The NYT Implies that Not Prosecuting JPMorgan Proves DOJ’s Vigor


The NYT Implies that Not Prosecuting JPMorgan Proves DOJ’s Vigor

By William K. Black

No one expects Andrew Ross Sorkin’s slavish “Deal Book” lackeys to demand that the elite Wall Street bankers whose frauds drove the financial crisis be imprisoned, but the slavishness to the banks revealed when major news stories emerge continues to irritate if not surprise.  A recent embarrassment can be found here.

The “Deal Book” Spinmeisters

The context of the NYT article was the expected settlement between DOJ, various states, and JPMorgan.  The spin comes fast and hard, which would be great in cricket (or quarks) but, sadly, exemplifies the national paper of record’s “Deal Book” devotional pages.  The “Deal Book” shows that cricket masters can impart very different spins.  The first substantive paragraph’s spin is to minimize JPMorgan’s fraud.


“The civil settlement, which materialized after months of wrangling, resolves an array of state and federal investigations into JPMorgan’s sale of troubled mortgage securities to pension funds and other investors from 2005 through 2008. The government accused the bank of not fully disclosing the risks of buying such securities, which imploded in 2008 and helped plunge the economy to its lowest depths since the Depression.”

“Deal Book’s” first spin takes the fraud completely out of fraud.  In its place we have something designed to sound trivial, ethics-free, and non-criminal – “not fully disclosing the risks of buying such securities.”  The goal is to make the reader yawn.

Check out the rest here…


2 Responses to “The NYT Implies that Not Prosecuting JPMorgan Proves DOJ’s Vigor”
  1. J. Alonzo says:

    When will all The Sheeple come to understand that the DOJ does not prosecute the Elite and
    powerful. Our Jails are built for the Sheeple and a few small time politicians who get their hand caught in the cookie jar. In Summary we are jailed for simple things like personal pot use and if a grown women wants to sell her body for sex she is jailed too, but the banksters rape and pillaged
    the system and they get assistance and pat on the back. We make Mexico look less corrupt everyday.

  2. Kathleen Burt says:

    From what I’ve heard, this Settlement leaves open the WaMu fraud cases for individual homeowners, though–it’s just another case of a tax-write off for a TARP bank…?

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