JPMorgan CEO Jamie Dimon has now become the target of over 200 investigations, costing $2 billion in legal expenses in just less than two years.
JPMorgan Chase, the largest bank in the United States, has faced numerous legal issues that some critics liken to the operations of a crime family.
Attorneys Helen Davis Chaitman and Lance Gotthoffer even suggested in their book that the bank should be charged under the Racketeer Influenced and Corrupt Organizations Act (RICO), citing a culture of profit-driven misconduct similar to organized crime.
The bank’s Board of Directors, led by Chairman and CEO Jamie Dimon since 2006, has allowed this pattern to continue despite the bank admitting to five criminal felony counts.
After settling two felony counts in 2020, Dimon received a $50 million bonus.
Recently, JPMorgan settled five alleged crimes with the SEC for $151 million, which came just days before a significant presidential election, raising concerns about the timing and transparency of the settlement.
JPMorgan Chase has incurred nearly $2 billion in legal expenses over the past seven quarters, with much of that money going to outside law firms rather than victims.
“According to an 8-K filing with the SEC on October 11, JPMorgan Chase has shelled out a stunning $1.979 billion in legal expenses in the past seven quarters,” reports Wall Street on Parade.
“That breaks down as follows: $1.475 billion in total for the four quarters of 2023 and $504 million in total for the three quarters thus far reported in 2024.
The latest $151 million in fines is not included in those figures since the settlement occurred in the fourth quarter of 2024.”
The bank has faced serious allegations, including its involvement in the activities of Jeffrey Epstein, which led to significant settlements in multiple lawsuits.
For instance, the bank settled one case for $290 million related to Epstein’s victims and another for $75 million with the U.S. Virgin Islands, where evidence suggested JPMorgan aided Epstein’s trafficking activities.
In addition, JPMorgan has engaged in legal maneuvers to deflect responsibility, including suing former executive Jes Staley over the bank’s dealings with Epstein.
The bank’s legal strategy has often involved high-profile law firms that have successfully dismissed cases against it, despite serious allegations of misconduct.
Despite these issues, JPMorgan Chase has maintained a presence on influential committees of the New York Federal Reserve, which raises questions about the bank’s role in establishing best practices for the financial industry.
This situation is particularly notable given the bank’s history of criminal activity, including a felony count for manipulating U.S. Treasury futures contracts.
Overall, JPMorgan Chase’s extensive legal troubles and the handling of its settlements paint a troubling picture of accountability in one of the nation’s leading financial institutions.
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This is the same guy who wrote about a paper where he was worrying about the social and economic problems being caused by unregulated capitalism; however, he and others like him had profited enormously off of it when they were working in their nice white collar jobs even if they were lowly position ones.
Its hypocrisy at its finest.
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