Jamie Dimon (previously) is the Jpmorganchase CEO who committed a $13b mortgage fraud and whose company received $25B in TARP bailout money, $500B in low-cost federal loans, and billions more through the bailout of their insurer, AIG.
Jamie Dimon is CEO of Jpmorgan Chase, the massive bank that settled a $13 billion mortgage fraud case with the DoJ in 2013 by committing more mortgage frauds to raise the cash; he has since taken the bank into some of the dirtiest business on Earth, from the loans that keep the Keystone XL pipeline viable to funding the private border prisons where Trump's Kids in Cages are being held, terrified and separated from their families.
In 2013, DOJ lawyers showed JP Morgan Chase CEO Jamie Dimon a draft of a 92-page complaint against his bank. Dimon coughed up $13B to settle the case, and the complaint was sealed, leaving us all to wonder exactly what kind of red-handed fraud convinced Dimon to part with what was then the largest financial misconduct settlement in US history.
A machine learning engineer and consultant named Jason Liu wrote about how Chase bank froze $180,000 of his money with no warning. He couldn't make payroll, and Chase refused to tell him why it froze the funds. After Liu pushed, Chase said it was going to close his account and mail a cashier's check, which turned out to be a lie. — Read the rest
Last week, lawyers for an anonymous victim of billionaire sex trafficker Jeffrey Epstein asked the court to again depose JPMorgan Chase CEO Jamie Dimon. This week, the bank threw in the towel, settling with Epstein victims who claim the bank knew of his activities and facilitated them. — Read the rest
In 2018, Katie Porter flipped a Republican safe seat — it had literally never been held by a Democrat– in California's 45th District, and since then, she has been a delightful, brilliant terror of a lawmaker, using her deep background in finance law (she's a tenured finance law prof at UC Irvine who literally wrote the textbook on consumer finance law in the wake of Dodd-Frank and Elizabeth Warren's establishment of the Consumer Finance Protection Bureau).
Investor Warren Buffet, world's-richest-guy Jeff Bezos and cartoon villain Jamie Dimon have announced that their firms will collaborate to create an unnamed health insurer that is "free from profit-making incentives and constraints" (though that does not necessarily mean it will be a nonprofit, of course). — Read the rest
A lawsuit against JP Morgan-Chase — the nation's largest bank — asserts that the institution paid off the $4,200,000,000 in mortgage forgiveness that it agreed to as a settlement for widescale mortgage and foreclosure fraud by committing a lot more mortgage fraud, in which homeowners, ethical lenders, and American cities were stuck with the bill.
There were 800 convictions in the S&L crisis, but the DOJ hasn't prosecuted a single banker involved in the financial crisis; as Matt Taibbi points out in the brilliant, essential book The Divide, if shutting down a huge bank would impose too many costs on society, then why don't prosecutors insist that the banks be split up as a condition of not dropping the entire C-suite into the deepest dungeon in the nation?
