Thursday, March 21, 2013

Richard (RJ) Eskow: The Price of Evil at JPMorgan Chase

$16 billion.

That's how much JPMorgan Chase has paid in fines, settlements and other litigation expenses in the last four years alone.

More than half of that amount, $8.5 billion, was paid out in fines and settlements as the result of illegal actions taken by bank executives.

$8.5 billion is almost 12 percent of the net income the mega-bank brought in during the same period.

Crime Pays
Life is still good for Dimon and some of the other senior executives at JPMorgan Chase: Shareholders can't -- or won't -- fire them. The government won't prosecute them. Taxpayers are helping them get rich. And every day their institution becomes bigger and more powerful. Sure, all that power doesn't come cheap, but they've found other peoplewilling to pay the price ...
$16 billion and counting.

The price of evil may be high at JPMorgan Chase, but the malefactors who actually committed the wrongdoing aren't paying it. Wrongdoing and incompetence may be expensive. But for executives at JPMorgan Chase and our other too-big-to fail banks, it's also surprisingly affordable.
 Read the entire article at :      Richard (RJ) Eskow: The Price of Evil at JPMorgan Chase

Further reading:
Senators Roast JPMorgan Chase. Are The Winds Shifting For Diamond Jamie?
Is JPMorgan Chase the Scandal of Our Time?
Who Was 2010's Worst Corporate Outlaw?
Young Americans: Syracuse Students Reject Jamie Dimon
"Jamie Didn't Know"
Diamond Jamie: Corporate Crime Watch
10 Reasons to Be Suspicious About Facebook's IPO fiasco
The Case Against Jamie Dimon: Oligopoly, Pain, and Systemic Risk in Five Slides
Why AIG's CEO and Jamie Dimon Don't Give a Damn What You Think 

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