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Glass-Steagall Pressure Forces Moves Against JP Morgan, Wall Street
October 20, 2013 • 4:37PM

With the momentum of reinstating Glass-Steagall breathing down the necks of Obama, Wall Street and the Anglo-Dutch financial oligarchy, intense negotiations between Obama's Attorney General Eric Holder and the top officials and lawyers of JPMorgan have been going on to "settle" the many outstanding issues of criminal behavior by the bank.

But despite reports that JPMorgan has agreed to pay the "unprecedented" amount of $13 billion ($7 billion in fines to the Treasury Dept, $4 billion in mortgage relief to homeowners who were injured, and $2 billion to other reparation-type payments), the bank has not yet gotten what it wants most: immunity from prosecution. At least not so far.

The negotiations have been ongoing for a long time, but have reached a critical mass in the last three weeks, with CEO Jamie Dimon having spent an entire day at the end of Sept. closeted with Holder at the DOJ headquarters, one week before Dimon and other Wall Street and European bank CEOs descended on Washington for Oct. 2 emergency talks with Obama, Treasury Secretary Jack Lew and Congressional Republican finance committee leaders, to end the riot act against Glass-Steagall. Not only has the public groundswell for Glass-Steagall scared the hell out of the Wall Street gang since the spring of this year; the exposes of mass criminality by the big banks is again driving demands that some leading bankers be jailed for their grand larceny.

Holder spent Friday night Oct. 18 talking to a host of JPMorgan big-wigs, leading to the weekend news reports of deal nearing completion. If JPMorgan Chase gets off with another deferred prosecution and no top bank executives go to jail, despite a $13 billion settlement, things could blow up politically in Obama's face at exactly the moment that the American people are fed up with the whole cycle of hyperinflationary bank bailouts and murderous austerity against the population.


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