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Pam and Russ Martens: JPMorgan Chase is bigger than all other U.S. banks combined
Doesn't that make JPMorgan Chase pretty much the government?
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OCC Says JPMorgan Chase Has $29.1 Trillion of Custody Assets; That's $8 Trillion More than the Assets of All Banks in the U.S.
By Pam and Russ Martens
Wall Street on Parade
Friday, November 4, 2020
On Nov. 24 the Office of the Comptroller of the Currency fined JPMorgan Chase $250 million for wrongdoing that was apparently too deplorable to be spoken out loud to the public. The specific details were cloaked in this phrase: "failure to maintain adequate internal controls and internal audit over its fiduciary business."
We went to the OCC's consent order connected to the fine to see if there were the typical smoking-gun internal emails or at least some clue as to what the actual illegal activity was. There were no clues, just more obfuscation. What we did see, however, was a dollar figure that popped our eyes wide open.
... Dispatch continues below ...
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The OCC consent order said this:
"The bank maintains one of the world's largest and most complex fiduciary businesses with total fiduciary and related assets of $29.1 trillion, including $1.3 trillion in fiduciary assets and $27.8 trillion of non-fiduciary custody assets."
To put that $29.1 trillion into the proper perspective, the Federal Deposit Insurance Corp. is reporting that as of Nov. 30 there were a total of 5,031 federally-insured banks and savings associations in the United States. The amount of assets held by all 5,031 of these financial institutions was $21 trillion -- $8 trillion less than JPMorgan Chase has in custody assets. ...
... For the remainder of the report:
https://wallstreetonparade.com/2020/12/occ-says-jpmorgan-chase-has-29-1-...
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