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View Diary: Already In Deep Hot Water, JPMorgan Chase May Have Just Reached Its Boiling Point (Part I of II) (181 comments)

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  •  On this article all should read (4+ / 0-)
    Recommended by:
    ozsea1, katiec, greenearth, KJG52

    Banks have been caught 51 times doing the thing they said in previous agreements they'd never do again. And boy, are their wrists stinging! They are getting crates and crates of the rarest wines flown in from Paris to help them deal with their pain.

    Charles Ferguson's article, culled from his new book "Predator Nation"

    How Financial Criminalization Crashed the Economy, and the Culprits Got Off Scot-Free
    It is important to understand that this behavior really is seriously criminal. We are not talking about neglecting some bureaucratic formality. We are talking about deliberate concealment of financial transactions that aided terrorism, nuclear weapons proliferation, and large-scale tax evasion; assisting in concealment of criminal assets and activities by others; and directly committing frauds that substantially worsened the worst financial bubbles and crises since the Depression.

    None of this conduct was punished in any significant way. On November 7, 2011, the New York Times published an article based on its own review of major banks' settlements of SEC lawsuits since 1996. The Times' analysis found fifty-one cases in which major banks had settled cases involving securities fraud, after having previously been caught violating the same law, and then promising the SEC not to do so again. The Times' list, furthermore, covered only SEC securities fraud cases; it did not include any criminal cases, private lawsuits by victims, cases filed by state attorneys general, or any cases of bribery, money laundering, tax evasion, or illegal asset concealment -- all areas in which the banks have numerous and major violations.


    The Internet is just the tail of the Corporate Media dog.

    by Jim P on Thu May 24, 2012 at 10:57:31 AM PDT

    [ Parent ]

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