Another day, another Wall Street scandal—and yet another instance where the perpetrators will quite certainly get little more than a slap on the wrist.
The U.S. Senate has issued a report that faults JPMorgan Chase for the trading fiasco last year that caused billions of dollars in losses. It blames the bank’s chief executive, Jamie Dimon, for lax supervision and for not sharing information with regulators.
“The 300-page report, released a day before a Senate subcommittee plans to question bank executives and regulators at a hearing, will escalate the debate over how to police complex risk-taking on Wall Street,” the New York Times reports. “It may also foreshadow a criminal case against employees at the heart of the troubled wager.”
Let’s hope so, for so far not a single financial sector honcho has seen the inside of a prison. This is in spite of the fact that every couple of months we see a fresh instance of wrongdoing emerging from the alleys of Wall Street—from interest rate fixing and shadowy trading to collusion with terrorists and drug dealers.
“If you're caught with an ounce of cocaine, the chances are good you're going to jail,” newly elected Senator Elizabeth Warren recently said on the Senate floor in a reference to HSBC Bank. “But, evidently, if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your own bed at night.” Full story...
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The U.S. Senate has issued a report that faults JPMorgan Chase for the trading fiasco last year that caused billions of dollars in losses. It blames the bank’s chief executive, Jamie Dimon, for lax supervision and for not sharing information with regulators.
“The 300-page report, released a day before a Senate subcommittee plans to question bank executives and regulators at a hearing, will escalate the debate over how to police complex risk-taking on Wall Street,” the New York Times reports. “It may also foreshadow a criminal case against employees at the heart of the troubled wager.”
Let’s hope so, for so far not a single financial sector honcho has seen the inside of a prison. This is in spite of the fact that every couple of months we see a fresh instance of wrongdoing emerging from the alleys of Wall Street—from interest rate fixing and shadowy trading to collusion with terrorists and drug dealers.
“If you're caught with an ounce of cocaine, the chances are good you're going to jail,” newly elected Senator Elizabeth Warren recently said on the Senate floor in a reference to HSBC Bank. “But, evidently, if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your own bed at night.” Full story...
Related posts:
- Wall Street banks: too big to fail, too big to go to jail...
- Bankers and CEOs raping and pillaging the nation...
- 'Wall St. bonus bonanza must end or banksters will wreck economy'
- How Iceland goes after the bankers that brought down its economy...
- Jailing bankers is the best way to curb market abuses...
- Tony Robinson: Are bankers human at all?
- Jailing bankers is the best way to curb market abuses...
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