????而且，目前看來沒有、或者說幾乎沒有牽扯到戴蒙本人。事實上，雖然此項和解的細節尚未公布，但看起來摩根大通現有管理層全都能免于個人問責。報道稱，這家銀行同意在針對前雇員(而非現任高管)的案件中與監管機構合作，而且估計政府真正打算追究責任的那些雇員中有一些是來自貝爾斯登或華盛頓互惠銀行的人。看起來這些案件沒一件是130億美元和解的一部分。那么，我們將再一次面臨這樣的情況，銀行付一大筆罰款就其違法指控達成和解，沒有任何個人為其過錯遭受指控。所有這些違法行為都是自己犯下的。

????而且，戴蒙清楚，他的名頭對于監管機構是價值不菲的戰利品。但一筆相當、相當高的罰款也是不錯的選擇。于是，戴蒙就掏錢給他們了。是的，監管機構或許本應要更高的價錢。但這并不意味著他們要價的三分之二不是保證戴蒙和他的高管團隊免受懲罰的賄賂。

????戴蒙在最近的一次分析師業績電話會議上表示，他不傻。收購貝爾斯登和華盛頓互惠銀行之前，他就要求監管機構給予摩根大通豁免權，保證它不必為這兩家公司可能犯下的過錯承擔責任。戴蒙是在為拯救美國金融體系而努力。

????美國司法部對戴蒙的回答基本上是“不”。因此，大家會認為，戴蒙和他的團隊在收購這兩家銀行時就已經考慮了未來的法律成本。而后來的事實證明，這兩筆收購都賺了。這些收購交易也鞏固了摩根大通作為美國第一大銀行的地位，幫助它從高盛（Goldman）、摩根士丹利（Morgan Stanley）和其他銀行手中奪取了更多業務。可能從一開始，收購價格中就包含了一大筆罰款，而這也是戴蒙現在愿意付錢的原因所在。

????但解釋摩根大通為何支付130億美元罰款的最好理由或許還是戴蒙自己的話：他不傻。他比你我都有錢不是沒有原因的。沒錯，他掏出了130億美元，但他因此獲得的回報遠遠超出我們的想象。（財富中文網）??

????And yet there appears to be little or no heat on Dimon. In fact, while the details of the settlement aren't out yet, it appears that all of JPMorgan's current management will be safe from personal punishment. The bank has reportedly agreed to cooperate with regulators in cases against ex-employees but not against current executives, and presumably some of those employees the government wants to go after are from Bear Stearns or Washington Mutual. None of those cases appear to be part of this $13 billion settlement. So, once again, we have a bank paying an enormous fine to settle claims that it broke the law with no individuals being charged for doing anything wrong. The crimes committed themselves.

????And Dimon knows that his scalp would be a valuable haul for the regulators. But a really, really large fine is nice too. So that's what Dimon gave them. Yes, regulators might have been asking for even more. But that doesn't mean that two-thirds of what they were looking for isn't a payoff for keeping Dimon and his top executives safe from punishment.

????On a recent earnings call with analysts, Dimon said he wasn't stupid. Before buying Bear Stearns and Washington Mutual, he asked regulators to give JPMorgan immunity against any wrong deeds Bear and WaMu might have committed before JPMorgan acquired them. Dimon was doing his part to help save the financial system.

????The Justice Department basically told Dimon, no. So, you would think that Dimon and his team took into consideration the future legal costs when they bought those two banks, which have turned out to be profitable acquisitions. They have also solidified JPMorgan's position as the nation's largest bank, which has helped it take more business from Goldman, Morgan Stanley (MS), and others. A big fine could have been baked into the price from the beginning, which is why Dimon is willing to pay it.

????But perhaps the best reason for explaining why JPMorgan is paying $13 billion is Dimon's own: He's not stupid. There's a reason he's richer than you and me. He's getting more than you think for his $13 billion.