And it had to acknowledge, among other facts, that shortly before the fraud was revealed, the bank withdrew nearly $300 million of its money from Madoff-related funds.
On a recent afternoon, executives at Goldman Sachs invited a few hundred major investors to the Conrad Hotel in lower Manhattan. The bankers and their guests filed into a large room and turned their eyes to Hillary Clinton
Historically, finance’s share of the economy has been at about 4 percent. Today, it’s about twice that. And the peak occurred not in pre-bubble 2007, but in post-crash 2010, at just under 9 percent, according to research from Thomas Philippon of New York University. That represents a shift of more than $600 billion of wealth a year, as Wallace C. Turbeville, a former investment banker-turned-financial reformist, has pointed out.
“Unless you hold the executives accountable, it really is just the cost of doing business,” said Bart Naylor, a policy advocate at Public Citizen, who noted that the settlements hurt shareholders more than executives.
And during a conference call on Tuesday, Marianne Lake, JPMorgan’s chief financial officer, emphasized that $7 billion of the settlement was tax-deductible.