Some CNBC and Fox Business News reporters have come out against the $US13 billion settlement JP Morgan has negotiated with the Justice Department to settle claims over faulty mortgage products sold in the run-up to the financial crisis.
This has put them in the crosshairs of The Daily Show host Jon Stewart.
Last night, Stewart skewered their over-the-top defence of JP Morgan and its CEO, Jamie Dimon.
“It’s a shakedown-witch hunt-scalping-jihad!” he mocks, repeating the exact terms used by the cable channels’ hosts to describe the settlement.
He also addresses the contention that JPM should not be punished for the misdeeds of Bear Stearns and Washington Mutual units, which were purchased at the height of the crisis, pointing out Jamie Dimon warned investors precisely of this outcome in 2008.
“Problems you cause don’t disappear because someone buys you. They’re included in the price. You know who knew that? Jamie Dimon and JP Morgan!”
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