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Jonathan Weil

What's Missing From the Whale Settlement

 It's as if the lawyers for the SEC and JPMorgan were going out of their way to frustrate any outsider who was trying to read and understand the document's contents.

The settlements between JPMorgan Chase & Co. and regulators are out. The total bill: $920 million, which includes deals with the Securities and Exchange Commission, as well as U.S. and U.K. bankingregulators.

Per the SEC's new approach for certain high-profile cases, JPMorgan admitted to a long list of facts. The company also said it "acknowledges that its conduct violated the federal securities laws," which I guess is an improvement over the SEC's normal neither-admit-nor-deny boilerplate.