Search Results for: Jamie Dimon

By Pam Martens and Russ Martens: April 4, 2023 ~ The New York Times has been able to fly below the radar in terms of its insufferable ability to muck up the financial system of the United States and then canonize its aiders and abettors with puff pieces. It was none other than the New York Times that repeatedly used its editorial page to advocate for the repeal of the Glass-Steagall Act, which had protected the U.S. financial system from crisis for 66 years until its repeal under the Wall Street friendly Bill Clinton administration in 1999. It took only nine years after its repeal for the U.S. financial system to crash in 2008, requiring the largest public bailout in U.S. history. We’re now in banking crisis and bailout 3.0. The 1933 Glass-Steagall Act was passed by Congress at the height of the Wall Street collapse that began with the 1929 … Continue reading →

By Pam Martens and Russ Martens: March 17, 2023 ~ At 6:33 a.m. this morning, this big, bold headline appeared at the very top of Bloomberg News web page: “How Dimon and Yellen Helped Secure $30 Billion Lifeline for First Republic.” This headline is part of a very long, highly questionable promotion of Jamie Dimon by Bloomberg News as the wunderkind of Wall Street banking. In reality, under Dimon’s tenure as Chairman and CEO, JPMorgan Chase has been on an unprecedented crime spree, including being charged with five felony counts by the U.S. Department of Justice, and his bank is annually ranked by U.S. banking regulators as well as the Basel Committee on Banking Supervision as the riskiest bank on the planet. (See charts at this link at the U.S. Treasury’s Office of Financial Research. Give the page time to load the charts.) This morning’s headline at Bloomberg News was clearly … Continue reading →

By Pam Martens and Russ Martens: March 6, 2023 ~ The Attorney General’s office of the U.S. Virgin Islands (USVI) has filed a First Amended Complaint against JPMorgan Chase that has less redactions than an earlier version. The complaint makes devastating and detailed charges. It charges that the bank sat on a pile of evidence that Jeffrey Epstein was running a child sex trafficking ring as it continued to keep him as a client; accept his lucrative referrals of wealthy clients; and provided him with large sums of cash and wire transfers to pay off victims – one of whom was a “14-year old sex slave.” Attorneys for the bank are now resisting allowing Chairman and CEO Jamie Dimon from being deposed under oath in the matter as to what he knew and when he knew it. The case is USVI v JPMorgan Chase Bank N.A. (22-cv-10904) in U.S. District Court … Continue reading →

By Pam Martens and Russ Martens: October 12, 2022 ~ The last thing that a stockbroker on Wall Street wants to have on his BrokerCheck record is a “Disclosure” item. BrokerCheck is the database maintained by Wall Street’s self-regulator, FINRA, which allows the public to peruse the past history of someone they might be considering doing investment business with on Wall Street. A “Disclosure” item means that a complaint has been brought against you and it describes the nature of the complaint and the status. In our more than three decades of using BrokerCheck, we have never seen a broker still employed with any major Wall Street firm who has listed even one criminal charge, let alone four – until we looked up the BrokerCheck Record for the Chairman and CEO of JPMorgan Chase, Jamie Dimon. Under his individual record, Dimon has listed two pending civil cases, four criminal cases, and … Continue reading →

By Pam Martens and Russ Martens: February 8, 2022 ~ As Wall Street On Parade, two trial lawyers, the U.S. Department of Justice, the Senate’s Permanent Subcommittee on Investigations and one of the bank’s former lawyers have suggested, the largest bank in the United States, JPMorgan Chase, has enshrined crime as a business model. The man ultimately responsible for this business model is Jamie Dimon, the bank’s Chairman and CEO since December 31, 2006. Since 2014, JPMorgan Chase has the unprecedented distinction of admitting to five felony counts brought by the U.S. Department of Justice. In each case, it was given a deferred prosecution agreement and put on probation. (See a sampling of its Rap Sheet here.) Now Dimon and the bank have come into the cross hairs of Senator Sherrod Brown, Chairman of the powerful Senate Banking Committee that oversees the megabanks on Wall Street. Yesterday, Brown and five of … Continue reading →

By Pam Martens and Russ Martens: January 21, 2022 ~ Yesterday’s headline making the rounds was that JPMorgan Chase’s Board had given its Chairman and CEO, Jamie Dimon, a pay raise to $34.5 million for 2021 that was 10 percent more than 2020. That headline provides an instructive lesson in what passes for breaking news today at mainstream media outlets when it comes to Wall Street’s megabanks. The majority of Americans aren’t outraged and demanding that Congress reform Wall Street because mainstream media has overtly decided to keep the public in the dark. The real breaking news is that despite JPMorgan Chase admitting to five criminal felony counts brought by the U.S. Department of Justice over the past 7 years for rigging markets and laundering money for Bernie Madoff, the financial criminal of the century, the Board of JPMorgan Chase has not sacked Dimon, the man who sat at the helm … Continue reading →

By Pam Martens and Russ Martens: December 2, 2021 ~ We can tell you with some confidence what Jamie Dimon, the Chairman and CEO of JPMorgan Chase, is going to be doing at 11:00 a.m. this morning. He’s going to be listening to a teleconference in a federal court case titled Shaquala Williams v JPMorgan Chase & Co. That’s because the outcome of that case will determine if the bank Dimon has helmed through five separate felony counts – all of which received non-prosecution agreements from the Justice Department – will finally be prosecuted for a crime. One might suspect that Kenneth Polite, the man President Biden nominated and the Senate confirmed to head the Criminal Division of the Justice Department in July, might also take an interest in this matter since the plaintiff is alleging that the Justice Department got played by JPMorgan Chase in its 2016 non-prosecution agreement. Unfortunately, … Continue reading →

By Pam Martens and Russ Martens: November 22, 2021 ~ We have been reading lawsuits filed against Wall Street firms in the federal district court in the Southern District of New York for more than three decades. We didn’t think that we could still be shocked by what victims of Wall Street’s abuses tell the court. But the lawsuit filed on November 11 by Shaquala Williams against JPMorgan Chase contains allegations that are both stunning and unprecedented in our experience. Williams is an attorney who formerly worked in compliance at JPMorgan Chase. Part of her role was to make sure that the bank was in compliance with a non-prosecution agreement it had signed with the Justice Department in 2016. The Justice Department had charged in 2016 that JPMorgan’s Asia subsidiary had engaged in quid pro quo agreements with Chinese officials to obtain investment-banking business and had falsified internal documents to cover up … Continue reading →

By Pam Martens and Russ Martens: November 10, 2021 ~ According to Fed Chair Jerome Powell’s daily appointment calendar, he met privately with Jamie Dimon, the Chairman and CEO of JPMorgan Chase, from 3:00 to 3:30 p.m. on Thursday, September 30. JPMorgan Chase is the largest bank in the United States. It is supervised – badly – by the Federal Reserve. Just how bad is that supervision? JPMorgan Chase is the only U.S. bank to have been charged by the Justice Department with five felony counts since 2014 – admitting to all of them. But despite that unfathomable number of felony counts under the same Chairman and CEO, the Board of JPMorgan Chase didn’t sack Dimon. The Federal Reserve didn’t order JPMorgan Chase’s Board to sack Dimon either – not even after the bank was charged with rigging the U.S. Treasury market last year – the market that allows the U.S. … Continue reading →

By Pam Martens and Russ Martens: September 7, 2021 ~ JPMorgan Chase has created its own digital coin called JPM Coin. The bank announced last October that the JPM Coin was being used commercially for the first time by “a large technology client to send payments around the world,” according to reporting at CNBC. According to JPMorgan’s website, the JPM Coin currently represents just U.S. dollars but the bank anticipates that it “will be extended to other major currencies, subject to market demand.” According to the trademark application for JPM Coin that was filed with the U.S. Patent and Trademark Office, the JPM Coin is defined as follows: “Downloadable and recorded software for use in connection with transferring, managing and processing cryptocurrency, digital currency, virtual currency, and digital tokens based on blockchain technology.” JPM Coin runs on the Quorum blockchain, a network the bank developed as a private version of the … Continue reading →