It is quickly becoming clear that JPMorgan’s tentative $13 billion settlement with the Department of Justice is not the massive, overly-punitive sanction that some press reports have made it out to be. The weaknesses in the deal may be explained in part by the fact that in arranging the settlement, JPMorgan was negotiating through the revolving door.
Following the deadly mine explosion in West Virginia last week, the CEO of the company that owned the mine quickly emerged as a sort of Dickensian villain in media reports. Massey Energy CEO Don Blankenship’s cavalier, profit-obsessed approach to mining had led him to dismiss pressing safety concerns at his mines. He had called safety regulators “as silly as global warming” and ordered managers to spend more time “running coal” and less time building ventilation structures. One miner told ABC news that working for Blankenship was "like living under a hammer. It's about the bottom line; we all know that."
Few members of Congress are considered more liberal than Barney Frank. Gay, left-handed, and Jewish, as his biography’s title proudly proclaims, he clearly enjoys living in direct contravention of right-wing ideals.
Last October, in a stunning turn of events at the height of the Wall Street crisis, Wachovia backed out of a deal with Citigroup and agreed to a $15 billion merger with Wells Fargo — the biggest bank merger ever. The Charlotte-based Wachovia had recently collapsed under the weight of its own mortgage portfolio and Citi had come to the rescue, offering a rock bottom $1/share that Wachovia accepted in order to avoid bankruptcy. A few days later, Wells Fargo swooped down with an offer worth seven times as much, and Wachovia gladly accepted.