The petition reads:
Dear Attorney General Eric Holder:
No one should be above the law, no matter how much money they pay in fines. We call on you to (1) Stop negotiating with JPMorgan Chase over what their punishment will be for securities fraud and (2) Charge JPMorgan Chase with CRIMINAL securities fraud NOW. Do not let a $13 Billion civil settlement impede or delay criminal charges for the losses they cost investors, and the economy as a whole.
[your name here]Complete the following to sign. (You'll also receive updates from The Other 98%.)
“Chase broke the law and helped crash the economy – time for a perpwalk!”
HUH? The Justice Department has evidence JP Morgan Chase committed major banking fraud – but instead of filing criminal charges, they’re negotiating with them to settle for a small fraction of the damage they did.1
HOW? JPMorgan Chase’s CEO Jamie Dimon has been in regular contact with Eric Holder at the Justice Department, negotiating the terms of his own fines, tacitly admitting guilt without ever having to face a jury for his crimes or even publicly admitting wrongdoing.2
WHY? He has managed to “convince” the Justice Department to agree to settle multiple lawsuits and close open investigations for a one-time fine of $13 Billion, which is actually way less than even the amount investors lost, and doesn’t even take into account the cost these products inflicted on the economy, i.e. you and me.3
We’re tired of Big Banks being Above the Law. Tell the Department of Justice that negotiating with criminals on their own punishment is unacceptable. America is tired of Chase paying fines. We need Chase doing Time.
Are you the kind of total nerd who, like us, who wants more details and sources? Read on!
Investors have lost billions and billions of dollars on securities that JPMorgan Chase sold that turned out to be almost worthless. The NY Attorney General’s Office sued JPMorgan for securities fraud that led to the loss of $22.5 billion in investor money. And the Federal Housing and Finance Agency sued JPMorgan for billions in losses on $33 billion worth of crappy mortgage-backed securities JPMorgan sold them.
Isn’t is time we stopped letting the banks get away with buying off the government in exchange for escaping criminal charges? Especially when we are talking about a bank that continues to be charged with new offenses almost every month?
1. The New York Times, “U.S. Deal with JP Morgan Spurred by a Phone Call.”
3. The Other 98%, “Alexis Breaks Down the $13 BN JPM Settlement.”