The first product of Obama's working group on the 2008 financial crash is an unjustifiable lawsuit. What do you expect from lawyers?

Well, what did you expect from a bunch of lawyers?  JP Morgan buys Bear Stearns at the request of the  government and now the government repays that effort by suing them.  So much for the claim that Fed was absorbing the risk on Bear Stearns balance sheet.

The New York Attorney General has sued JP Morgan Chase for allegedly defrauding investors who lost more than $20bn (£12bn) on mortgage-backed securities sold by Bear Stearns. 

JP Morgan bought the investment bank Bear Stearns in March 2008. 

It said that it would contest the allegations. 

This is the first action to come out of a working group created by US President Barack Obama looking into the causes of the 2008 financial crash. 

JP Morgan said: "The NYAG civil action relates to Bear Stearns, which we acquired over the course of a weekend at the behest of the US government. This complaint is entirely about historic conduct by that entity." . . . .