JP Morgan Pays $2 Billion to Avoid Prosecution for its Involvement In Madoff Ponzi Scheme

07/01/2014 06:46

Source: Washington's Blog

 

JP Morgan: Ponzi Schemer

Bernie Madoff has said all along that JP Morgan knew about – and knowingly profited from – his Ponzi schemes.

So JP Morgan has agreed to pay the government $2 billion to avoid investigation and prosecution.

While this may sound like a lot of money, it is spare sofa change for a big bank like JP Morgan.

Moreover, the failure to go after Wall Street executives for criminal fraud is the core cause of our sick economy.   All of the government’s excuses for failure to prosecute the individuals at the big Wall Street banks who committed fraud are totally bogus.

But to give you a sense of how systemic criminal fraud by Wall Street is, you have to realize that it’s not just the Madoff scheme.

As shown below, big banks are  manipulating virtually every market – both in the financial sector and the real economy – and breaking virtually every law on the books.

They’re Rigging Currency Markets

Currency markets are massively rigged. And see this.

They’re Manipulating Interest Rates

Interest rates are rigged:

They’re Manipulating Derivatives

The big banks have long manipulated derivatives … a $1,200 Trillion Dollar market.

Indeed, many trillions of dollars of derivatives are being manipulated in the exact same same way that interest rates are fixed: through gamed self-reporting.

They’re Manipulating Oil Prices

Oil prices are manipulated as well.

They’re Manipulating Gold and Silver

The Guardian and Telegraph report that gold and silver prices are “fixed” in the same way as interest rates and derivatives – in daily conference calls by the powers-that-be.

They’re Manipulating Energy Markets

The Federal Energy Regulatory Commission says that JP Morgan has massively manipulated energy markets in California and the Midwest, obtaining tens of millions of dollars in overpayments from grid operators between September 2010 and June 2011.

They’re Manipulating Commodities

The big banks and government agencies have been conspiring to manipulate commodities prices for decades.

The big banks are taking over important aspects of the physical economy, including uranium mining, petroleum products, aluminum, ownership and operation of airports, toll roads, ports, and electricity.

And they are using these physical assets to massively manipulate commodities prices … scalping consumers of many billions of dollars each year.

They’re Manipulating Just About Everything through High-Frequency Trading

Traders with high-tech computers can manipulate stocks, bonds, options, currencies and commodities. And see this.

They’re Manipulating Numerous Markets In Myriad Ways

The big banks and other giants manipulate numerous markets in myriad ways, for example:

  • Engaging in mafia-style big-rigging fraud against local governments. See this, this and this
  • Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here, here, here, here, here, here, here and here
  • Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car
  • Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this
  • Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this
  • Bribing and bullying ratings agencies to inflate ratings on their risky investments

The Big Picture

The big picture is simple:

  • The big banks manipulate every market they touch
  • The government has given the banks huge subsidies … which they are using for speculation and other things which don’t help the economy. In other words, propping up the big banks by throwing money at them doesn’t help the economy
  • The big banks own the D.C. politicians … so Congress and the White House won’t do anything unless the people force change

 

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