(See Update below on this afternoon’s announcement of the settlement by JP Morgan)
Does anybody in DC tell the truth anymore?
The settlement between JPMorgan Chase and the Justice Department has been reported at $13 billion, for charges that Chase sold toxic mortgage-backed securities that fueled the financial crisis of 2008.
The reported $13 billion amount is a misrepresentation of the actual figure by the Justice Department and has “nothing to do with mortgage-backed securities,” said former financial regulator Bill Black. [Read more…]