I’m confused. On the one hand, JPMorgan Chase has agreed to pay out $2.6 billion in civil and criminal penalties related to its involvement in the Madoff fraud. On the other, not a single individual at Morgan is going to be forced to take actual responsibility for the bank’s misdeeds.This makes no sense. If JPMorgan Chase is essentially admitting it did something wrong-and I apologize if I sound like I’m explaining the obvious here-that must mean someone at JPMorgan Chase did something wrong. He made a bad decision, say, or failed to make a required disclosure.Why isn’t this individual being identified and punished? Instead, Morgan will sign a deferred-prosecution agreement and agree to (this being the go-to punishment for naughty banks lately) beef up its controls. Result: shareholders are out $2.6 billion, while whoever the idiot at Morgan is who helped facilitate the Madoff fraud is still on the job. That idiot, by the way, might have helped cause real damage. In a 2010 lawsuit against JPMorgan Chase, Madoff trustee Irving Picard cites e-mails that show Morgan officials knew that Madoff’s returns were suspicious and even filed a Suspicious Activity Report on the matter with UK authorities-but then failed to file a similar report here in the U.S. So perhaps thanks to Morgan, the Madoff scheme might have ended up lasting longer than it needed to.You might think I’m overreacting to what’s essentially just another government shakedown of a big bank. Wrong. Unlike, for instance, the London Whale dustup,where the only real victim was JPMorgan itself and its shareholders, real people lost real money as a result of the Madoff scam. In signing a deferred prosecution agreement and agreeing to write a big check, JPMorgan is essentially admitting it played a non-immaterial role in it. Fine. Who at the bank is responsible? The government should find out, and see that he gets what’s coming to him.What do you think? Let me know!