In the years since the financial crisis, we may not have solved too big to fail, sent any bankers to jail, or done much to prevent another financial crisis, and we certainly haven't changed Wall Street's devotion to money-making at all costs.
But we at least have finally gotten a bank to admit it broke the law.
In what amounts to a relatively stirring triumph of justice on Wall Street, the Securities and Exchange Commission has convinced JPMorgan Chase, the biggest U.S. bank by assets, to admit that it broke federal securities laws in its handling of the $6.2 billion "London Whale" trading debacle.
"JPMorgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses," George Canellos, co-director of the SEC’s enforcement division, said in a press release announcing the bank's settlement with the SEC.
"While grappling with how to fix its internal control breakdowns, JPMorgan's senior management broke a cardinal rule of corporate governance and deprived its board of critical information it needed to fully assess the company's problems and determine whether accurate and reliable information was being disclosed to investors and regulators."