PECKING AWAY AT THE MOTU

The AP version of this story noted that JP Morgan makes this much profit in about one week.

JPMorgan to pay $153.6 million in SEC fraud case
By Jonathan Stempel and Sarah N. Lynch

WASHINGTON/NEW YORK | Tue Jun 21, 2011 7:56pm EDT

WASHINGTON/NEW YORK (Reuters) - JPMorgan Chase & Co agreed to pay $153.6 million to settle U.S. Securities and Exchange Commission charges that it defrauded investors who bought mortgage securities sold just before the nation's housing market collapsed.

Apparently, there's more like this coming:

"This is deja vu all over again," said John Coffee, a securities law professor at Columbia University, recalling the Goldman case with a quote from baseball legend Yogi Berra. "If Goldman and JPMorgan were doing this, it wouldn't surprise me if others were as well."

Ms. Schapiro [SEC Chairman] said the SEC will continue to bring charges against banks.

"We have a pretty full pipeline of post-crisis cases," she said. "They relate to disclosure failures, particularly around structured products, accounting issues and so forth."