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Why Is JPMorgan Chase Making “Emergency” Payments to a Former Government Official Tied to Jamie Dimon?

Courtesy of Pam Martens

Jamie Dimon Being Sworn In at House Financial Services Committee Hearing, May 27, 2021

Jamie Dimon Being Sworn In at House Financial Services Committee Hearing, May 27, 2021

We have been reading lawsuits filed against Wall Street firms in the federal district court in the Southern District of New York for more than three decades. We didn’t think that we could still be shocked by what victims of Wall Street’s abuses tell the court. But the lawsuit filed on November 11 by Shaquala Williams against JPMorgan Chase contains allegations that are both stunning and unprecedented in our experience.

Williams is an attorney who formerly worked in compliance at JPMorgan Chase. Part of her role was to make sure that the bank was in compliance with a non-prosecution agreement it had signed with the Justice Department in 2016.

The Justice Department had charged in 2016 that JPMorgan’s Asia subsidiary had engaged in quid pro quo agreements with Chinese officials to obtain investment-banking business and had falsified internal documents to cover up the activities. The quid pro quo agreements boiled down to the bank putting the children of high Chinese government officials on its payroll in order to further its business interests in China.

In exchange for avoiding prosecution, the Justice Department required the bank to put in place stringent compliance controls around third-party payments. Williams alleges, among numerous other serious charges, that the so-called third-party payment controls were a sham and that when she blew the whistle to her superiors at the bank, JPMorgan Chase retaliated against her by firing her in October 2019.

The lawsuit uses the term “TPI” for Third-Party Intermediaries and defines it as follows:

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