Visitors Now:
Total Visits:
Total Stories:
Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

JP Morgan Behind Madoff Ponzi Scheme? Pays $2 Billion to Avoid Investigation and Prosecution

Monday, January 6, 2014 16:17
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Bernie Madoff has said all along that JP Morgan knew about – and knowingly profited from – his Ponzi schemes.

So JP Morgan has agreed to pay the government $2 billion to avoid investigation and prosecution.

While this may sound like a lot of money, it is spare sofa change for a big bank like JP Morgan.

It’s not just the Madoff scheme.

As shown below, the big banks – including JP Morgan – are manipulating virtually every market – both in the financial sector and the real economy – and breaking virtually every law on the books.

Here are just some of the recent improprieties by big banks:

  • Engaging in mafia-style big-rigging fraud against local governments. See this, this and this
  • Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here, here, here, here, here, here, here and here
  • Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car
  • Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing
  • Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this
  • Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this
  • Bribing and bullying ratings agencies to inflate ratings on their risky investments

The executives of the big banks invariably pretend that the hanky-panky was only committed by a couple of low-level rogue employees. But studies show that most of the fraud is committed by management.

Indeed, one of the world’s top fraud experts – professor of law and economics, and former senior S&L regulator Bill Black – says that most financial fraud is “control fraud”, where the people who own the banks are the ones who implement systemic fraud. See this, this and this.

The failure to go after Wall Street executives for criminal fraud is the core cause of our sick economy.

And experts say that all of the government’s excuses for failure to prosecute the individuals at the big Wall Street banks who committed fraud are totally bogus.

The big picture is simple:

  • The big banks manipulate every market they touch
  • The government has given the banks huge subsidies … which they are using for speculation and other things which don’t help the economy. In other words, propping up the big banks by throwing money at them doesn’t help the economy

Disclaimer: The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible for any inaccurate or incorrect statement in this article. The Center of Research on Globalization grants permission to cross-post original Global Research articles on community internet sites as long as the text & title are not modified. The source and the author’s copyright must be displayed. For publication of Global Research articles in print or other forms including commercial internet sites, contact: [email protected]

www.globalresearch.ca contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the
copyright owner.

For media inquiries: [email protected]

Source: Global Research



Source: http://rinf.com/alt-news/breaking-news/jp-morgan-behind-madoff-ponzi-scheme-pays-2-billion-to-avoid-investigation-and-prosecution/

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.