Apparently, JPMorgan Chase’s top lawyer has some hurt feelings over his bank’s recent $13 billion fine.
Stephen Cutler, speaking Friday morning at an industry conference, fired back at the government and said that the regulation of banks is spiraling out of control. He said regulators are wasting taxpayers’ resources by piling on infractions and issuing multiple fines for the same issue. He also questioned whether the current size of the fines his bank and others are being forced to pay makes sense. Earlier this week, JPMorgan (JPM) finalized terms of its $13 billion settlement with the government over mortgage misdeeds stemming from the run-up to the financial crisis.
via JPMorgan’s top lawyer fires back at regulators – The Term Sheet
