Tuesday, November 16, 2021 7:59:22 AM
JPMorgan To Pay $920 Mln Fine For Manipulating Precious Metals, Treasury Market
(RTTNews) - JPMorgan Chase & Co (JPM) agreed to pay a total of $920 million in penalty to settle U.S. investigations into the company's alleged manipulation of metal and treasuries markets.
The settlement resolves investigations from the U.S. Justice Department, the Commodity Futures Trading Commission and the Securities and Exchange Commission.
The U.S. regulatory authorities investigated the firm for unfairly manipulating or "spoofing" the precious metals market.
The charges against JPMorgan and its subsidiaries were for "manipulative and deceptive conduct and spoofing that spanned at least eight years and involved hundreds of thousands of spoof orders in precious metals and U.S. Treasury futures contracts."
And more criminal acts
JPMorgan Chase has admitted to all five of its felony counts which were brought by the U.S. Department of Justice. It’s been put on probation three times since 2014 and yet still continues to land in the press over new alleged frauds.
JPMorgan Chase’s rap sheet reads like something from a Gambino crime family diary.
When it comes to financial frauds, Wells Fargo is still doing stem christies on the bunny slope while it watches JPMorgan Chase hop moguls on the black diamond trail. That should be abundantly clear to Senator Elizabeth Warren who sits on the Senate Banking Committee.
As we were watching Powell’s press conference yesterday, we were perusing headlines at Reuters. As if on cue, this headline pops up: “JPMorgan Faces Oil Bribery Probe in Brazil.” The gist of the article is this:
“The country’s federal police are working to determine if JPMorgan secured shipments of Petrobras fuel at artificially low prices by routing bribe payments to employees on Petrobras’ trading desk though a network of middlemen, according to the people and documents that relate to the investigation.”
Not to put too fine a point on it, but JPMorgan Chase just this month settled tax fraud charges in France. It was just a year ago that JPMorgan Chase admitted to two felony counts brought by the Justice Department, one for rigging precious metals markets and the other for rigging the U.S. Treasury market — the debt market that allows the United States government to pay its bills.
We have to seriously question why the Fed is keeping an asset cap on Wells Fargo while allowing its largest bank competitor to run wild. That matter warrants its own investigation by the Justice Department.
As our readers well know, we believe that all of the mega banks in the U.S. need to be broken up, with their federally-insured, taxpayer-backstopped banking units separated from their casino trading operations. But if the Fed is going to start with a specific bank, it should be with the 5-felon bank, not the zero-felon bank.
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