Remember 2008, the "financial crash", when the financial Mafia, by duplicity and sleight of hand, had blown their big gambling balloon up so hard it burst, and their gambling loses had to be met by you and me pouring billions of taxpayers money into their coffers. This was then followed by us the ordinary people suffering years of "austerity" as we were told , "we need to get the national debt down". Of course of political ballerinas and their financial friends said that they had put in place new checks and balances so that such greed drive corrupt actions could not happen again. From now on, our noble bankers and financiers would be squeaky clean, what an illusion.
Here we are in 2020 and one of the biggest members of the financial mafia, JP Morgan Chase, biggest bank in America and 7th largest in the world, has been caught being naughty again. The company has been ordered to pay $920 million in connection with three federal agencies for its role in allegedly manipulating global markets for metals and Treasurys. It has also without too much of a fuss settled a long running lawsuit that accused them of fiddleing to manipulate precious metals market by means of "spoofing". It is alleged that for eight years traders at JP Morgan systematically and deliberately "spoofed" precious metals and treasury futures by placing hundreds of thousands of orders with no intention of fulling them, but simple cancelling before the date of the completion. The claim was made that JP Morgan manipulated these markets and failed in its duty to diligently supervise all its traders. How many billions of dollars did they make in those eight years?
Of course they are not alone in this cesspool of greed and corruption, it is as always, endemic in the whole rotten financial system.
This extract from a report by Buzzfeed:
The problems with money laundering aren’t just confined to one bank or one country. The FinCEN Files investigation also documented that after they were singled out for misconduct, JPMorgan Chase, Bank of New York Mellon, HSBC, Standard Chartered, and Deutsche Bank continued to move money for suspected criminals.All this corruption is pouring billions into the coffers of shareholders and CEO, and of course as JP Morgan is a big boy in this greed game, you'll notice its greedy corrupt claws crops up in this list of big snouts in the financial mafia game of plunder and pillage. All this goes of course to show that the capitalist and financial Mafia beasts can't be tamed, they have to be put down.
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