JPMorgan deal "preposterous" says former prosecutor

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

JPMorgan (JPM) is off 0.4% in premarket action following weekend news it's set to pay $13B to make the DOJ go away, while still leaving itself open for criminal charges.

A "terrible deal" for the bank, former prosecutor Jacob Frenkel tells CNBC, arguing JPMorgan should have gotten closure on the criminal investigation for a check amount of that size.

"In essence, (JPM) is being penalized for having taken over Bear Stearns and WaMu ... It's almost as if what we're getting out of federal regulators … is a roulette wheel or some kind of jackpot, how much can you jack up the fine