As JPMorgan Settles Up, Shareholders Are Hit Anew

Last week, JPMorgan Chase agreed to pay $920 million to settle civil allegations brought by the Securities and Exchange Commission and other regulators in connection with a multibillion-dollar trading loss that’s come to be known as the London Whale case.
At first glance, it sounded like a lot of money and, frankly, it sounded as if the S.E.C. had a strong case and had exacted quite a settlement.
But look closer and scrutinize the S.E.C.’s 15-page description of its findings. Then think about this: When the S.E.C. says that JPMorgan is “paying” a record fine, where is the money actually coming from? More in the New York Times here.