The funniest part of that is people thinking that "huge, unprecedented fine" will matter to JPM. They are getting BILLIONS from taxpayers at 0 interest rate. 920 Million is a meaningless exchange of numbers between the Fed and JPM.
". . . the words “deficiencies” and “audit” are not two words that one wants to read in the same sentence pertaining to any Wall Street bank. But they are particularly frightening when it comes to the largest bank in the United States that has racked up an unprecedented five criminal felony counts – to which it admitted guilt – in the past six years. That’s five more felony counts than the bank racked up in the prior 100 years of its existence."
Repetition of ignorance is ignorance raised to the power two.
@dpoole said:
No one goes to jail. What's the disincentive?
The current penalty system is a cash cow for the government. Put somebody in jail and the cow gets scared and disappears. To the banks current system is a cost of doing business. Besides, it comes out of the shareholders' pockets - yet they continue to let Jamie Dimon run the show. Shareholders obviously also view it as just a cost of doing business. Kinda like the "protection" racket.
Repetition of ignorance is ignorance raised to the power two.
Comments
What the $920 million JPM fine means for the future of gold and silver
Will JPM now sit on its hands and allow prices to soar?
Repetition of ignorance is ignorance raised to the power two.
Its like the Trump/Biden debate bnetwee> @derryb said:
The funniest part of that is people thinking that "huge, unprecedented fine" will matter to JPM. They are getting BILLIONS from taxpayers at 0 interest rate. 920 Million is a meaningless exchange of numbers between the Fed and JPM.
Loves me some shiny!
This is what happens when the Department of Justice hands out endless "Get Out of Jail Free" cards:
JPMorgan Chase Is Under a New Federal Investigation, One Month After Getting Slapped with Its 4th and 5th Criminal Felony Count
". . . the words “deficiencies” and “audit” are not two words that one wants to read in the same sentence pertaining to any Wall Street bank. But they are particularly frightening when it comes to the largest bank in the United States that has racked up an unprecedented five criminal felony counts – to which it admitted guilt – in the past six years. That’s five more felony counts than the bank racked up in the prior 100 years of its existence."
Repetition of ignorance is ignorance raised to the power two.
No one goes to jail. What's the disincentive?
Here's a warning parable for coin collectors...
The current penalty system is a cash cow for the government. Put somebody in jail and the cow gets scared and disappears. To the banks current system is a cost of doing business. Besides, it comes out of the shareholders' pockets - yet they continue to let Jamie Dimon run the show. Shareholders obviously also view it as just a cost of doing business. Kinda like the "protection" racket.
Repetition of ignorance is ignorance raised to the power two.