Political Nutz

Observations on the pathetic state of American politics

JP Morgan Chase–US’s Sleaziest Bank (and CEO)

It's YOUR Fault

Last week brought still another fine for JP Morgan Chase for duping investors prior to the financial meltdown of 2007-08.  In the past four months, the company has coughed up over $6 billion in fines for lying to and cheating investors and partners.  This is the same company that received $25 billion in taxpayer-supplied bailout dollars and then refused to use the funds to make loans.  But the mega bank did manage to eek out over $11 billion in profits and pay out $9 billion in bonuses.  This at the same time they are paying 0.01% on individual savings accounts and charging $240/year for a checking account.

By the way, those big fines are tax deductible! This kind of chicanery won’t stop until unethical, greedy CEOs like Jamie Dimon lose their own personal fortunes and spend a few years in a federal prison.

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