THERE IS NO JUSTICE WHEN IT COMES TO WALL STREET Over and Over we see Wall Street fleecing the American People and yet we see nothing from the Justice Department. Fines are a joke because they are nothing but tax write offs. Until we see the likes CEO Jamie Dimon put in jail for at least a few of his crimes, I have NO RESPECT for Eric Holder and our Justice Department. From the Article: Here’s a list of things JPMorgan has already been investigated and penalized for: Bank Secrecy Act violations; Money laundering for drug cartels; Violations of sanction orders against Cuba, Iran, Sudan, and former Liberian strongman Charles Taylor; Violations related to the Vatican Bank scandal (get on this, Pope Francis!); Violations of the Commodities Exchange Act; Failure to segregate customer funds (including one CFTC case where the bank failed to segregate $725 million of its own money from a $9.6 billion account) in the U.S. and U.K.; Knowingly executing fictitious trades where the customer, with full knowledge of the bank, was on both sides of the deal; Various SEC enforcement actions for misrepresentations of CDOs and mortgage-backed securities; The AG settlement on foreclosure fraud; The OCC settlement on foreclosure fraud; Violations of the Servicemembers Civil Relief Act; Illegal flood insurance commissions; Fraudulent sale of unregistered securities; Auto-finance ripoffs; Illegal increases of overdraft penalties; Violations of federal ERISA laws as well as those of the state of New York; Municipal bond market manipulations and acts of bid-rigging, including violations of the Sherman Anti-Trust Act; Filing of unverified affidavits for credit card debt collections (“as a result of internal control failures that sound eerily similar to the industry’s mortgage servicing failures and foreclosure abuses”); Energy market manipulation that triggered FERC lawsuits; “Artificial market making” at Japanese affiliates; Shifting trading losses on a currency trade to a customer account; Fraudulent sales of derivatives to the city of Milan, Italy; Obstruction of justice (including refusing the release of documents in the Bernie Madoff case as well as the case of Peregrine Financial). What people who seek to punish Jamie Dimon and JPMorgan actually want is for banks to stop doing all of that stuff. If this “massive” fine doesn’t make that happen, then it was not remotely large enough.
Posted on: Sat, 26 Oct 2013 05:34:36 +0000
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