"In a post Dodd-Frank world, banks are public utilities and no CEO can afford to resist the government's demands."
"The lesson is how government has used the crisis to exert political control over even the most powerful private financial companies. The real lords of American finance are Attorney General Eric Holder, Treasury chief Jack Lew and their boss in the White House.
IBD's Ed page concurs: "Another Mugging on Wall Street"
Chairman and CEO Jamie Dimon figured it was cheaper to settle - a grave miscalculation. Holder hasn't waived criminal prosecution. He can continue to squeeze JPMorgan for more payola. The entire banking industry will regret not fighting this unprecedented federal extortion operation. Settling hasn't protected them. It's just encouraged more muggings.
Compared to Attorney General Holder's, Reverend Jesse Jackson's corporate extortion schemes were mere child's play.