The government regulators are extorting money from the financial companies and stockholders. our legislators and regulators play by a different set of rules. regulatory agencies were advised on numerous occasions about the madoff firm, and did absolutely nothing to investigate. i would have preferred to see jpm and other firms hold out for a jury trial rather than settle.
A two billion dollar settlement??? Most of us have seen Mafia movies where they say "a lawyer with a briefcase can steal much more than 100 men with guns". How true it is. In this, and other cases, the extortion is blessed and protected by our legal system.
Can you be more specific. Name calling does not cut it. How did this extortion/scam take place... was it JPM or Bernanke/Paulson that exploited the situation and took over Washington Mutual? It could have been bad decisions by wamu management such as excessive risk if you can understand that.
Why don't government lawyers charge the sec with gross negligence? after all they audited the madoff firm for 35 years and did not even uncover that there were no trades. the gov lawyers are just looking for deep pocket firms in order to extort more money. they routinely make their targets "offers that they can't refuse".