What JPMorgan admitted

Steven Rosenfeld has translated the legalese of JP's $13 billion settlement with the U.S. Here's what he thinks JP admitted:

• J.P. Morgan knew it had bad loans from the start.
• J.P. Morgan knew appraisers were inflating values.
• J.P. Morgan lied about these values to investors.
• When asked about bad loans, they said, ‘Don’t worry.”
• They were buying loans like sharks biting at bait.
• Their sales pitches were filled false assurances.
• Morgan knew it was buying bad loans.
• They dumped bad loans, en masse, into loan pools. 
• They had twice the bad loans as their standards allowed.
• They met with Countywide, but kept buying bad loans.
• They kept telling investors everything was peachy.
• Other Wall Street giants did the exact same thing.