Share on Google Plus Share on Twitter Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 1 (1 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   1 comment

OpEdNews Op Eds

10 Things We Learned (or Re-Learned) In Chase's Latest Fraud Deal

By (about the author)     Permalink       (Page 3 of 3 pages)
Related Topic(s): ; ; ; , Add Tags Add to My Group(s)

Well Said 2   Must Read 1   News 1  
View Ratings | Rate It

opednews.com Headlined to H3 11/27/13

What's more, most of the settlement will be tax-deductible. Among other things, that means that this deal will deprive the government of funds that are needed for a variety of purposes -- including helping the victims of Wall Street fraud.

6. The critics were right.

For years the banking industry and its media defenders have lectured the rest of us, telling us that criticism of Wall Street is unfair, unjust, and tars even the best of the big bankers with the same brush. They always pointed to JPMorgan Chase as the example which proves that not all of America's megabanks are morally bankrupt.

They can't say that anymore.

In 2011 Jamie Dimon had some choice words for the Occupy movement. "Acting like everyone who's been successful is bad and that everyone who is rich is bad," he said. ...

Not everybody, Jamie. Just people like you and your colleagues.

7. Jamie Dimon says bankers should "keep to a higher standard." Now  he tells us.

In the wake of yet another brewing JPM scandal over the manipulation of LIBOR rates, Dimon reportedly told his staff that "We all need to keep a higher standard."

"Don't exaggerate, don't ruminate, don't bulls**t," Dimon reportedly told his employees. He did not  add the words, "That's my job."

9. Once again, the criminals are paying the fine with other people's money.

The fraudsters -- and the senior executives who are responsible for keeping their corporation crime-free -- won't be paying this settlement, any more than they've paid for any of the many fines and settlements that preceded it.

The money will come from shareholders, many of whom were also deceived about the nature and extent of the bank's fraud.

You could teach it as Criminal Justice for Schoolkids: If you steal something and don't have to give it back when you're caught, you'll keep right on stealing. That's something even a first grader can understand, although it's called "deterrence" in professional circles.

10. Nobody's going to jail.

And speaking of deterrence:

Until a senior bank executive goes to prison, as more than 800 did after the much smaller savings and loan scandal, things aren't likely to change very much -- at JPMorgan Chase or any other big bank.

Next Page  1  |  2  |  3

 

http://www.huffingtonpost.com/rj-eskow/the-dumbest-bipartisa

Host of 'The Breakdown,' Writer, and Senior Fellow, Campaign for America's Future

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles
Related Topic(s): ; ; ; , Add Tags

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

How to Fix the Fed: Dismiss Dimon, Boot the Bankers, and Can the Corporations

The Top 12 Political Fallacies of 2012

Pawn: The Real George Zimmerman Story

What America Would Look Like If Libertarians Got Their Way

"F" The Bureaucracy! The White House Can Help Homeowners Right Now

The Price of Evil at JPMorgan Chase

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
1 people are discussing this page, with 1 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

Just to belabor the point...  We keep saying ... by Mark A. Goldman on Thursday, Nov 28, 2013 at 4:58:35 PM