The Wall Street Journal is reporting that JP Morgan is going to have to fork over $13 billion for its involvement in the mortgage-backed securities business that led to the financial crisis. This does, however, not absolve them in the criminal probe:
J.P. Morgan Reaches $13 Billion Tentative Deal with Justice Department
By Devlin Barrett, Dan Fitzpatrick
The record settlement would cover outstanding investigations of the bank's residential mortgage-backed securities business, but not a continuing criminal probe of the bank's conduct, people familiar with the decision say.
http://stream.wsj.com/...
What's pretty clear here is that this would probably not be happening if Obama had not won a second term:
The settlement with the Justice Department is remarkable not just for the record-setting dollar amount, but for the fact that it still leaves a major potentially costly issue still unresolved—the criminal probe. That probe grew out of a broad investigation launched last year by an Obama administration task force charged with looking into banks’ handling of residential mortgage-backed securities. When the value of such securities dropped with housing prices in 2007 and 2008, it sparked a crisis in the financial system.
I just can't see this happening with a Bush or Romney Administration. Eric Schneidermann, New York's Attorney General, also deserves a large amount of credit with his incessant work to hold the big banks accountable.
For some additional reading on how Eric Schneiderman is moving the Overton Window left, please read the following quality diary by Scott Wooledge:
MON JAN 07, 2013 AT 09:45 AM PST
A tale of two NY titans: AG Eric Schneiderman and Gov Andrew Cuomo
by Scott Wooledge
http://www.dailykos.com/...
7:28 AM PT: As zenbassoon pointed out in a comment below, $4 billion of the $13 billion is directly earmarked as relief for struggling homeowners. More from France24:
Of the $13 billion, $9 billion is fines or penalties and $4 billion will go to consumer relief for struggling homeowners, the person said.
http://www.france24.com/...
So, while the Republicans did their best to damage the economy with their government shutdown antics, the Obama Administration, the DOJ, and Eric Schneiderman have been working to provide help for struggling homeowners, boost the economy, and further reduce the deficit.