Friday, March 15, 2013

JP Morgan Chase is a criminal enterprise

There was a Senate hearing today focusing on JP Morgan's poor controls and risk management resulting in a loss of $6 Billion by the "London Whale Trader", who is also now being implicated in the failure of Lehman Brothers.  Like HSBC, JP Morgan is being accused of a mind boggling litany of repeat offences, including money laundering and dealing with terrorists and rogue nations.  You need look no further than the fact that they spent 1/3 of last year's profits on legal fees and fines.

Watch James Rickards, author of Currency Wars, school CNBC's "money honey" Maria Bartiromo on how JP Morgan Chase exploits "too big to fail"