JP Morgan’s Frauds are Epic, Unprecedented in World History - William Black (Click on this heading to read more)
William Black is both a Professor of Law and Economics. He has a wealth of opinions on the politics of spying and Wall Street crime.
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Professor Black is a former financial regulator and an expert in white collar crime. What does the Professor think about the trouble JP Morgan Chase has been in over things such as the so-called London Whale trading losses, the selling of tainted mortgage bonds and being a conduit for convicted fraudster Bernie Madoff? Just these three legal debacles alone have cost the bank nearly $23 billion in fines, restitution and trading losses in the last year.
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Professor Black says, “CEO Jamie Dimon has presided over the largest financial crime spree in world history. . . . It depends on how you count it, but it is more than a dozen, and more in the range of 15 major felonies that either the United States investigators have found, state investigators have found or foreign governments have found.” The Professor goes on to say, “JP Morgan’s frauds are epic in scale, unprecedented in world history. . . in these $23 billion we’re talking about, these are frauds that made Jamie Dimon and other senior officers incredibly wealthy by creating fictional income that led to very real bonuses.”
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Professor Black is a former financial regulator and an expert in white collar crime. What does the Professor think about the trouble JP Morgan Chase has been in over things such as the so-called London Whale trading losses, the selling of tainted mortgage bonds and being a conduit for convicted fraudster Bernie Madoff? Just these three legal debacles alone have cost the bank nearly $23 billion in fines, restitution and trading losses in the last year.
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Professor Black says, “CEO Jamie Dimon has presided over the largest financial crime spree in world history. . . . It depends on how you count it, but it is more than a dozen, and more in the range of 15 major felonies that either the United States investigators have found, state investigators have found or foreign governments have found.” The Professor goes on to say, “JP Morgan’s frauds are epic in scale, unprecedented in world history. . . in these $23 billion we’re talking about, these are frauds that made Jamie Dimon and other senior officers incredibly wealthy by creating fictional income that led to very real bonuses.”
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