"Sunday's New York Post page one headline about JPMorgan's fine screamed "Uncle Scam" with the sub headline "U.S. Robs Bank of $13B."

Wall Street went into a tizzy this weekend with the news that one of the nation's biggest banks agreed to fork over to the federal government $13 billion in fines related to its mortgage securities business.

The Post quoted bank analyst Dick Bove of Rafferty Capital as saying the deal "is a basic and fundamental attack on capitalism."

"It is possible that the government is taking away the property of the JPMorgan shareholders without the shareholders having committed any crime or having any say in the expropriation of these funds," Bove told the New York Post.

The deal, announced Saturday, settles civil penalties with the U.S. Justice Department, but doesn't stop any potential criminal prosecution. The Federal Housing Finance Agency sued JPMorgan and 17 other banks for faulty mortgage bonds two years ago.

Wall Street insiders were furious about the deal, noting that 80 percent of the mortgages being probed were actually acquired from the failing banks Washington Mutual and Bear Stearns. JPMorgan reportedly took over the risky portfolio at the request of the U.S. government in the wake of the 2008-09 financial meltdown.