I never disputed that JPM deserves penalties for the acts of bribery performed by their consultants. However, the penalty for bribery should be proportional to the $227M they gained from bribery. About 91% of the county's debt, or $2.8B, has nothing to do with acts of bribery.
And in general, giving advice does not make you culpable for movements of the market. A car can be expected to drive reliably within certain parameters, but investment vehicles are not cars. TD Ameritrade gives me investment ideas all the time, but I don't get to demand they pay me if I buy AAPL and it goes down.
There are exceptions for negligence - e.g., if I say "I want a long position", and they advised me to buy a put.
And in general, giving advice does not make you culpable for movements of the market. A car can be expected to drive reliably within certain parameters, but investment vehicles are not cars. TD Ameritrade gives me investment ideas all the time, but I don't get to demand they pay me if I buy AAPL and it goes down.
There are exceptions for negligence - e.g., if I say "I want a long position", and they advised me to buy a put.