Obama Wall Street backer to pay $13 billion Justice Dept settlement

by NW Spotlight

The NY Times is reporting that J.P. Morgan Chase & Co. has agreed to a huge $13 billion settlement with the Justice Department. The settlement is for “JPMorgan’s sale of troubled mortgage securities to pension funds and other investors from 2005 through 2008,” without “fully disclosing the risks.”

J.P. Morgan Chase & Co. has donated over $1 million to President Obama’s campaigns.

Two years ago Oregon Catalyst reported that President Obama was the biggest recipient of Wall Street money in over 20 years. Even two years ago, President Obama had already received more campaign contributions from Wall Street than President George W. Bush did in his entire eight years.