We must hold financial firms practically accountable

Few things would be as surprising as the sight of JPMorgan (JPM) Chase & Co pleading guilty in a criminal case. Yet this could be a real possibility, if we are to believe recent news reports about the bank’s settlement negotiations with the Justice Department.

This week, for instance, the Wall Street Journal said JPMorgan may have to pay as much as $11bn (€8bn) and plead guilty to a criminal charge to settle a Justice Department investigation of the bank’s sales of mortgage bonds several years ago. The markets’ reaction? Yawn.

Perhaps a criminal case against a major US financial institution wouldn’t be such a big deal after all, especially if resolved swiftly.