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JPMorgan, Citigroup and BofA Ruled Not “Fit” to Participate in Huge European Bond Offering Because of Past Crimes

Courtesy of Pam Martens

Flag of the European Union

Flag of the European Union

How embarrassing it must be for Jerome Powell, Chairman of the Federal Reserve, that three of the largest banks in the U.S. that are supervised by the Fed, have been deemed not trustworthy enough by the European Commission that they were banned from participating in this week’s historic European Union bond offering.

It is also egg on the face of the U.S. Department of Justice, which has been handing out deferred prosecution agreements to these same banks for felony counts like it’s a meter maid doling out parking tickets.

JPMorgan Chase, Citigroup and Bank of America were banned along with seven non-U.S. banks from participating in this week’s European Union bond offering. The syndicated offering this week is the first leg of a $969 billion COVID-19 recovery fund for Europe.

The seven non-U.S. banks that were barred are: Barclays, Crédit Agricole, Deutsche Bank, Natixis, NatWest, Nomura and UniCredit.

Adding to the embarrassment of the three U.S. banks that have been banned is the fact that a much smaller U.S. bank in terms of assets, Morgan Stanley, snagged the position as one of the joint lead managers on the deal.

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