Saturday, January 25, 2014

Crime pays for JP Morgan

Recall Senator Warren's comments here. Now see this article on CEO Dimon's raise. Are we going to sit back and tolerate this? We can speak up you know. And please do. A few excerpts below.

"Let's not mince words: Jamie Dimon's bank is, as we said last May, the scandal of our time. The crimes committed during Dimon's time in senior management include bribery, mortgage fraud, investor fraud, consumer fraud, credit card fraud, forgery, perjury, violation of sanctions against Iran and Syria, violation of laws prohibiting the bilking of active-duty service members.

"Fraud isn't the sum total of JPMorgan Chase's business plan. But with this move, the bank's directors have made it clear that fraud is inseparable from its business plan.

"Regulator William K. Black, Jr. played an integral role in the prosecution and conviction of more than 1,000 bankers over the savings-and-loan scandal of the 1980s. Black, who is now a lot economics professor, is understandably disturbed by the fact that there has not been a single prosecution of the major Wall Street executive over the much larger scandals which led to the 2008 financial crisis.

"Black observed this week that the bank's fraud proceeds 'went largely to the senior officers and directors of JPM, Bear, and WaMu in the form of bonuses.' The Board's behavior can therefore be seen as a divvying up of criminal booty, whatever the personal involvement of the Board members themselves."

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