Sep 30, 2013
JPMorgan Chase (JPMC) sent its top three executives to the White House on September 26 to cop a plea and swing a deal. Morgan wants to pay MORE THAN TEN BILLION DOLLARS to get out of several state and federal criminal charges against it and its executives.
JPMC is one of the very biggest of the “too-big-to-fail” banks. The banks sucked millions of people into fraudulent mortgages, then foreclosed on them as the banks’ debt pyramid collapsed. The entire economy is still stuck in the ruins.
If JPMC wants to pay more than ten billion dollars up front, it must see that amount as a very good deal. That could only mean that the actual size of its frauds, and the extent of its crimes, are beyond imagination. And it’s not at all the only bank involved!