October 19, 2013 5:53 pm -

jpmorganThis is a big deal — though the fine is a comparative slap on the wrist when factored against the sheer damage JPMorgan and Wall Street wreaked on the world economy.

JP Morgan Chase, the largest U.S. bank, has reached a tentative $13 billion deal with the Justice Department in a settlement of a wide-range of issues related to the sale of bad mortgages, according to several media reports.

The reports indicated that the record-high deal, if finalized, would not release the bank from potential criminal liability.

According the The Wall Street Journal:

A person familiar with the decision says the record settlement would cover outstanding investigations of the bank’s residential mortgage-backed securities business, but not a continuing criminal probe of the bank’s conduct.

D.B. Hirsch
D.B. Hirsch is a political activist, news junkie, and retired ad copy writer and spin doctor. He lives in Brooklyn, New York.