For the big banks, particularly JP MorganChase, criminal fines are just a cost of doing business, not a reason to change criminal business practices. From Dennis Miller at theburningplatform.com:
No, I’m not talking about the political hatred dividing our country. My concern is something deeper. If it doesn’t end, the political divide will grow worse.
Wall Street On Parade (WSOP) reports JPMorgan Chase is caught once again:
“…. JPMorgan Chase, the largest bank in the United States, has admitted to an unprecedented five criminal felony counts since 2014 and put on criminal probation three times. …. (That’s five felonies more than the bank pleaded guilty to in its prior 100 years of existence. Translation: this is not normal even on Wall Street.)”
This time they were fined $920 million for price manipulation in the metals market. WSOP tells us:
“That brings to more than $37 billion the total that JPMorgan Chase has paid to settle allegations of fraud and ripping off Americans since the financial crash of 2008.
…. To be charged with two more felony counts in the same year your three-year probation ends is the strongest proof that Wall Street has become a fraud monetization system where deferred prosecution agreements and fines are simply the cost of doing business on Wall Street. (Emphasis mine)
The deal is so sweet…it notes that “an independent compliance monitor was unnecessary” despite also revealing that the bank “did not voluntarily and timely disclose to the Fraud Section and the Office the conduct described in the Statement of Facts.” It was required to do that under its prior probation agreement that ended in January of this year.”
Bottom line, five felony counts, billions in fines, no one goes to jail; and the justice department decides, “an independent compliance monitor was unnecessary.”
It’s not just JPM. In 2017 Reuters reports: “Banks paid $321 billion in fines since financial crisis”.