Losing Money is a Crime?
The Wall Street Journal Law Blog on the J.P. Morgan case. An excerpt:
Should investigators even bother? asks Yale Law Professor Jonathan Macey, in an op/ed in today‘s WSJ.
“We appear to be on the verge of making it a crime for a business to lose money,” he writes, adding that bank’s losses should only concern “J.P. Morgan stockholders and a few top executives and traders who will lose their bonuses or their jobs in the wake of this teapot tempest.” And it shouldn’t even concern shareholders that much, he adds, considering J.P. Morgan still had $127 billion in equity after the loss.