[bboygravity]

JP Morgan is the biggest one. It can do ANYTHING it wants and get away with it.

It can make 10 billion USD spoofing gold prices for a decade and get away with a 1 billion USD fine (and keep doing it) for example.

The CEO can go on trips with Jeffrey Epstein, be friends with him and do business with him and get away with it.

It made tons of money off of the Madoff ponzi by providing Madoff with a bank account and not reporting the (from their perspective) extemely obvious ponzi that was going on for 15 years. Nobody went to jail and JP Morgan's fine was probably lower than what they made from the ponzi.

There are 100's of other examples of quite outrageous FTX-style crime. This is just what I happened to read about and remember. And that's only the publicly known stuff.

Let's turn it around: why would JP Morgan (and other big banks) NOT be engaged in extreme levels of crime that could be described as "financial terrorism"? If JP Morgan blows up it would be the end of the US and they know it and the US govt knows it. I repeat: they can get away with ANYTHING.

I think you will get your lulz.

[themagician]

I want something GOOD like FTX running on Quickbooks. That's what people need to aspire to these days. That's why I like Wells Fargo. Create fake accounts… so absurdly brilliant.

JP Morgan might be the biggest, but I just don't have faith in them like I do Wells and Citibank or even HSBC. Some lame overly complex scheme isn't want I want. I want a decimal in the wrong place that everyone just ignores despite nothing ever adding up. I want vaults full of gold on the books that don't even exist… said to be held in countries that don't exist anymore. I want Superman 3 salami slicing, but maybe one that's been running perpetually since 1980… and it turns out that's actually the inspiration for the scam in the movie. I want Snopes to have to change something from "Legend" to "TRUE".

The world needs to be reminded that the USA is #1 and always will be.

[usefulcat]

> FTX running on Quickbooks

Quickbooks? I thought they were using post-it notes. Maybe I underestimated them..

[themagician]

Post-It note was for the login.

Username: [e-mail]

Password: hunter2

[johnvanommen]

There was a hedge fund manager / college professor from Irvine CA who figured out Madoff's scam in the 90s, and nobody paid attention to him whatsoever.

[blowfish721]

There’s a good podcast (American Scandals) covering that. https://podcasts.apple.com/se/podcast/american-scandal/id143...

[themagician]

I never liked Madoff. Not inventive. Never found him aspirational. He also stole from seniors which I'm not a fan of. He deserved his fate.

[bboygravity]

You might find Kenneth C. Griffin is more your cup of tea in that case.

Bonus: he hasn't been caught yet. His crimes are still on-going.

Same principal crime model as Madoff though: own a market making business + a hedge fund, sell stocks (naked), take the money, give nothing in return.

There's some other petty stuff like front running household investors through PFOF and instructing the broker you buy order flow from to shut down the buy button for retail investors when the price moves against you. But that's just the petty crime.

[RC_ITR]

> There are 100's of other examples of quite outrageous FTX-style crime.

Woah woah woah. FTX (in the most generous telling) didn’t even have its own bank account.

Let’s not conflate that with not proactively reaching out to snitch on a customer (as if they are some regulatory agency).

[seviu]

Add to the mix that despite all its flaws (which are many) crypto is way more transparent than a classical financial institution due to the fact that one can track all movements. Even for entities like FTX, we can guess what their wallets at and how many funds they hold. Part of the FTX debacle was due to depositors figuring out that it didn’t have enough money to cover their debts.

Unfortunately for USD backed currencies we still don’t have any idea where or who holds the backing assets. They might as well be non existent…

[aftbit]

Alas, the biggest scams in crypto are more opaque than that. How many dollars does Tether hold, and in what forms? Where is all of this "commercial paper"? The biggest crypto falls are still to come.