JP Morgan: 2006 Was, You Know, Different

I know the intent of releases like today’s from JP Morgan is to assure investors that they’ve changed and will go forth and subprime sin no more, but they generally have the opposite effect on me:

About 40 percent of JPMorgan’s 2006 subprime originations would not be approved under today’s standards, the bank said in a statement.

Oh, I feel much better now.