Privatizing our military.
9. Allowing war profiteering corporations to rip off U.S. taxpayers.
10. Allowing the Bush administration to go unpunished for using torture.
11. Allowing the Obama administration to kill U.S. citizens with drones.
12. Allowing corporations to avoid paying taxes and hiding their funds in offshore accounts.
13. Signing "Free Trade" agreements that decimated U.S. manufacturing and the working class.

The list goes on and on and on.