Guess How Much More Wall St. Spends on Bonuses Than on Penalties for Torpedoing the Economy?

By Nomi Prins, AlterNet
Posted on June 27, 2011, Printed on June 30, 2011

Are you enraged about JPM Chase’s puny $156.3 million fine? The fine was part of an SEC settlement in which the firm "neither admits nor denies" any wrong-doing. Translation: Stuffing assets with carefully selected crap is not wrong. Creating the crap loans to begin with: Also, not wrong.

Of course you’re pissed off. I know I am.

There aren’t enough synonyms for the word "tiny" to adequately describe the size and impact of this settlement. It's a fleabite on the hand of the nation's second largest bank in punitive pain terms, and meaningless in stopping the creation of toxic assets, or reducing the criminal complexity of our banking system.