Search Results for: jpmc

JPMorgan Chase Has a Pattern of Criminality; Now Wall Street Is Pointing to the Bank as a Cause of the Fed’s Emergency Loans

Jamie Dimon, Chairman and CEO of JPMorgan Chase

By Pam Martens and Russ Martens: October 2, 2019 ~ Two notable things happened on Monday, September 16, 2019. Rates started to spike in the overnight loan (repo) market, reaching a high of 10 percent the next day and forcing the Federal Reserve to step in as a lender of last resort for the first time since the financial crisis. The Fed has had to intervene every business day since then with overnight loans, funneling hundreds of billions of dollars to its primary dealers, while also providing $150 billion in 14-day term loans to unnamed banks. The other notable thing to occur on September 16 was this: The largest bank in the United States, JPMorgan Chase, had its precious metals desk charged by the U.S. Department of Justice with being a criminal enterprise for approximately eight years as it rigged the prices of gold, silver and other precious metals. The … Continue reading

Will Jamie Dimon Finally Lose His Job Over Racketeering Charges?

By Pam Martens and Russ Martens: September 17, 2019 ~ Yesterday, three traders at JPMorgan Chase, the bank headed by Jamie Dimon, got smacked with the same kind of criminal felony charge that was used to indict members of the Gambino crime family in 2017. The charge is racketeering and falls under the Racketeer Influenced and Corrupt Organizations Act or RICO. According to the Justice Department, the traders engaged in a pattern of rigging the gold, silver and other precious metals markets from approximately May 2008 to August 2016. One of the traders, Michael Nowak, was actually a Managing Director at the bank and the head of its Global Precious Metals Desk. The other two traders are Gregg Smith and Christopher Jordan. RICO is typically used to indict mobsters – which makes its use against employees of the largest bank in America a very disquieting event. But even more disquieting … Continue reading

Jeffrey Epstein’s Death Adds to the JPMorgan Body Count

Jes Staley

By Pam Martens and Russ Martens: August 12, 2019 ~ Jeffrey Epstein, the accused pedophile and sex trafficker of underage women to powerful men around the world according to allegations in court documents, was found dead in his jail cell at the Metropolitan Correctional Center in Manhattan on Saturday morning. The Justice Department is reporting the death as a suicide, despite the fact that Epstein should have been monitored by police around the clock because of an earlier attack or attempted suicide just weeks before in his jail cell. Epstein had close ties to JPMorgan Chase. He now joins a dizzying roster of suspicious deaths connected to JPMorgan Chase – particularly among its technology executives, who allegedly jumped to their death from JPMorgan buildings; died in two separate cases of murder-suicides in seven months; died of alcohol poisoning or, in the most recent case of Doug Carucci in March of … Continue reading

The Fed’s Glue-Sniffing Announcement Yesterday Involving JPMorgan Chase

Jamie Dimon, Chairman and CEO, JPMorgan Chase

By Pam Martens and Russ Martens: June 7, 2019 ~  Federal Reserve inspectors appear to be on some kind of mind-altering drug or their superiors are simply taking their marching orders from Wall Street cronies in the Trump Administration. Yesterday the Fed released a terse 104-word statement indicating that the largest and serially charged bank in the U.S., JPMorgan Chase, had shown “evidence of substantial improvements” in its “risk-management program and internal audit functions” and the Fed was therefore removing the dog collar it had put on the bank in January 2013. (JPMorgan Chase had been required to provide written progress reports to the New York Fed in 2013 until further notice – which became six years.) The Fed’s actions in 2013 stemmed from JPMorgan Chase secretly gambling with depositors’ money in exotic derivatives in London and losing at least $6.2 billion of those funds. The incident became infamously known … Continue reading

Research Study on Ongoing Crime Spree by Wall Street Mega Banks Gets News Blackout: Here’s Why

By Pam Martens and Russ Martens: April 12, 2019 ~ One day before Democrats on the House Financial Services Committee held an historic grilling of the CEOs of the mega banks on Wall Street, the nonprofit watchdog, Better Markets, released an in-depth research report on “Wall Street’s Six Biggest Bailed-Out Banks: Their RAP Sheets & Their Ongoing Crime Spree.” The report detailed facts, figures and this inescapable conclusion: “[Six Wall Street mega banks] have engaged in—and continue to engage in—a crime spree that spans the violation of almost every law and rule imaginable. Taking the breadth and depth of their illegal conduct as a whole, the six biggest banks in the country look like criminal enterprises with RAP sheets that would make most career criminals green with envy. That was the case not just before the 2008 crash, but also during and after the crash and their lifesaving bailouts…In fact, … Continue reading

Tough Questioning Turns Jamie Dimon into a Piñata at House Hearing

Katie Porter

By Pam Martens and Russ Martens: April 11, 2019 ~ What a difference a day makes. On April 9, the day before JPMorgan Chase CEO Jamie Dimon was to testify at a House Financial Services Committee hearing along with six of his fellow mega bank CEOs, his legions of publicists and handlers still thought there might be a presidential run in his future. Today, not so much. You know just how torturous the day was for Dimon when the worst part wasn’t his being forced to admit that his bank previously accepted African-American slaves as collateral for loans. That line of questioning came from Congressman Al Green of Texas. Green said that his ancestors were slaves and asked Dimon if it was true that JPMorgan Chase had released information in 2005 “indicating that it directly benefited from slavery” and had made loans using slaves as collateral. Dimon said he believed … Continue reading

Bloomberg News Bashes Wells Fargo While Canonizing JPMorgan Chase’s CEO Jamie Dimon, Despite 3 Felony Counts at His Bank

By Pam Martens and Russ Martens: April 3, 2019 ~ Since March 9 of last year, Bloomberg News has published over 80 negative articles on the mega bank Wells Fargo. Some of the more recent headlines are: Wells Fargo CEO Abruptly Steps Down, Succumbing to Scandals; Wells Fargo’s CEO Disputes Claim His Bank Is Too Big to Manage; Elizabeth Warren on Wells Fargo CEO’s Departure: ‘About Damn Time’. Judging by the reporting, one would think that Wells Fargo is either the most dangerous U.S. mega bank or the most criminal. But according to Federal regulators, that distinction goes to JPMorgan Chase. But oddly enough, Jamie Dimon, the Chairman and CEO of JPMorgan Chase, has been canonized by Bloomberg News for years, effectively endorsing him as the all-wise and customer-focused oracle of Wall Street. Wells Fargo has not been charged with a criminal felony count. Jamie Dimon, on the other hand, has … Continue reading

How Did JPMorgan Reverse an Arrest Warrant for its Mexico Bank Chief?

JPMorgan Chase Building

By Pam Martens and Russ Martens: June 15, 2018 ~  On Monday Reuters reported that “a judge in Mexico has issued an arrest warrant for the country head of U.S. investment bank JPMorgan for alleged fraud….” Details about the arrest warrant were provided the same day in a lawsuit filed in the Federal District Court for the Southern District of New York. The lawsuit explained that “…a prosecutor has conducted a criminal investigation into fraud by J.P. Morgan. Based on the preliminary evidence collected, the prosecutor recently (in June 2018) requested that a judge detain Eduardo Cepeda, the chairman of the board and chief executive officer of Defendant’s Mexican unit, and former J.P. Morgan managing director Miguel Barbosa. Upon review of the evidence presented by the prosecutor, a criminal court judge has found the elements of felony fraud in the amount of $100 million, and issued a detention order for … Continue reading

JPMorgan’s Most Admired Bank Award: General Public Had No Say

By Pam Martens and Russ Martens: January 29, 2018 Someone really needs to send the good folks at Fortune Magazine a heads up that naming a bank that has admitted to three criminal felony counts in 2014-15 and lost more than $6 billion gambling with its depositors’ money does not have the makings for a most-admired anything, unless possibly most-admired for dodging jail time. JPMorgan Chase has decided to spin the award as follows on its website: “JPMorgan Chase was given the top industry ranking the second year in a row on Fortune magazine’s list of ‘The World’s Most Admired Companies of 2018.’ Fortune also ranked the firm as the tenth most-admired company in the world.” One might suspect from the above that the industry in which JPMorgan Chase was ranked was the overall financial services industry or overall banking industry. But it wasn’t. JPMorgan Chase achieved its top award … Continue reading

Jamie Dimon Knows a Fraud When He Sees It – Outside of His Bank

By Pam Martens and Russ Martens: September 13, 2017 Jamie Dimon became Chief Executive Officer of JPMorgan Chase on December 31, 2005. An inordinate amount of frauds have been perpetrated inside his bank since that time, none of which the eagle-eyed Dimon spotted. But Dimon says he knows a fraud when he sees one outside of his bank. Yesterday, he took on the cryptocurrency known as Bitcoin, calling it a fraud. At a banking conference on Tuesday, Dimon said that “Bitcoin will eventually blow up. It’s a fraud. It’s worse than tulip bulbs and won’t end well.” We’re not saying Dimon is wrong about Bitcoin. In fact, more than three years ago Wall Street On Parade compared Bitcoin to the tulip bulb bubble and explained in crystal clear terms how it differs from a real currency, such as the U.S. dollar. But we are saying that Dimon’s super sleuth nose … Continue reading