As the mortgage crisis and subprime debacle came and went, scars were left on the financial landscape across the Unted States and elsewhere around the world. Did those who caused the problem escape with minimal damage?
Banks are finding out how to settle allegations against them while using damage control to offset publicity. Balance sheets are strong, but lending remains weak, and the U.S. housing market has yet to recover.
The SEC announced on Tuesday that J.P. Morgan Securities LLC will pay $153.6 million to settle SEC charges that “it misled investors in a complex mortgage securities transaction just as the housing market was starting to plummet. Under the settlement, harmed investors will receive all of their money back.”
This settlement is a significant win for JPMorgan and its CEO Jamie Dimon, who once again has managed to avoid the reputational and financial damage done to other banks with very similar problems