crimes of banksters and do this as a public
service for investors. This doesn't mean that
the evidence will be turned over to the
authorities. There are no authorities. not
even a f%&8kin' scarecrow.
This is what makes this revelation such an
Orwellian-world-first.
enjoy some naked capitalism:
checkit: Naked
capitalism
David
Dayen: Out of Control – New Report Exposes JPMorgan Chase as Mostly a Criminal Enterprise
By
David Dayen, a lapsed blogger, now a freelance writer based in Los Angeles, CA.
Follow him on Twitter @ddayen
…
As
an excellent preview for the Friday fireworks, I urge you to read an
astonishing new report, which I’ve
embedded below, from analyst Josh Rosner of Graham-Fisher and Co. The best
way to describe the report, “JPM – Out
of Control,” is that it reads like a rap sheet. Notably, Rosner takes mortgage abuses almost entirely out
of the equation, and yet still manages to fill a 45-page report with documented case after documented case of
serious fraud and abuse, most of which JPM has already admitted to (at
least in the sense of reaching a settlement; given out captured regulatory
structure the end result is invariably a settlement with the “neither admit nor
deny wrongdoing” boilerplate appended). Rosner writes, “we could not find another
‘systemically important’ domestic bank that has recently been subject to as
many public, non-mortgage related, regulatory actions or consent orders.”
…[THE RAP SHEET]
Bank
Secrecy Act violations;
Money
laundering for drug cartels;
Violations
of sanction orders against Cuba,
Iran, Sudan, and
former Liberian strongman Charles Taylor;
Violations
related to the Vatican Bank scandal (get on this, Pope Francis!);
Violations
of the Commodities Exchange Act;
Failure
to segregate customer funds (including one CFTC case where the bank failed to
segregate $725 million of its own money from a $9.6 billion account) in the US and UK;
Knowingly
executing fictitious trades where the customer, with full knowledge of the
bank, was on both sides of the deal;
Various
SEC enforcement actions for misrepresentations of CDOs and mortgage-backed
securities;
The
AG settlement on foreclosure fraud;
The
OCC settlement on foreclosure fraud;
Violations
of the Servicemembers Civil Relief Act;
Illegal
flood insurance commissions;
Fraudulent
sale of unregistered securities;
Auto-finance
ripoffs;
Illegal
increases of overdraft penalties;
Violations
of federal ERISA laws as well as those of the state of New York;
Municipal
bond market manipulations and acts of bid-rigging, including violations of the
Sherman Anti-Trust Act;
Filing
of unverified affidavits for credit card debt collections (“as a result of
internal control failures that sound eerily similar to the industry’s mortgage
servicing failures and foreclosure abuses”);
Energy
market manipulation that triggered FERC lawsuits;
“Artificial
market making” at Japanese affiliates;
Shifting
trading losses on a currency trade to a customer account;
Fraudulent
sales of derivatives to the city of Milan,
Italy;
Obstruction
of justice (including refusing the release of documents in the Bernie Madoff
case as well as the case of Peregrine Financial).
...
