If JPMorgan Chase is a scapegoat, it is an extremely well-paid scapegoat: The crisis-era mergers that are costing the bank a small fortune in fines probably have racked up an even bigger fortune in profits.
Many on Wall Street, including the Wall Street Journal editorial page, are in a fit of rage over the news that JPMorgan has struck a tentative deal to pay $13 billion to settle federal charges that it sold bad mortgage securities to Fannie Mae and Freddie Mac ahead of the crisis.
The source of the rage is the fact that most of these securities were sold by Bear Stearns and Washington Mutual, two banks that JPMorgan bought in 2008 to help calm the financial crisis.
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