Some in the media are crying out as if the big bankers were being persecuted within an inch of their lives. As much as they complain, not a single banker has gone to jail as a result of the mortgage debacle. But I did.
The news of the eye-popping $13.5 billion settlement between the Justice Department and other government entities was followed by the announcement that part of that settlement would be with the Federal Housing Finance Agency for roughly $5 billion alone.
The upcoming JPMorgan Chase settlement is expected to be the largest corporate settlement in Justice Department history. Unless the Justice Department prevents it, JPMorgan could heap billions of dollars right back onto the shoulders of taxpayers.
A plea to the banks: Do "give back" in philanthropy. But also, please: Give us back a financial system that we can trust. Less penance after the fact, more virtue before. It will make for better business and for honest philanthropy.
Fox News is its ministry of misinformation, the fake jewel of the News Corp. crown, a 24/7 purveyor of flimflam and the occasional selective truth. Look at the pounding they've given Obama's healthcare reform right from the very start.