Matt Taibbi from errrr Rolling Stone Magazine details JP Morgan Chase unbelievable amount of fines.

[trumad]

Yeah I know---Rolling stone only writes about crappy music.

• They were fined $153 million for the infamous "Magnetar" fund case, another scam in which a bank allowed a hedge fund to create a "born-to-lose" mortgage portfolio to bet against. Very similar to the Abacus case that's at the heart of the ongoing "Fabulous Fab" trial;

• Chase paid $228 million for its role in the egregious municipal bond bid-rigging case we wrote about in Rolling Stone in 2011;

• Chase paid $297 million to the SEC last November for fraud involving mortgage-backed securities;

• Chase paid $75 million in cash and generously agreed to forego $647 million in fines in the Jefferson County, Alabama mess, in which a small-town pol was bribed into green-lighting a series of deadly swap deals;

• In two separate orders this spring, Chase was reprimanded by the OCC and the Fed for money-laundering behaviors similar to the infamous HSBC case, and also for regulatory failures and fraud in the London Whale episode. There was a separate FBI investigation into the London Whale probe in which they allegedly lied to customers and investors about the loss;

• They're under investigation for allegedly failing to disclose Bernie Madoff's trading activities to authorities;

• They were one of 13 banks asked to pay up in this year's $9.3 billion robosigning settlement;

• They were one of four banks last year to settle for a total of $394 million with the OCC for improper mortgage servicing practices;

• They were ordered by the CFTC to pay $20 million last year for improper segregation of customer funds (this was part of the Lehman investigation). The CFTC also fined Chase $600,000 last year for violating position limits in the cotton markets;

• Last year, Chase paid a $45 million settlement to the federal government for improperly racking up fees for veterans in mortgage refinancings. Hey, if you're going to steal from everyone, you can't leave out those veterans overseas!

• In 2010, Chase paid $25 million to the state of Florida for selling unregistered bonds to a state-run municipal money-market fund;

• The bank last year was convicted in Europe along with several other banks for fraudulent sales of derivatives to the city of Milan. A total of about $120 million was seized from Chase and three other banks.


Read more: http://www.rollingstone.com/politics/blogs/taibblog/chase-once-considered-the-good-bank-is-about-to-pay-another-massive-settlement-20130718#ixzz2ZRB2dEgO

[msongs]

1. if it was any of us doing this stuff, we'd be put away for life nt

[Bluenorthwest]

2. But Rolling Stone is a 'celebrity glorification rag' much like Teen Beat or People!!!!

They have NEVER done any serious journalism, I read it on DU so you know it is true.

[GeorgeGist]

3. Man of Fortune ...

[onethatcares]

4. organized crime with

Last edited Thu Jul 18, 2013, 07:15 PM - Edit history (1)

clean shaven people in nice suits.

and

They are everywhere.

If the fines are just the cost of doing business, then no one should go to jail for stealing a loaf of bread.