The criminal enterprise of JP Morgan Chase
JPMorgan Chase CEO Jamie Dimon believes the US economy is "fundamentally anti-poor."
"If you live in certain parts of town, if you're white or Hispanic or black, you can pretty much be left behind," Dimon told CNN's Poppy Harlow in a Boss Files interview Monday.
This week, JPMorgan (JPM) announced an initiative to address part of that problem: a five-year, $350 million program to help train workers for the jobs of the future.
A big chunk of that strategy involves helping low-income Americans, including those who have been stigmatized due to criminal records that make it hard for them to find work and keep them cycling in and out of jail.
There is so much hypocrisy here that it is difficult to list all the ways, but I'll take a quick stab at it.
In 2011, JP Morgan was found guilty of foreclosing on the wrong homes and evicting innocent families.
In 2012, JP Morgan was hit with a $5 billion penalty for years worth of what the suit called, “shoddy loan servicing, illegal robo-signing, and faulty foreclosure processing.”
In 2013, ten banks, including JP Morgan Chase, were forced to repay a combined $8.5 billion to defrauded and wrongfully foreclosed homeowners.
JP Morgan Chase specifically targeted poor neighborhoods with predatory loan practices.
JP Morgan Chase then paid the fines for destroying the lives of poor people by paying with phony mortgages.
JPMorgan moved to forgive the mortgages of tens of thousands of homeowners; the feds, in turn, credited these canceled loans against the penalties due under the 2012 and 2013 settlements. But here’s the rub: In many instances, JPMorgan was forgiving loans it no longer owned.
JPMorgan has racked up more than $30 billion in penalties and related obligations since the 2008 financial crisis for it's criminal behavior against poor people. JPM was fined twice in the last two years discriminating against African-American and Hispanic borrowers.
JP Morgan Chase has also led the flight from poor neighborhoods.
In the 13 months through January, JPMorgan has applied to open 185 new branches, with 71 percent of them in more affluent areas. The bank in that time has given notice to regulators of its intention to shut 187 branches. About half of those are in neighborhoods where household income is below the national median of $60,336, according to a Bloomberg analysis of regulatory and U.S. Census data.
Under Jamie Dimon, the Wall Street bank has received an unprecedented three felony counts in the past five years, to which it pleaded guilty. So Dimon should know something about being stigmatized due to a criminal record.
This list barely even scratches the surface of JPM's criminal misdeeds.
For instance, JPM targeted military veterans.
In 2011, the bank paid $35 million to settle claims that it had overcharged members of the military on their mortgages. The very next year, it paid the government $659 million in a settlement for overcharging veterans hidden fees in mortgage refinancing transactions.
I could go on but you get the drift.
Or do you?
You see, JPM executives tend to have a very peculiar tendency to fall from tall buildings.
News reports on the bizarre deaths began with Gabriel Magee, a JPMorgan Vice President who worked in computer infrastructure. Magee, 39, is alleged to have leaped from the rooftop of the 33-story JPMorgan European headquarters building at 25 Bank Street on the evening of January 27, 2014... But after an official inquest, no eyewitnesses could be produced who had actually seen Magee jump. The coroner ruled that Magee’s death was a suicide.
Also in February 2014 came news reports that JPMorgan Executive Director, Ryan Crane, age 37, had died suddenly at his home in Stamford, Connecticut on February 3, 2014...
One month after Crane’s death, on March 12, 2014, yet another alleged building leap occurred, this time in Manhattan by a former JPMorgan analyst, Kenneth Bellando, age 28. Bellando’s body was discovered outside his six-story apartment building on the East Side of Manhattan, by no means a height reliably sufficient to ensure a death outcome.Bellando was the brother of John Bellando, a JPMorgan employee who had figured in the U.S. Senate Permanent Subcommittee on Investigations’ report on how JPMorgan had hid losses and lied to regulators in the London Whale derivatives trading scandal that resulted in depositor losses of at least $6.2 billion in the FDIC-insured bank of JPMorgan Chase.
I'll stop there because, well, you get the idea.
Let me just note that JPMorgan Chase holds tens of billions of dollars of Bank-Owned Life Insurance (BOLI) on its workers. (This death benefit pays tax-free to the corporation, not the employee’s family.)
At what point does a criminal enterprise get so corrupt that you can no longer discount murder of it's employees?
Comments
one more time.....
...... the Gospel according to Mojo Nixon and Skid Roper:
[video:https://youtu.be/bMehSfTmnbY]
"Things are smelling mighty rank; we must be next to a stinkin' BANK!"
"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar
"All power corrupts absolutely!" -- thanatokephaloides
JP taught them well. n/t
Where is that 350 million coming
from? Federal grants?
dfarrah
It’ll be tax deductible ten times over in the end.
I'm tired of this back-slapping "Isn't humanity neat?" bullshit. We're a virus with shoes, okay? That's all we are. - Bill Hicks
Politics is the entertainment branch of industry. - Frank Zappa
Making them eligible
Yeah, banks just don't wake up
dfarrah
The long term deal is most devious
1- Clinton deregulated the banks.
2- Bush did nothing as the economy collapsed.
3- Obama bailed out the banks, but did nothing to stop them from committing more fraud by taking homes illegally. Then the administration asked the banks to start buying those homes at reduced rates. Blackstone and other financial institutions did just that which has taken millions of homes off the market.
4- Trump has further deregulated banks and gave them and others in their ilk massive tax cuts as the country moves deeper into massive wealth inequality.
Millennials are having a hard time finding affordable homes to buy and rents are going up and up whilst bezel added more than $50 billion to his nest last year.
Of course other administrations did their part in matching the country towards a oligarchy which we have been for some time.
But cheer up. We still have our social programs for the poor and social security and Medicare right? For now...
Man are these buggers patient.
Was Humpty Dumpty pushed?
Follow the money, way back. No, farther back.
Well, apparently the Rockefellers, along with the Bushes, the Dulleses, you know, the usual crowd, made a huge chunk of change laundering the fortunes of the Thyssen Family, one of the biggest fortunes in Nazi Germany.
So you'll have to dig deep to find the right name to call these SOBs.
a five-year, $350 million
Of the future...
So whatever hasn't been automated or won't be automated?