What’s Wrong With Fining JPMorgan Chase $13 Billion?

As part of its upcoming settlement with the federal government and other agencies, JPMorgan is reportedly on the verge of paying thirteen billion dollars in fines and restitutions, and of admitting that some of its businesses violated laws during the great credit bubble. What’s wrong with forcing it to pay that amount, or even billions more? Perhaps nothing. The big banks are so unpopular these days that there would be widespread support for doubling to the number, to twenty-six billion, or tripling it, to thirty-nine billion. Or, what the heck, why don’t we make it a nice round number: fifty billion dollars?

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