Remember when I pointed out that JP Morgan -- the "good" Wall Street bank -- was paying 20 percent of its annual net profits in fines and litigation?
Here we have Matt Taibbi pointing out that JP Morgan just recently paid another $1 billion to the FERC for manipulating energy prices in California and Michigan.
And let's keep in mind, this was the settlement price. That means, whatever JP Morgan did, it was much worse than $1 billion.
Taibbi reminds us that, "In the three-year period between 2009-2012, Chase paid out over $16 billion in litigation costs," or 12 percent of Chase's net revenue over the same period.
What kind of bank, what kind of business, can allow itself to do that? Only a corrupt and broken business, that's what. Break up the TBTF banks!
By Matt Taibbi
July 18, 2013 | Rolling Stone