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JPMorgan Chase To Settle With Government Over Madoff Claims

Monday, January 6, 2014 - 7:32 AMJPMorgan Chase Bank, Dearborn - Details
JPMorgan Chase is nearing a deal to pay the government about $2 billion to close out claims related to the Bernard Madoff Ponzi scheme, the New York Times says.

http://www.upi.com/Business_News/2014/01/06/JPMorgan-Chase-to-settle-with-government-over-Madoff-cla...
3
ShorebreakShorebreak2,378 posts since
Apr 6, 2010
Rep Points: 12,697
1. Tuesday, January 7, 2014 - 8:39 AM
This is a perfect example that if you have enough money, you can buy your way out of any corruption.  Madoff went to jail but all Chase has to do is make a deal to pay back some money and they get to keep going.  I wonder what else they are going to discover about Chase if they really do a "good" housecleaning with that bank. 
1
paoli2paoli21,146 posts since
Aug 10, 2011
Rep Points: 5,113
2. Tuesday, January 7, 2014 - 9:52 PM
"The settlement includes a so-called deferred prosecution agreement that will dismiss criminal charges after two years if the bank remains compliant. No individual executives were accused of wrongdoing. Seth Berenzweig, a corporate lawyer, says US authorities are reluctant to press criminal charges against major banks. "It's very dangerous to criminally indict a commercial bank," Mr Berenzweig told the BBC. "It could throw the institution into a tailspin - and the government can't afford a banking crisis with JP Morgan."

BBC News - JP Morgan to pay $1.7bn to victims of the Madoff fraud
1
ShorebreakShorebreak2,378 posts since
Apr 6, 2010
Rep Points: 12,697
3. Wednesday, January 8, 2014 - 7:54 AM
"It could throw the institution into a tailspin"  What a crock!  That's like saying it's ok for the media to let everyone know they have a master of corruption living on their street but don't but him in jail because home prices may decline.  Decent people will still react to Chase's corrupt actions anyway because who wants to entrust their money to such a bank.  I did!  But this year I will be able to have the majority moved.  Do we really think Chase would be paying 1.7 billion to victims of the Madoff fraud if their hands were clean?  As long as they can pay their way out of their corruption, will it ever stop? 
1
paoli2paoli21,146 posts since
Aug 10, 2011
Rep Points: 5,113
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