Wednesday, December 28, 2011

Too Often Forgotten

The big banks aren't just assholes, they're criminal enterprises.
In the U.S., JPMorgan was investigated by the Justice Department, the Securities and Exchange Commission and attorneys general in 25 states for its role in rigging the bids of investment contracts. The bank agreed to a $228 million settlement this year on charges that it conspired to overcharge cities at taxpayer expense, acknowledging responsibility for illegal, anticompetitive conduct by former employees.

In 2009, JPMorgan entered a $722 million accord with the SEC to end an investigation into its role in selling derivatives that helped push Jefferson County, Alabama, to declare the biggest municipal bankruptcy in U.S. history. The bank paid $75 million in fines and restitution and wrote off $647 million it was owed by the county.

Save the banksters, save the world!!!