Saturday, August 15, 2015 1:09:54 PM
Too Big To JAIL...JP Morgan
JP Morgan gets off the hook again
Melissa Hurst Seattle Political Buzz Examiner
But $30+ billion dollars? That’s merely a quarters’ profit for the largest bank in the U.S. Chase reported a net loss of half a billion in the third quarter of 2013, due to all the legal fees and fines it had to pay. The New York City attorney involved in the case, Preet Bharara, said Tuesday, “JP Morgan as an institution failed and failed miserably.”
But if the big bank has failed so miserably, why do they keep getting off the hook? JP Morgan ignored red flags of the Bernie Madoff Ponzi scheme for more than 15 years, and are basically getting off with a slap on the wrist, and exoneration of anyone personally liable for the ignorance. This has consistently happened throughout the last 3 years that JP Morgan has been under investigation for various crimes and wrongdoing.
Dennis Kelleher of Better Markets put it bluntly when he said, “Once again, not a single individual working for JP Morgan Chase has been held accountable. Banks do not commit crimes; bankers do. Until individuals, including executives, are held personally liable, fined and jailed, the crime spree will continue.”
http://www.npr.org/sections/thetwo-way/2014/01/07/260442151/jpmorgan-chase-to-pay-1-7-billion-to-madoff-victims
Back in November, NPR's Emily Siner tallied up just how much JPMorgan Chase has paid or agreed to pay in fines during the past year. The total came to $29 billion, which means that if you add today's settlement, the fines will exceed $30 billion. To put it in perspective: JPMorgan Chase reported a revenue of $23.9 billion during the third quarter of 2013.
Here's Emily's breakdown of the settlements:
$13 billion: The investment company reached a settlement Nov. 19 related to its risky mortgage-backed securities.
$4.5 billion: Several days ago, the company agreed to pay investors — including 21 major institutions — for the faulty securities.
$1 billion: In September and October, it paid to end investigations into the botched financial transactions of traders in London that cost the company more than $6 billion.
$389 million: In September, the bank refunded money to 2.1 million credit-card customers and paid a fine after allegedly misleading and overcharging them.
$300 million: In September, it resolved an insurance lawsuit, splitting payment with Assurant Inc.
$410 million: In August, it settled allegations that it manipulated U.S. energy markets.
$842 million: In June, it agreed to forgive debt owed to it by Jefferson County, Ala., where the company's securities deals led to the county's bankruptcy in 2011.
$8.5 billion: In January, 10 banks, including JPMorgan, split a settlement related to wrongful home foreclosures.
$9.2 billion: The company's legal fees from its third quarter this year
$2.05 billion: In January of 2014, the company agreed to pay $1.7 billion to the victims of Bernard Madoff's multi-billion dollar Ponzi scheme. The bank also agreed to pay a $350 million civil penalty.
$543 million: In January of 2014, the company agreed to pay $543 million to settle a class action lawsuit and claims filed by the trustee liquidating Bernard L. Madoff Investment Securities LLC.
Too Big To JAIL
JP Morgan gets off the hook again
Melissa Hurst Seattle Political Buzz Examiner
But $30+ billion dollars? That’s merely a quarters’ profit for the largest bank in the U.S. Chase reported a net loss of half a billion in the third quarter of 2013, due to all the legal fees and fines it had to pay. The New York City attorney involved in the case, Preet Bharara, said Tuesday, “JP Morgan as an institution failed and failed miserably.”
But if the big bank has failed so miserably, why do they keep getting off the hook? JP Morgan ignored red flags of the Bernie Madoff Ponzi scheme for more than 15 years, and are basically getting off with a slap on the wrist, and exoneration of anyone personally liable for the ignorance. This has consistently happened throughout the last 3 years that JP Morgan has been under investigation for various crimes and wrongdoing.
Dennis Kelleher of Better Markets put it bluntly when he said, “Once again, not a single individual working for JP Morgan Chase has been held accountable. Banks do not commit crimes; bankers do. Until individuals, including executives, are held personally liable, fined and jailed, the crime spree will continue.”
http://www.npr.org/sections/thetwo-way/2014/01/07/260442151/jpmorgan-chase-to-pay-1-7-billion-to-madoff-victims
Back in November, NPR's Emily Siner tallied up just how much JPMorgan Chase has paid or agreed to pay in fines during the past year. The total came to $29 billion, which means that if you add today's settlement, the fines will exceed $30 billion. To put it in perspective: JPMorgan Chase reported a revenue of $23.9 billion during the third quarter of 2013.
Here's Emily's breakdown of the settlements:
$13 billion: The investment company reached a settlement Nov. 19 related to its risky mortgage-backed securities.
$4.5 billion: Several days ago, the company agreed to pay investors — including 21 major institutions — for the faulty securities.
$1 billion: In September and October, it paid to end investigations into the botched financial transactions of traders in London that cost the company more than $6 billion.
$389 million: In September, the bank refunded money to 2.1 million credit-card customers and paid a fine after allegedly misleading and overcharging them.
$300 million: In September, it resolved an insurance lawsuit, splitting payment with Assurant Inc.
$410 million: In August, it settled allegations that it manipulated U.S. energy markets.
$842 million: In June, it agreed to forgive debt owed to it by Jefferson County, Ala., where the company's securities deals led to the county's bankruptcy in 2011.
$8.5 billion: In January, 10 banks, including JPMorgan, split a settlement related to wrongful home foreclosures.
$9.2 billion: The company's legal fees from its third quarter this year
$2.05 billion: In January of 2014, the company agreed to pay $1.7 billion to the victims of Bernard Madoff's multi-billion dollar Ponzi scheme. The bank also agreed to pay a $350 million civil penalty.
$543 million: In January of 2014, the company agreed to pay $543 million to settle a class action lawsuit and claims filed by the trustee liquidating Bernard L. Madoff Investment Securities LLC.
Too Big To JAIL
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