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Pam and Russ Martens: JPMorgan is under a fourth criminal probe following three convictions
By Pam and Russ Martens
Wall Street on Parade
Thursday, February 6, 2020
Yesterday Bloomberg News reporters Tom Schoenberg and Liam Vaughan broke the story that JPMorgan Chase is under a criminal probe by the U.S. Department of Justice over charges of rigging gold, silver, and other precious metals markets. Six traders who worked on the precious metals desk at JPMorgan Chase have been indicted thus far but this is the first report that the bank itself is also under a criminal investigation.
This marks the fourth criminal probe of the bank in the past eight years by the Justice Department, with the bank pleading guilty to three felony counts in two of the prior criminal investigations.
... Dispatch continues below ...
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Throughout this serial crime wave, the Board of Directors of JPMorgan Chase has kept Jamie Dimon in his seat as chairman and CEO. Despite knowing that three of the bank's traders had been charged under the criminal RICO statute and that the investigation could very likely result in criminal charges against the recidivist bank itself, the board recently awarded Dimon a pay package of $31.5 million for last year -- buttressing presidential candidate Bernie Sanders' message that the business model of Wall Street is fraud.
There was a time in America when a criminal probe of the nation's largest bank, which holds $1.6 trillion in the life savings of moms and pops at more than 5,300 bank branches across the country, would have been worthy of a front-page headline. Not today.
Crime and fraud are so de rigueur at the bank led by Dimon that not one major newspaper ran the headline on the front page or anywhere else in the paper.
Corporate media is, in fact, complicit in letting Dimon and his Board off the hook. ...
... For the remainder of the commentary:
https://wallstreetonparade.com/2020/02/jpmorgan-chase-is-under-fourth-cr...
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