JPMorgan is almost finished paying off the rich people it screwed in the run-up to the 2008 financial crisis. As for the poor? Well, not so much.
The Too Big To Fail & Jail bank to pay a $2.385 billion civil monetary penalty, make $875 million in cash payments, provide $1.8 billion in consumer relief.
JPMorgan will pay one massive fine for a conflict of interest over its money management firms, and another to settle a lawsuit over the London “fail whale.”
JPMorgan is already under investigation for violating the Foreign Corrupt Practices Act (FCPA), but the WSJ claims there are further crimes.
On Tuesday, WSJ reported JPMorgan and RBS are facing criminal probes for selling fraudulent mortgage-backed securities that led to the 08 crash.
Last Friday, JPMorgan successfully got a whistleblower lawsuit from former VP Jennifer Sharkey tossed out of federal court.
On August 18, the SEC announced that the Bank of New York Mellon Corporation (BNY Mellon) agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA), when the bank gave out highly sought-after student internships to the relatives of foreign government officials in
Fraudulent paperwork, cheated counterparties, robosigning — no it’s not the housing crisis again. This time the crimes are related to the Too Big To Fail/Jail banks’ conduct with credit cards. Both JPMorgan and Citigroup have now reached settlements with the government related to their criminal credit card practices.