One of our in-class discussions focused on whether J.P. Morgan and others were guilty of fraud, and were their actions criminal ?
Here is an opinion piece on this subject.
Here is an opinion piece on this subject.
JPMorgan Chase: ‘Incredibly Guilty’
By Richard (RJ) Eskow
An outside observer might be forgiven for thinking JPMorgan Chase isn’t so much a bank as it is a criminal enterprise with a bank attached to it. Even before the London Whale scandal, Chase’s documented list of crimes included repeated fraud, perjury, forgery, bribery, and violations of laws against trading with Iran and Syria.
It also shot a man in Reno just to watch him die.
Okay, that last statement isn’t true. But the rest of the crimes on that list, and a number of others, are well-documented. And yet, remarkably, not a single senior executive at the bank has been indicted – or, to our knowledge, even been the subject of a criminal investigation. The bank just agreed to pay nearly a billion dollars in fines over the “Whale” case. And the SEC finally ending its practice of allowing criminal banks to “neither admit nor deny wrongdoing” when paying for their misdeeds. Chase admitted its guilt as part of the settlement.
