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The question is will we be prepared? and could i just add you brought up the wall street journal op ed. they use the word shakedown to describe this. that s exactly the word that joe barton, congressman republican congressman from texas used to describe the bp settlement in 2010. and i you know the irony of that is very thick. the irony is amazing. i don t think many see that. it s a very tiny portion of people who view it this way. it s going to be interesting to see how wall street and how conservatives react to this. and ezra, as we let you go, this underscores the sort of cultural walls that exist between those in the financial sector and sort of main street and wall street. and this notion i think shakedown is a word that some people in main street would do. we got shook down by wall street. they did this stuff to the american economy. we picked up the tab. there are various sort of cultural narratives here at odds with each other and they don t show any sign o ....
Detailed text transcripts for TV channel - MSNBC - 20131021:16:00:00 vimarsana.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vimarsana.com Daily Mail and Mail on Sunday newspapers.
Keep it from collapsing and being lehman before lehman was lehman. so there is an argument out there that the u.s. government said to jpmorgan if you guys buy bear stearns we ll be lenient with you in terms of lawsuits about the mortgage-backed securities. bear stearns purchased. there s an argument the u.s. government is not being all that lenient. on the other hand, this is not just one suit. jpmorgan is under attack here for a lot of different things that various elements and operations of its business did wrong. so i think there is a bit of a message being sent here that banks can t keep operating as if these prosecutions simply are a cost of doing business which is to say being lawless to a certain degree is simply a cost of doing business. a suit, a settlement of this size is kind of a shot across the bow to say, you guys actually have to begin playing by the rules in a more serious way. let s talk about that, jake in terms of playing by the rules. jpmorgan has other recent set ....
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Exerance of bankers who were responding to the incentives for excessive risk-taking that government created. this was taking advantage of people, defrauding people, packaging bad securities and playing a very major role in nearly bringing down the u.s. economy. and this line of thinking by the wall street journal which banks have been echoing is driving this case in a major way. one of the big sticking points, according to the reports, is the admission of wrongdoing. eric holder strongly wants that and the banks are resisting that. they don t want this to be used at ammunition to go after them again. the other sticking point is whether or not the executives at jpmorgan get amnesty from possible criminal prosecution. you know, as far as regulation goes, you pointed out that regulation, and i agree, captain keep up with what s happening on wall street but i think that s a big part of what s happening here. and the reasoning behind this lawsuit or settlement is that at the very least ....