JP Morgan

JP Morgan was recently fined $228 million by the SEC for a bid rigging scheme involving municipal bond issuance's. This is the latest in a string of rulings that have impacted other money center banks like Bank of America and Goldman Sachs. $228 million sounds like a big number, but given their total revenues and large size, it really amounts to a slap on the wrist. It's just yet another example of the profound difference in the style of criminal justice enforcement for the powerful and well-connected versus justice for everyone else. The scams that many of these large banks, managed by the supposed "best and brightest" of this country, are in truth no different than old fashioned mafia style bid rigging schemes. But this is hardly nothing new, as these financial organizations have been doing the same thing for well over a hundred years now, many times with the government's implicit support. What JP Morgan did was they got together with other brokers and financial institution... Read more