Why Believe What the Government Says About JPMorgan?

Leave it to a bunch of politicians to misrepresent what JPMorgan Chase & Co. admitted as part of a settlement over the bank's supposed misrepresentations.

There is much we still don't know about the deal that JPMorgan struck with federal and state authorities. So far, all the Justice Department has released is a news release, a statement of facts to which JPMorgan admitted, along with a listof mortgage bonds that were the focus of prosecutors' inquiries. The news release mentioned a settlement agreement, but that has yet to be disclosed. Prosecutors put a $13 billion price tag on all of the different settlements combined, but many details are unclear.