Have we heard this one before? Uh, huh. Will it mean any of the top bankers lose their jobs or, perish the thought, end up in jail? Well, I'd give a better chance the Waltons of Wal-Mart give away their entire fortune to their workers to pay for health care and higher wages.
This is happening:
JPMorgan Chase & Co. (JPM) said it faces a U.S. criminal probe into the firm’s foreign-exchange business and increased the upper end of its “reasonably possible losses” related to legal matters.
The lender is cooperating with a criminal investigation by the Department of Justice as well as inquiries by the Commodity Futures Trading Commission and regulators in Britain and elsewhere, the New York-based company said today in its quarterly regulatory filing. Reasonably possible losses could be as much as $5.9 billion, the bank said, an increase of $1.3 billion since the end of June.
This just a few days after the geniuses at the Justice Department discovered that, surprise,
the Wall Street criminal cartel is out breaking laws again.
This is no surprise. There has never been an effort to hold the big fish accountable--the Robert Rubins of the world--for the financial crisis, and, in particular, JP Morgan's Jamie Dimon just skateseven as some understand thatJP Morgan is a one bank crime spree.
And, so, they have rightly concluded: the business of robbing the people must continue.