JPMorgan violates US sanctions

5 posts / 0 new
Last post
#1 Fri, Aug 26, 2011 - 9:05am
bern
Offline
Joined: Jun 27, 2011
266
1221

JPMorgan violates US sanctions

JPMorgan Chase has agreed to pay $88.3 million to settle potential civil liability for apparent violations of a wide range of U.S. sanctions, the U.S. Treasury department announced Thursday.

This will be the largest settlement ever paid for sanctions violations by a U.S. financial institution, according to Treasury officials.
...
Among the sanctions apparently broken by JPMorgan [JPM 35.72 -0.11 (-0.31%) ] are weapons of mass destruction proliferation rules as well as sanctions against Cuba, Iran, Sudan and the former Liberian regime of Charles Taylor.
...
In a second incident in December of 2009, Treasury said JPMorgan made a loan valued at approximately $2.9 million “to the bank issuer of a letter of credit in which the underlying transaction involved a vessel” affiliated with the Islamic Republic of Iran Shipping Lines. Treasury says that shipper has conducted a large number of weapons of mass destruction transfers in the past, and is blocked under the Weapons of Mass Destruction Proliferators Sanctions.
...
Treasury also revealed several other apparent sanctions violations by JPMorgan, which it deemed as less serious than the “egregious” activities.

Those include, Treasury says:
...
An apparent violation of the ITR consisting of a May 24, 2006 transfer of 32,000 ounces of gold bullion valued at approximately $20,560,000 to the benefit of a bank in Iran. JPMorgan did not voluntarily self-disclose this matter to OFAC.
...

More: https://www.cnbc.com/id/44276107

JPM can burn in the heat of a thousand suns as far as I'm concerned.

Edited by: bern on Nov 8, 2014 - 5:04am
Fri, Aug 26, 2011 - 10:06am
UGrev
Offline
-
NY
Joined: Jun 14, 2011
168
884

how much money did they make

how much money did they make in doing this? that's what I want to know. The punishment for crap like this should the double the sum total of any profits they made + a standard fine.

Fri, Aug 26, 2011 - 2:25pm
Nick Elway
Offline
Joined: Jun 14, 2011
1103
5272

JP Morgan funded Bolshevik, Panama, Mexico, China revolutions

Fri, Aug 26, 2011 - 3:13pm
Paladex
Offline
Joined: Jun 14, 2011
188
2871

Nice to see that none of this

Nice to see that none of this has any impact on their share price.

“Politicians are like diapers; they need to be changed often and for the same reason.” ― Mark Twain
Fri, Aug 26, 2011 - 4:13pm (Reply to #3)
Nick Elway
Offline
Joined: Jun 14, 2011
1103
5272

The Plot Against FDR and the White House Putsch

General Smedley Butler recruited by Wall Street (including Morgan) to lead a 1934 coup on FDR. He blew the whistle instead.

https://en.wikipedia.org/wiki/Business_Plot

Link to a document with the suppressed testimony:

https://coat.ncf.ca/our_magazine/links/53/spivak-NewMasses.pdf

Become a gold member and subscribe to Turd's Vault

Contribute

Donate Shop

The TFMR Silver Round
Doc and TF Partnership Advertisement

Recent Comments

by Green Lantern, 1 hour 43 min ago
by Montross515, Feb 20, 2019 - 9:37pm
by Montross515, Feb 20, 2019 - 9:34pm
by HappyNow, Feb 20, 2019 - 9:31pm