|
|
|
|
|
|
by no_wizard
659 days ago
|
|
|
They paid $13 billion in fines for their role in underwriting fraudulent securities[0][1] as it was coming to light. In a brief that was never filed as part of the settlement (JP Morgan Chase really didn't want this to be filed and made it a contingency for the settlement), made public after the settlement and summarized in the statement of fact released along side the settlement itself[2], the government had enough evidence that it was going to file a lawsuit, the core of which was related to this: >for a fraudulent and deceptive scheme to package and sell residential mortgage-backed securities that the bank knew contained a material amount of materially defective loans. If that's not enough, if we want to look just beyond 2008, they pulled a scam to manipulate the part of the settlement which was suppose to 4 billion in loan relief for home owners[3] by forgiving phony mortgages. I have more, if so desired, but I didn't want this to turn into a hundred link dump of information that would be very dense to read. [0]: https://www.vanityfair.com/news/2017/09/jamie-dimon-billion-... [1]: https://www.thenation.com/article/archive/jamie-dimons-13-bi... [2]: https://www.justice.gov/iso/opa/resources/943201311191510319... [3]: https://billmoyers.com/story/special-investigation-americas-... |
|
|