With the pending settlement for the JPMorgan cases related to mortgage based securities in the works, the prosecutorial team still wants the bank to admit to some form of admission of criminal liability.
The team headed by US Attorney General Eric Holder is comprised of Deputy Attorney General James Cole and Associate Attorney General Tony West. The first proposal was for the bank to admit making false stateents related to the sales of toxic mortgage bonds. For its part, the bank sought a non-prosecution agreement, which the Attorney General rejected outrightly. What the bank did agree though was providing assistance in the continuing criminal probe. This typifies the harder stance that the second term of President Obama is taking against these kinds of financial issues.
Holder, in an interview with Bloomberg News, said his office's new aggressiveness on bank investigations, said, "It was clearly a priority for the president, it was a priority for me and for this Justice Department. One look at the magnitude of harm and the number of people suffering as a result of these acts that we're looking into made sense to me that my personal involvement was needed."
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