Banks Still Pretty Pissed Off Their Shady Mortgage Dealings Came So Expensively To Light


One possibly neglectful father’s efforts have been a $36.65 billion—and counting—disaster for Wall Street.

Assistant U.S. Attorney Richard Elias was leafing through a pile of J.P. Morgan Chase & Co. documents while tending to his newborn son in 2012 when he found something that came back to haunt the three largest U.S. banks….

Privately, executives at Bank of America, Citigroup and J.P. Morgan are seething. They say numbers used by the government as a prod to settle were arbitrarily huge, and the banks claim the Justice Department’s maneuvering with the S&L-era law was used to bully them.

And what kind of monster could be so mean to the poor, defenseless banks? Why, Eric Holder of course. And he’s still not feeling any kind of remorse.

“Given the magnitude of the conduct, I believe the settlement was fair and just,” says Mr. Elias, 39 years old, who got the Justice Department’s second-highest employee-performance award for his work on the J.P. Morgan case.

How a Memo Cost Big Banks $37 Billion [WSJ]