Over the past five years, the U.S. government has become steadily more aggressive at fining banks for their role in the housing crisis.
JPMorgan was the latest target, settling for $13 billion. And there’s more to come: “Bank of America may soon reach a $6 billion settlement with housing regulators,” the Economist reports. “And JPMorgan’s announcement may not stop ongoing criminal probes into its mortgage activities.”
But is that enough? Over at Salon, David Dayen argues that regulators are still going far too easy on the big banks for helping exacerbate the subprime crisis.