JPMorgan Chase’s $13 Billion Shadow

[marmar]

(Campaign for America's Future) If nothing else, William D. Cohan’s recent Nation article about JPMorgan Chase’s $13 billion settlement should confirm the public’s darkest suspicions about that institution and its CEO.

It was only logical to assume that the bank wouldn’t have agreed to what was then the largest bank settlement in history unless it believed the alternative was much worse. In that sense there are no new revelations in Cohan’s reporting. But it’s extremely satisfying to see the events leading up to the settlement laid out in such a clear, logical, and sequential fashion.

Cohan guides readers to the conclusions that many of us reached some time ago: that JPMorgan Chase was as corrupt in its business practices as any other major bank (which is to say, quite corrupt); and that CEO Jamie Dimon convinced a lot of people otherwise, using only the power of his personality.

Although Dimon was among those who refused to speak with Cohan, Cohan was able to obtain some excellent quotes from some of the other major players in the negotiation process. Most telling was this one from Associate Attorney General Tony West, discussing the “statement of facts” which was released in lieu of concrete evidence as part of the settlement:

“I feel confident that we were able to craft a statement of facts which lays out the concept that this thing was illegal and created liability. So from that standpoint, I think the public knows that JPMorgan engaged in activity that we considered to be fraud.”

That’s a bittersweet paragraph. On the one hand, it’s satisfying to finally hear a senior Justice Department official acknowledge that the mega-bank run by the man once described as “the President’s favorite banker” committed fraud. But, contra West, it’s by no means clear that “the public knows” about the criminally fraudulent behavior which was rampant under Jamie Dimon’s leadership. ....................(more)

The complete piece is at: http://ourfuture.org/20140814/jpmorgan-chases-13-billion-shadow

[Demeter]

1. the crime is that nothing will be done about the fraud

nothing to stop it, nothing to correct it, nothing to prevent it, nothing to compensate its victims.

But, the Bank WILL NOT FAIL!

Got to keep our priorities straight around here...