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(CNBC)   JP Morgan to pay $920 million fine for its naughty metals trading desk, aka "The Crime Ring"   (cnbc.com) divider line
    More: Followup, Commodity market, Futures contract, Commodity Futures Trading Commission, JPMorgan Chase, Futures exchange, Chicago Board of Trade, Hedge, JPMorgan's actions  
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394 clicks; posted to Business » on 29 Sep 2020 at 12:24 PM (15 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



7 Comments     (+0 »)
 
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2020-09-29 11:50:40 AM  
How about 10x that number and a few dozen years of Federal housing?

Maybe they'd get the idea that breaking the law hurts,  not just a cost of doing business.
 
2020-09-29 12:00:58 PM  
How much did they make from all these crimes.

And now much of this will be cash, and how much will be bogus non cash terms
 
2020-09-29 12:44:19 PM  

Gubbo: How much did they make from all these crimes.

And now much of this will be cash, and how much will be bogus non cash terms


920 million but 500 million must come in the form of a public information campaign on why breaking the law is bad and how they are going to not break the law going forward because they are good and can trust them with your money.

/no not really but the fact that you thought I might have been serious for a second is more telling about the state of our laws than not.
 
2020-09-29 12:50:46 PM  
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2020-09-29 12:52:40 PM  

keldaria: Gubbo: How much did they make from all these crimes.

And now much of this will be cash, and how much will be bogus non cash terms

920 million but 500 million must come in the form of a public information campaign on why breaking the law is bad and how they are going to not break the law going forward because they are good and can trust them with your money.

/no not really but the fact that you thought I might have been serious for a second is more telling about the state of our laws than not.


Who was it with a serious data breach, experion maybe. They had a huge fine, but only a few tens of millions were in cash, and the rest was to be 'paid' in reduced prices for their service for existing customers.

The banks are also notorious for this. They might have a fine of $1 billion. With a few tens of millions being a cash fine, and the remainder being a reduction of 0.01% in the interest rate across all the people impacted by their crimes which over a span of 10 years would make up the total remainder of the fine.

The only way to stop banks from cheating and breaking is the law is
1) jail the execs
2) since 1 won't happen, make the execs personally liable for x% of the fines
3) since 2 is probably too easy to get around, make the fines so huge and so grossly punitive that they break the bank
 
ZAZ [TotalFark]
2020-09-29 1:12:08 PM  
In a statement, Berkovitz said he opposed the ruling from his agency that JPMorgan's actions "should not result in any disqualifications under the 'bad actor' provisions of the securities laws."

Cutting off JPMorgan from markets would be a message as good as shutting down Arthur Andersen in the wake of Enron.
 
2020-09-29 1:23:03 PM  

Gubbo: keldaria: Gubbo: How much did they make from all these crimes.

And now much of this will be cash, and how much will be bogus non cash terms

920 million but 500 million must come in the form of a public information campaign on why breaking the law is bad and how they are going to not break the law going forward because they are good and can trust them with your money.

/no not really but the fact that you thought I might have been serious for a second is more telling about the state of our laws than not.

Who was it with a serious data breach, experion maybe. They had a huge fine, but only a few tens of millions were in cash, and the rest was to be 'paid' in reduced prices for their service for existing customers.

The banks are also notorious for this. They might have a fine of $1 billion. With a few tens of millions being a cash fine, and the remainder being a reduction of 0.01% in the interest rate across all the people impacted by their crimes which over a span of 10 years would make up the total remainder of the fine.

The only way to stop banks from cheating and breaking is the law is
1) jail the execs
2) since 1 won't happen, make the execs personally liable for x% of the fines
3) since 2 is probably too easy to get around, make the fines so huge and so grossly punitive that they break the bank


The BASE amount of the fine is the total amount of money that they brought in that's connected to the regulation they broke.  Punitive damages on top of that base depending on how egregious the violation was.  Fine must be paid before any shareholder sees a dime or anyone at VP level and above gets a severance package or bonus.
 
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