Courtesy of Pam Martens
Jamie Dimon Cover Story at Bloomberg Markets, March 2016
Since March 9 of last year, Bloomberg News has published over 80 negative articles on the mega bank Wells Fargo. Some of the more recent headlines are: Wells Fargo CEO Abruptly Steps Down, Succumbing to Scandals; Wells Fargo’s CEO Disputes Claim His Bank Is Too Big to Manage; Elizabeth Warren on Wells Fargo CEO’s Departure: ‘About Damn Time’.
Judging by the reporting, one would think that Wells Fargo is either the most dangerous U.S. mega bank or the most criminal. But according to Federal regulators, that distinction goes to JPMorgan Chase. But oddly enough, Jamie Dimon, the Chairman and CEO of JPMorgan Chase, has been canonized by Bloomberg News for years, effectively endorsing him as the all-wise and customer-focused oracle of Wall Street.
Wells Fargo has not been charged with a criminal felony count. Jamie Dimon, on the other hand, has presided, as CEO, over three criminal felony counts against JPMorgan Chase in just the past five years while, mysteriously, not losing his job and getting millions of dollars in raises and bonuses. JPMorgan Chase pleaded guilty to two felony counts in January 2014 for its role in facilitating the Bernie Madoff Ponzi scheme through the Madoff business bank account in the U.S., while telling regulators in the U.K. that the bank suspected a Ponzi scheme was occurring.
According to a 2016 report from the Government Accountability Office (GAO), JPMorgan Chase’s own bank customers lost “about $5.4 billion” in the Madoff scheme. The report notes:
“In 2014, DOJ [Department of Justice] assessed a $1.7 billion forfeiture – the largest penalty related to a BSA [Bank Secrecy Act] violation – against JPMorgan Chase Bank. DOJ cited the bank for its failure to detect and report the suspicious activities of Bernard Madoff. The bank failed to maintain an effective anti-money-laundering program and report suspicious transactions in 2008, which contributed to their customers losing about $5.4 billion in Bernard Madoff’s Ponzi scheme.”
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