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Guardian Comment by greyridge on JP Morgan
http://discussion.theguardian.com/comment-permalink/27144205
Here’s Josh Rosner’s rap sheet of 23 laws broken by JP Morgan, excluding the London Whale trade. Why aren’t people going to jail for this?
1 Bank Secrecy Act violations;
2 Money laundering for drug cartels;
3 Violations of sanction orders against Cuba, Iran, Sudan, and former Liberian strongman Charles Taylor;
4 Violations related to the Vatican Bank scandal (get on this, Pope Francis!);
5 Violations of the Commodities Exchange Act;
6 Failure to segregate customer funds (including one CFTC case where the bank failed to segregate $725 million of its own money from a $9.6 billion account) in the US and UK;
7 Knowingly executing fictitious trades where the customer, with full knowledge of the bank, was on both sides of the deal;
8 Various SEC enforcement actions for misrepresentations of CDOs and mortgage-backed securities;
9 The AG settlement on foreclosure fraud;
10 The OCC settlement on foreclosure fraud;
11 Violations of the Servicemembers Civil Relief Act;
12 Illegal flood insurance commissions;
13Fraudulent sale of unregistered securities;
14 Auto-finance ripoffs;
15 Illegal increases of overdraft penalties;
16 Violations of federal ERISA laws as well as those of the state of New York;
17 Municipal bond market manipulations and acts of bid-rigging, including violations of the Sherman Anti-Trust Act;
18 Filing of unverified affidavits for credit card debt collections (“as a result of internal control failures that sound eerily similar to the industry’s mortgage servicing failures and foreclosure abuses”);
19 Energy market manipulation that triggered FERC lawsuits;
20 “Artificial market making” at Japanese affiliates;
21 Shifting trading losses on a currency trade to a customer account;
22 Fraudulent sales of derivatives to the city of Milan, Italy;
23 Obstruction of justice (including refusing the release of documents in the Bernie Madoff case as well as the case of Peregrine Financial).
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