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Pam and Russ Martens: JPMorgan paid $1 billion in legal expenses in last six months ...
... and is still battling hundreds of charges and legal actions on three continents
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By Pam and Russ Martens
Wall Street on Parade
Friday, October 20, 2023
At some point federal regulators, the Senate Banking Committee, and the criminal division of the U.S. Department of Justice are going to reach the same conclusion that Wall Street On Parade reached quite some time ago: JPMorgan Chase is a criminal enterprise in drag as a federally-insured bank.
JPMorgan Chase is the largest U.S. bank, with $3.9 trillion in assets and 4,863 Chase Bank branches sucking in mom-and-pop deposits across the United States.
According to its regulators, it is also the riskiest bank in the United States. And two trial lawyers have written a fact-intensive book describing how the bank resembles the Gambino crime family. The bank's admission to five criminal felony counts since 2015 and spiraling rap sheet would seem to back up that theory.
Now comes the latest revelation in the bank's own 8K filing with the Securities and Exchange Commission last Friday. Somehow in just two quarters -- the span of a meager six months -- this one bank has managed to spend a stunning $1.085 billion on legal expenses.
The bank spent $665 million on legal expenses for the three months ended September 30, 2023, and $420 million for the three months ended June 30, 2023. ...
... For the remainder of the report:
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