All the Reasons Why JP Morgan May Be Facing the Biggest Bank Fine Ever

On Tuesday (Sept. 24), the Wall Street Journal reported that JP Morgan was offering the government $3 billion to settle (paywall) an unspecified number of criminal probes after the Department of Justice threatened to file suit in an investigation of its pre-crisis mortgage dealings. Yesterday, it reported that regulators are looking for something like $11 billion in compensation (paywall), including $7 billion in penalties and $4 billion in consumer relief.

These numbers are still in flux, but depending on how many cases the payment resolves, it would likely be the largest single-bank payout in the history of financial regulation, supplanting HSBC’s $1.92 billion money-laundering penalty.

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"Outrageous HSBC Settlement Proves the Drug War is a Joke"

"[Assistant Attorney General] Lanny Breuer this week signed off on a settlement deal with the British banking giant HSBC that is the ultimate insult to every ordinary person who’s ever had his life altered by a narcotics charge. Despite the fact that HSBC admitted to laundering billions of dollars for Colombian and Mexican drug cartels (among others) and violating a host of important banking laws (from the Bank Secrecy Act to the Trading With the Enemy Act), Breuer and his Justice Department elected not to pursue criminal prosecutions of the bank, opting instead for a "record" financial settlement of $1.9 billion, which as one analyst noted is about five weeks of income for the bank.

The banks’ laundering transactions were so brazen that the NSA probably could have spotted them from space. Breuer admitted that drug dealers would sometimes come to HSBC’s Mexican branches and “deposit hundreds of thousands of dollars in cash, in a single day, into a single account, using boxes designed to fit the precise dimensions of the teller windows.”

This bears repeating: in order to more efficiently move as much illegal money as possible into the “legitimate” banking institution HSBC, drug dealers specifically designed boxes to fit through the bank’s teller windows. Tony Montana's henchmen marching dufflebags of cash into the fictional “American City Bank” in Miami was actually more subtle than what the cartels were doing when they washed their cash through one of Britain’s most storied financial institutions.”

- Matt Taibi

More banks than HSBC have laundered drug money. in 2010, Wells Fargo and Wachovia ADMITTED to laundering $378,400,000,000 (billions!) of Mexican cartel money. They paid a 160 million dollar fine. Apparently, HSBC didn’t have the political juice that Wells had.

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HSBC Whistleblower Speaks, Uncovered Terrorist Financing (by wearechange)

Published on Sep 18, 2013

Luke Rudkowski interviews Everett Stern, a former employee of HSBC that uncovered and blew the whistle on the company knowingly financing criminals, terrorists and drug cartels. 

To find out more about Everett Stern check out

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The LIBOR Scandal and Financial Fraud

April 2nd, 2011: Wachovia Bank laundered $378,400,000,000 of drug cartel money

June 4th, 2011: Bank Of America Will Pay $20 Million For Illegal Foreclosures On Active-Duty Soldiers

July 7th, 2012: The rotten heart of finance

July 17th, 2012: HSBC let drug gangs launder millions: First Barclays, now Britain’s biggest bank is shamed

December 19th, 2012: UBS LIBOR Traders Face U.S. Criminal Charges

February 6th, 2013: RBS To Pay $800 Million LIBOR Fine, No Criminal Charges

April 25th, 2013: Everything Is Rigged: The Biggest Price-Fixing Scandal Ever

July 3rd, 2013: HSBC’s $1.9B money laundering settlement approved by judge

November 29th, 2013: Documents in JPMorgan settlement reveal how every large bank in U.S. has committed mortgage fraud

December 5th, 2013: Understanding the LIBOR Scandal

December 13th, 2013: Outrageous HSBC Settlement Proves the Drug War is a Joke

March 18th, 2014: FDIC Sues 16 Global Banks For Roles In Manipulating LIBOR

April 7th, 2014: JPMorgan, Citibank, Royal Bank of Scotland caught in widening foreign exchange probes

May 27th, 2014: Ex-Barclays New York Trio Face Libor Charges in U.K. Court

July 1st, 2014: BNP Paribas Agrees to Almost $9Bln Settlement for Violating US Sanctions

July 1st, 2014: Finra fines Goldman dark pool trading unit $800,000

July 3rd, 2014: U.S. Bank Must Cough up $200 Million

July 14th, 2014: Citi Agrees To Pay $7 Billion To Settle Securities Investigation

July 24th, 2014: Barclays Files Motion To Dismiss NY Attorney General Charges Of ‘Dark Pool’ Fraud

July 28th, 2014: "Reprehensible" Lloyds Bank Agrees To $105 Million Wristslap For Manipulating Libor

July 30th, 2014: Bank Of America Fined $1.27B For Countrywide Fraud

August 20th, 2014: Bank of America Expected to Settle Huge Mortgage Case for $16.65 Billion

August 23rd, 2014: Goldman Sachs To Shell Out $3.15B In Settlement Over Mortgage Bonds

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Ghost performing ”If you have ghosts” in São Paulo.

Video by Leonardo Felix

I suggest that you all read this article in its entirety, even if you don’t “believe” there is something amiss regarding the deaths of these financial wizards. Below is the excerpt “Connecting the Dots,” but the article has a lot more to offer.

To understand what is taking place, I contacted a financial source who has accurately predicted many events that we are now seeing taking place, including the deaths of certain financial people for an explanation. In fact, he actually predicted that we would see a “clean-up” of individuals who posed a serious threat to certain too-big-to-fail-or-jail banks and “banksters” a full week before the events began to unfold. Truth be told, I initially greeted his prediction with some skepticism, for such things don’t really happen in the real world, or so the obedient and well-managed media tells me.

V, The Guerrilla Economist” as he is known in the alternative media, has provided numerous insider alerts for Steve Quayle‘s website and has appeared as a regular guest on The Hagmann & Hagmann Report. He has an undeniable track record for accuracy, which has earned my respect. However, I thought that he had taken temporary leave of his senses when he twice suggested that there will be some house cleaning done of anyone posing a threat to the agenda of certain banks and the globalist agenda on our broadcasts of November 20, 2013, and again on January 10, 2014. In a separate venue, he described what was about to take place by using the analogy of the movie The International. Several dead bodies and a missing journalist later, that analogy has been proven accurate.

The fact is that we are seeing a clean-up where JPMorgan and Deutsche Bank seems to appear at the epicenter of it all. In January, JPMorgan admitted facilitating the Bernie Madoff Ponzi scheme by turning its head to his activities. Despite this admission, the U.S. Department of Justice under Eric Holder declined to send anyone to jail under a deferred prosecution agreement. Yet this is only the proverbial tip of the iceberg.

In March, 2013 the U.S. Senate Permanent Subcommittee on Investigations released a heavily redacted 307-page report detailing the financial irregularities surrounding the actions of JPMorgan and the deliberate withholding of critical financial information by JPMorgan. Prominent in the mix are the actions of Bruno Iksil, who earned the nickname the “London Whale,” for his “casino bets” of other’s money that caused billions of dollars in losses. Yet, no cooperation was provided by Dimon’s foot soldiers as they failed to testify or otherwise cooperate with Senate investigators.

Remember the damage control and the deliberate downplaying by Jamie Dimon, who maintained that there was nothing to see here with regard to the “London Whale” criminal activities? What was originally described as a loss of perhaps $2 billion ultimately turned into many more times that, yet the actual numbers are still hidden from the public. Such events occurred under the noses of numerous financial executives who had knowledge that went undisclosed.

As we fast forward to today and the current spate of mysterious deaths, we begin to see that many of those who died existed on the periphery of events in the criminal actions of the financial industry. Moreover, it is reasonable to conclude that they possessed knowledge that if disclosed, could have interrupted the magic act taking place for the awestruck audience, captivated by the carefully crafted words of Yellen, her predecessors and the operatives within government who’s duty it is to regulate whatever is left of our current financial system.

That regulation is now a thing of the past. What we have today is a system of facilitation and co-operation between the largest corporations and financial institutions and the U.S. and our intelligence agencies. We now have the “too-big-to-fails” operating with impunity as a result of an incestuous, if not outright unconstitutional relationship where the banks are acting as operational assets for the CIA, the NYPD, and other intelligence and police agencies.

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Elizabeth Warren Banks Get Wrist Slaps While Drug Dealers Get Jail 3/7/2013

Published on Mar 7, 2013

money laundering. Warren (D-Mass.) grilled officials from the Treasury Department, Federal Reserve and Office of the Comptroller of the Currency about why HSBC, which recently paid $1.9 billion to settle money laundering charges, wasn’t criminally prosecuted and shut down in the U.S. Nor were any individuals from HSBC charged with any crimes, despite the bank confessing to laundering billions of dollars for Mexican drug cartels and rogue regimes like Iran and Libya over several years.

Defenders of the Justice Department say that a criminal conviction could have been a death penalty for the bank, causing widespread damage to the economy. Warren wanted to know why the death penalty wasn’t warranted in this case.

"They did it over and over and over again across a period of years. And they were caught doing it, warned not to do it and kept right on doing it, and evidently making profits doing it," Warren said of HSBC. "How many billions of dollars do you have to launder for drug lords and how many economic sanctions do you have to violate before someone will consider shutting down a financial institution like this?"

The regulator she was questioning, David Cohen, the Treasury Department’s undersecretary for terrorism and financial intelligence, repeatedly refused to answer the question. Like the other regulators at the hearing, he said that his department has no authority to shut down a bank unless the Justice Department — not represented at the hearing — convicts the bank of a crime. He said that Treasury had come down as hard as possible on HSBC. But he wouldn’t answer Warren’s question about when a bank deserves to be shut down in the U.S.

"You sit in Treasury and you try to enforce these laws, and I’ve read all of your testimony and you tell me how vigorously you want to enforce these laws, but you have no opinion on when it is that a bank should be shut down for money laundering?" Warren finally asked. "Not even an opinion?"

Another regulator, Fed Governor Jerome Powell, said closing a bank is appropriate when that bank has been convicted of a crime. But he also said that only the Justice Department has the authority to prosecute a bank for a crime.

The regulators said they did answer Justice Department questions about the potential repercussions of convicting HSBC, but offered no opinion about whether the Justice Department should do so.

A frustrated Warren, who has sounded off on the issue of big banks repeatedly in the past week, was less constrained.

"If you’re caught with an ounce of cocaine, the chances are good you’re gonna go to jail. If it happens repeatedly, you may go to jail for the rest of your life," Warren said. "But evidently if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your bed at night — every single individual associated with this. And I think that’s fundamentally wrong."

I’m not sure why this isn’t getting more attention in this forum, but the wheels of a major global financial collapse are in process this very moment. The tl;dr summary: credit is suddenly tightening due to slower economic growth in China and fears of Central Banks in Europe and the USA ending their “easy money” policies. The result? Massive capital flight by elites out of countless so-called “emerging markets” (read: poor countries) to supposedly safer countries such as Japan and the United States.

Here’s the problem: currencies are dropping globally in these poorer countries, jacking up inflation and slowing economic growth as their populations cannot afford basic goods and services. Furthermore the countries are hamstrung since they must service outrageously high debts before implementing any temporary stop-gap spending to stimulate economic growth. The slower economic growth across billions of people across the world will likely fuel slower economic growth in the so-called “advanced economies” (that is, Europe, the USA, and the rest) as well as risk aversion by firms globally.

I’ve been following financial news (as a part-time adviser) for over a decade and this is looking bad, bad, bad. Argentina’s currency is dropping more than it has in a decade; same for multiple other countries. The sheer scope of the capital flight is astounding: South Africa, Indonesia, Turkey, Argentina, Ukraine, Bulgaria, etc. This is going to make the 1998 Asian financial crisis look like a walk in the park.

The frustrating part? The easy credit policies of Central Banks are a chief culprit, since this has predictably fueled risky investments in the poorer countries of the world. Combined with zero capital controls (due to secret “free” trade deals), major firms can just yank capital out of these poorer countries, resulting in financial collapse.

It’s going to be a CRAZY week ahead.

The icing on the cake? HSBC is massively overleveraged and looking more and more like Lehman Brothers Part Two (not to mention JP Morgan and Citibank).