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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:
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:
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Source: Global Research