Courtesy of Pam Martens
JPMorgan Chase is unique among the mega banks on Wall Street – and not in a good way. It owns the largest federally-insured bank in the United States despite a rap sheet that would make the Gambino crime family jealous. It has been charged by the U.S. Department of Justice with five felony counts since 2014, admitting to all of them. Its Board of Directors has left the same man, Jamie Dimon, at the helm of the bank as Chairman and CEO, throughout those five felony counts.
JPMorgan Chase is also the only American bank to ever be fined for using depositors’ money to gamble in derivatives in London and lose $6.2 billion of that money. (Jamie Dimon was Chairman and CEO at the bank then as well.)
JPMorgan Chase is the only federally-insured bank in the United States to be charged with two felony counts for helping to facilitate the largest Ponzi scheme in history – the Bernie Madoff looting of thousands of investors.
And despite this serial crime wave, the share price of its publicly-traded stock (ticker JPM) has somehow managed to behave like the most well-managed bank in America. Either Americans have no problem investing their life savings in a repeat felon or something untoward is going on here with the trading in this stock.
Since January 7, 2014, when the U.S. Department of Justice charged JPMorgan Chase with its first two felony counts for its role in the Madoff swindle, to its closing price yesterday, the share price of JPMorgan Chase has significantly outperformed the S&P 500 Index.
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