Letter to the Editor: Law versus ethics

“We did not admit to a violation of the Law “ is what CEO Jamie Dimon of the biggest bank in these United States — JPMorgan Chase — said.

The Justice Department, under Eric Holder, agreed to a settlement of $ 13 billion to what I can only personally conclude is for unethical behavior.

I don’t think any CEO would be willing to agree to pay the government $13 billion unless it was very highly unethical and bordering on unlawful.

Do you think so?

What is lawful, unfortunately, is very distant from ethical under the current banking Laws. We need the implementation of the Volcker Rules of Law for these big banks.

We will then bring about unquestioned actual violations of the law and have some potential penitential consequences in the future for those CEOs who could no longer say: “We did not admit to a violation of the law.”

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