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JAN 15, 2010 6:02pm ET

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4Q Results

JPMorgan Chase Has Set the Bar, and It's Pretty Low

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Market watchers hungry for a sign that the banking industry had turned a corner were greeted Thursday with mixed results from the country's second-largest bank.

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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