Comment by no_wizard
6 months ago
They paid $13 billion in fines for their role in underwriting fraudulent securities[0][1] as it was coming to light. In a brief that was never filed as part of the settlement (JP Morgan Chase really didn't want this to be filed and made it a contingency for the settlement), made public after the settlement and summarized in the statement of fact released along side the settlement itself[2], the government had enough evidence that it was going to file a lawsuit, the core of which was related to this:
>for a fraudulent and deceptive scheme to package and sell residential mortgage-backed securities that the bank knew contained a material amount of materially defective loans.
If that's not enough, if we want to look just beyond 2008, they pulled a scam to manipulate the part of the settlement which was suppose to 4 billion in loan relief for home owners[3] by forgiving phony mortgages.
I have more, if so desired, but I didn't want this to turn into a hundred link dump of information that would be very dense to read.
[0]: https://www.vanityfair.com/news/2017/09/jamie-dimon-billion-...
[1]: https://www.thenation.com/article/archive/jamie-dimons-13-bi...
[2]: https://www.justice.gov/iso/opa/resources/943201311191510319...
[3]: https://billmoyers.com/story/special-investigation-americas-...
As long as you have the money in your coffers to pay for any wrongdoing you'll never get charged. These fraudulent securities in 08' were also somewhat removed from depositors so it's hard to see too many similarities to this case of a local bank.