[blatantly]

A person or group working there benefited from it, which is enough for it to happen.

2008 was that at an endemic scale.

[rchaud]

Nothing to do with 2008. JP Morgan and the other banks made fees by selling mortgage-backed securities where the real credit risk was obscured by packaging good mortgages with bad.

JP Morgan spending $175m for hot air isn't something they can spin into gold.