Barney Frank cries foul in government's lawsuit against JPMorgan

According to Reuters Democratic Congressman Barney Frank defended the largest U.S. bank on Monday, saying in a statement that the government was wrong to go after JPMorgan Chase for the alleged misdeeds of Bear Stearns.

Frank, who served as chairman of the House Financial Services Committee during the Bear Stearns acquisition, said federal and state officials should reconsider holding financial firms liable for the wrongdoing of institutions they absorbed at the government's urging.

"The decision now to prosecute J.P. Morgan Chase because of activities undertaken by Bear Stearns before the takeover unfortunately fits the description of allowing no good deed to go unpunished," said Frank, who was also the co-author of the 2010 Dodd-Frank financial reform law….

Read all about it at http://uk.reuters.com/article/2012/10/23/uk-jpmorgan-frank-idUKBRE89M04B20121023