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Feds throw support behind lawsuit against JPMorgan
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Feds throw support behind lawsuit against JPMorgan

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Feds throw support behind lawsuit against JPMorgan

The federal government Tuesday threw its support behind a lawsuit against JPMorgan Chase accusing Bear Stearns, the investment bank JPMorgan bought in 2008, of engaging in massive fraud in deals involving billions in residential mortgage-backed securities.

At a news conference, acting Associate Attorney General Tony West credited a federal-state working group of law enforcement agencies created by President Barack Obama in 2009 with assembling evidence in the lawsuit brought by the New York attorney general's office.

The Obama administration has been under heavy political pressure to hold major Wall Street players accountable for the nation's biggest financial collapse since the Great Depression. Bear Stearns was sold to JPMorgan Chase in 2008.

Feds throw support behind lawsuit against JPMorgan - The Denver Post
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This looking more like an election-year publicity stunt by Obama. Remember the Obama administration fought to protect Wall Street from state prosecutions. My guess is that Obama has sent a back-channel message to Wall Street that the Federal Support will actually make sure the lawsuit goes nowhere. Just saying!!!

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