This is the last chance to get the DOJ to act on Alayne Fleischmann’s evidence of felony mortgage securities fraud, which she witnessed when she was at JP Morgan Chase from 2006 – 2008.
She’s a securities lawyer by training, but worked as a deal manager there.
Her documentation of the fraud she witnessed, and tried to stop, as well as her depositions with the SEC and DOJ lead to the increase in the civil penalty (13 Billion) JPMorgan paid in November (9 Billion after their tax write offs !!)
I have a chase card. Prosecuting bank officers for fraud will not crash the institution. It will make it stronger, and the system as a whole.
We have 6 1/2 years of evidence that civil penalties offer no deterrence ……we’ve gone from securities fraud to money laundering, commodities rigging, international rate rigging etc……
Banks don’t commit fraud. Bank officers do.
In the 80’s and 90’s, juries found over a 1000 senior bank officers guilty of fraud in the S=L crisis, Enron, WorldCom etc.
When juries hear the evidence, they are able to understand it.
Lost their jobs
Paid personal fines
Returned the bonuses made on the fraud
Went to jail
In this era, only the borrowers (mice) have been prosecuted, but not one bank officer, despite hard evidence.
See william black here, who did send over 1000 top bank officers to jail in the late 80’s for the same frauds, talking about lack of political will today:
Leaving wall st lawless guarantees another, bigger, financial disaster.