PRESS TV
09/25/2013
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Bank criminals JPMorgan Chase CEO Jamie Dimon, left, and Goldman Sachs CEO Lloyd Blankfein leave the White House in 2009 after a meeting between chief executives and their monkey master Obama |
Yes, counting; that $2 billion is now likely to end up around $16 billion given the future legal fees and possible payouts allotted to countering the myriad lawsuits connected with this admission of illegal activity. That’s aside from the mortgage fraud, Labor rate rigging and energy manipulation cases still confronting the beleaguered bank. Thursday, on the same day that Dimon’s bank got slapped with the SEC fine, federal regulators revealed that JPMorgan had agreed to pay $389 million in penalties and refunds to compensate for a credit card identity theft protection scam after $309 million already paid out in that case.
It should be remembered that this same Dimon, who appeared before a Senate committee wearing presidential cufflinks, once worked with Sanford Weill in engineering the reversal of the Glass-Steagall law to make Citigroup, a previously illegal merger of investment and commercial banks, possible. But despite his record as a leader in the radical deregulation of banking that caused all of the trouble, Obama turned to Dimon for direction on fixing the economy.
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Obama bank criminals stole the world public's money - and now wants them to pay for their theft - twice |
It was a real cozy arrangement; Dimon was still a governor of the New York Federal Reserve Bank, where he had served during Geithner’s presidency overseeing the banking meltdown. Geithner had been instrumental in arranging Fed financing for JPMorgan’s acquisition of troubled Bear Stearns through a $55 billion loan and later an additional $25 billion in TARP funds.
Once appointed Treasury secretary, Geithner made himself very accessible to Dimon. As an Associated Press investigation reported, Dimon had numerous personal meetings and phone calls with Geithner while the White House was calibrating its response to the Wall Street crisis.
Why are we not surprised that Obama has done nothing to break up the too-big-to-fail banks, the biggest now being Dimon’s? Don’t be fooled by the occasional fines; the banks have used the interest-free money to grow ever larger and more unaccountable in their behavior.
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"Yeah, we screwed the peasants... and now we're gonna do it again!" |
After the SEC condemnation of JPMorgan’s “egregious breakdowns in controls” and conclusion that “senior management broke a cardinal rule of corporate management” to honestly inform the board of directors, top senior manager Dimon made all the right noises. JPMorgan announced that $4 billion and a staff of 5,000 employees would be devoted to compliance with the law.
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Obama, bank criminals now going after the Social Security, Medicare, Food Stamps of the poor and disabled |
As Donald Langevoort, an expert on compliance issues at Georgetown University School of Law, told The New York Times on Friday, “JPMorgan is by no means unique. None of these big banks really want compliance people causing traders and investment bankers to second-guess themselves too much because that gets in the way of making money. No one will say this, but it’s more effective to run the risk of noncompliance and pay a few fines, which is just a cost of doing business.”
Exactly the reason that too-big-to-fail banks can’t be trusted to do the right thing and why Obama shouldn’t have been guided by Dimon in the first place.
ISH/HJ