I seem to remember newly-minted Senator Elizabeth Warren asking a panel of financial regulators when the last time was that any of them had actually forced a bank to admit wrongdoing. None of them could provide an example of that happening. Perhaps, Senator Warren made her point:
In an unusually aggressive move, the S.E.C. is seeking to extract an admission of wrongdoing from the nation’s biggest bank. If JPMorgan concedes to that demand, such an admission would reverse a longtime practice at the S.E.C., which has allowed defendants for decades to “neither admit nor deny wrongdoing.” The people briefed on the case added that the agency had not threatened to file civil charges against JPMorgan executives.
This is not enough, obviously. Until Jamie Dimon and most of his staff are begging for nickels under a bridge, we will not have justice. But I like to note progress where I see it.
