Author Topic: JPMorgan Chase, the nation's largest bank, is proving it's too big ....  (Read 2230 times)

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Offline Riney

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Robert Reich
http://robertreich.org/
October 27th 2013

JPMorgan Chase, the nation's largest bank, is proving it's too big to be managed responsibly. Not only is it coughing up $13 billion to settle lawsuits over predatory lending practices and sales of mortgage-backed securities, but it's facing charges for conspiring in Bernie Madoff's Ponzi scheme, losing investors $6 billion in illegal gambling (through its "London Whale"), bribing or influence-peddling in China in violation of the Corrupt Practices Act, and at least a dozen other illegalities. Yet the fines it's paying, or will have to pay, only hurt JPMorgan's investors -- including big pension funds and university endowments, many of whom lost money directly from JPMorgan's skullduggery in the first place. Struggling homeowners who are still underwater because of what JPMorgan and other big banks wrought won't see a dime. Yet those who have reaped the biggest personal gains -- including CEO Jamie Dimon (who arranged a special private audience with Attorney General Eric Holder to settle some of this, a privilege not accorded most people being investigated by the Justice Department) and his top executives -- won't face criminal charges, on the dubious theory that no individual at JPMorgan is criminally responsible for any of this.

I'm sorry, I don't buy it. No senior Wall Street executive has been held publicly accountable for anything. If nobody is responsible, then JPMorgan and Wall Street's other giant banks are too big to be managed responsibly. In which case they should be broken up and their size capped so they can make profits without imposing huge costs and burdens on the rest of us.
"Life shrinks or expands in proportion to one's courage" Anais Nin .. and yet we must arm ourselves with fear

Offline Riney

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Re: JPMorgan Chase, the nation's largest bank, is proving it's too big ....
« Reply #1 on: October 28, 2013, 00:04:05 AM »
Why JPMorgan May be Getting off Easy
October 25, 2013
BillMoyers.com
http://billmoyers.com/segment/gretchen-morgenson-on-why-jpmorgan-chase-may-be-getting-off-easy/
"Life shrinks or expands in proportion to one's courage" Anais Nin .. and yet we must arm ourselves with fear

Offline Riney

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Re: JPMorgan Chase, the nation's largest bank, is proving it's too big ....
« Reply #2 on: October 28, 2013, 00:09:33 AM »
"who arranged a special private audience with Attorney General Eric Holder to settle some of this, a privilege not accorded most people being investigated by the Justice Department"

      Wow, how much privilege that money can buy. So you are facing a multi billion dollar suet for predatory lending and you still have so much money (money you stole from the predatory lending), that it can buy you a personal audience with the US Attorney General to speak in your defense. Despicable!
"Life shrinks or expands in proportion to one's courage" Anais Nin .. and yet we must arm ourselves with fear

Offline Riney

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Re: JPMorgan Chase, the nation's largest bank, is proving it's too big ....
« Reply #3 on: October 28, 2013, 00:10:57 AM »
"Life shrinks or expands in proportion to one's courage" Anais Nin .. and yet we must arm ourselves with fear