Climate of Fraud, Negligence, Incompetence and JP Morgan

A climate of fraud, negligence, and incompetence exists not only at JP Morgan, but at every TBTF institution in the West, as well as every Western Central Bank and Treasury department.

I was thinking about titling this post “Fire Jamie Dimon.”  I changed my mind because this article is much, much bigger than Mr. Dimon.  This is really an article about the current climate of fraud, negligence and incompetence that is accepted as the new normal.  Dimon and JP Morgan Chase are just the larger-than-life faces of the profound problems that are not getting fixed.  JP Morgan is the nation’s biggest bank; so, for the sake of simplicity, I just want to use JP Morgan and its CEO, Jamie Dimon, to illustrate what is really stopping the economy from getting better.  This is the 8,000 pound elephant in the room that nobody wants to even acknowledge.

Look no further than this past year. There are big examples that come to mind that should have brought some criminal charges against bank personnel, or at least been grounds to fire Mr. Dimon. Most recently, JP Morgan and Credit Suisse paid nearly $417 million (combined) to settle civil fraud charges by the Securities and Exchange Commission (SEC). Reuters recently reported, “JPMorgan will pay $296.9 million, while Credit Suisse will pay $120 million in a separate case, with the money going to harmed investors, the U.S. Securities and Exchange Commission said.  Both settlements addressed alleged negligence or other wrongdoing in the packaging and sale of risky residential mortgage-backed securities . . .”  Of course, both JP Morgan and Credit Suisse didn’t admit guilt, and no individuals were charged criminally. 

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Comments

  1. This is why TBTF is a misnomer! They are to big to jail. :-)

  2. This is the JPM business model:  fraudulently make billions, donate to every political campaign, pay a few million in fines, get off the hook, do not admit guilt, do not apologize, repeat.

  3. What is the meaning of a fine denominated in a paper fiat currency that they themselves can create out of thin air?  The amount of the fine is meaningless, because it is ‘free’ money to them.  Here is what needs to be proposed:
     
    From henceforth, let all fines imposed by the US government on any institution anywhere in the world be payable only in physical gold and/or silver (at the going spot rate for when the fine is handed out), and let the US government not ‘sell’ this money for a minimum of 10 years (use it as savings for posterity).
     
    Let’s see how quickly these banks change their behavior when the fines they must pay is in real money silver and gold.  Is it clear now why the concept and use of a debt-based fiat paper currency system that is created out of thin air by a few con-men is what allows all of the wrongs in this world to continue unabated?  Unless the monetary system is changed, it will be ‘business as usual’ for these corrupt institutions all the world over.

    • People think that the fiat currency’s creation is very regulated or it based on something. Because of that, the banksters print fiat currencies out of nothing to pay for the fees and the bills to show everyone that justice is applied on them. Actually, gold and silver are the true legal tender in the USA according to the US Constitution.

  4. Fraud, negligence, incompetence? Just the Treasury Secretary Buffet is looking for.

  5. The Govermnent can’t have their puppets in Jail period. So who are the real criminals? It’s One Sick World and is ready to explode. Keep Stacking

  6. How long will this go on? Until someone gets burned badly and decides to take matters into their own hands and takes care of the head of the problem. Matter of time unless we do the same as Iceland and jail the bankers.

  7. I wonder what is the reason that JP Morgan and Credit Suisse weren’t charged criminally? Justice in the world, hurray! Why would anyone keep their savings and do services with these banksters?

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