JPMorgan exposed: Company found guilty of masterminding ‘manipulative schemes’
by: J. D. Heyes
Friday, May 24, 2013
The financial institution that came to epitomize the “too big to fail” concept should have been left to its own economic destruction during the days of the Great Recession it helped to cause back in 2008-09, because had it been allowed to go under, its criminal behavior would have ended then.
But as it was, the taxpayer bailout of the financial giant JPMorgan did not “teach” it’s arrogant executives anything, so it should come as no surprise that the company’s cycle of corruption has continued. According to The New York Times:
Government investigators have found that JPMorgan Chase devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers,” and that one of its most senior executives gave “false and misleading statements” under oath.
The findings appear in a confidential government document, reviewed by The New York Times, that was sent to the bank in March, warning of a potential crackdown by the regulator of the nation’s energy markets.