I want to give a hat tip to a recent Wall Street Journal article that brought to my attention two damning admissions by JPMorgan’s (JPM) CEO and Chairman of the Board, Jamie Dimon.
In finance, the role of the “rocket scientists” is primarily pernicious. Nevertheless, they played a much smaller role than the officers that controlled the banks played in the growth of the financial crisis and an even smaller role in the three epidemics of control fraud that caused the crisis.
The Department of Justice’s (DOJ) non-prosecutorial effort against the banksters’ frauds that caused the financial crisis had ended with a pathetic whimper uttered by Deputy Attorney General James Cole during his ritual exit interview with Bloomberg.
Holder is correct, DOJ produced “historic results” under the Holder/Breuer/Case team’s leadership. Never in modern history has DOJ suffered such an abject defeat. They didn’t simply fail to prosecute the elite bankers – they never even indicted them and rarely investigated them.
Economics is the only discipline in which the understanding of the field’s subject of study has gone backwards. In particular, the praxis recommended by economists has proven highly criminogenic and is the primary explanation for why we suffer recurrent, intensifying crises, the rise of crony capitalism that cripples democracy and ethics, and spiraling inequality and low growth in the regions that suffer the greatest predation by our parasitical financial centers.
The sound of silence at the Department of Justice has grown ever more deafening throughout Obama’s term as it refuses to prosecute or even bring civil suits against any of the senior bankers that led the three most destructive fraud epidemics in history
One day after the editorial claimed that asset and liability values (the inputs that define “capital”) “can’t be gamed” they presented data indicating that corporations frequently game asset values and that private auditors frequently fail to follow former audit procedures to detect and prevent the overstatement of asset values.
First, the English football team is – perennially – the most overrated team in the world.
Under U.S. Attorney Ben Wagner’s leadership the Eastern District of California has begun targeting immigrants of Russian descent for mortgage fraud prosecutions.
The “no” campaign against independence has reached the stage of endgame panic that leads to desperately throwing charges and publicity stunts at what the polls indicate are increasing support for independence among Scots.