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  • Russ

    Great column.

    Consider this as well: how does the government’s treatment of JP Morgan remunerate the victims for their losses? If the government isn’t going to be responsible (ala SIPC) then shouldn’t the direct party be on the hook? Even if it means that JP Morgan goes out of business, that’s the price that one pays for illegal and immoral activity.

    If Smith’s Bakery in Anytown, USA owed a million dollars in back taxes, would the IRS give a crap if Smith’s went bankrupt paying the back tax bill? What’s different here?

    It’s business as usual, the government is just collecting their “protection” money from JP Morgan.

  • GMA

    I like the comments made by Russ above. How can “the law” be enforced against lesser offenders when the big boys just get a not too painful slap on the hand?

    Question = is there anyone in the Department of Justice or in Congress who is seriously dedicated to the idea of prosecuting these gold plated law breakers / offenders?

  • LD

    Did the folks at JP Morgan forget about the KYC (Know Your Customer) Rule?

    Mr. Madoff had a two-decade long relationship with J.P. Morgan before his arrest in December 2008. Mr. Madoff pleaded guilty to charges he ran a decades long Ponzi scheme that bilked investors out of billions of dollars. He is serving a 150-year prison term.

    J.P. Morgan has said it didn’t know about or participate in the fraud.

    The trustee seeking to recover money for Mr. Madoff’s victims filed a 2010 lawsuit alleging J.P. Morgan ignored or dismissed warning signs about the fraud even as it earned hundreds of millions of dollars from its relationship with the firm.

    In 2011, J.P. Morgan general counsel Stephen Cutler told analysts who had gathered at J.P. Morgan’s Manhattan headquarters that J.P. Morgan “did not know about or in any way participate in the fraud.”

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