Jamie Dimon’s Company Fined $88.3 Million for Trading with the Enemy

That’s not the technical term for violating economic sanctions against Cuba, Sudan, Iran, and Liberia (and FWIW I think the sanctions against Cuba are stupid).

Nevertheless, that’s basically what the sanctions JP Morgan Chase just admitted to violating amount to.

The big dollar amounts involve $178.5 million in wire transfers with Cubans.

JPMC processed 1,711 wire transfers totaling approximately $178.5 million between December 12, 2005, and March 31, 2006, involving Cuban persons in apparent violation of the CACR.

But the more interesting violation came when JPMC refused to turn over some documents relating to Khartoum until the government told the bank they knew JPMC had the documents.

The apparent violation of the RPPR occurred between November 8, 2010, and March 1, 2011. On October 13, 2010, OFAC issued JPMC an administrative subpoena pursuant to section 501.602 of the RPPR directing JPMC to provide certain specified documents related to a specific wire transfer referencing “Khartoum.” In response to this subpoena and a subsequent communication, JPMC compliance management failed to produce several responsive documents in JPMC’s possession, and repeatedly stated that JPMC had no additional responsive documents. OFAC ultimately provided JPMC with a list of multiple responsive documents that OFAC had reason to believe were in JPMC’s possession based on communications with a third-party financial institution. This prompted JPMC to correct its prior statements that the bank possessed no additional responsive documents and to produce more than 20 responsive documents. JPMC did not voluntarily self-disclose the apparent violation of the RPPR to OFAC. The base penalty for this apparent violation was $250,000.

And in spite of that apparent obstruction, TurboTax Timmeh Geithner’s agency still treated Jamie Dimon’s disloyal company leniently because of what they called JPMC’s “substantial cooperation.”

OFAC mitigated the total potential penalty based on JPMC’s substantial cooperation,

According to Bloomberg’s count, the Fed lent this disloyal company $68.6B after banksters like Jamie Dimon crashed the economy.

During and after the period JPMC took that money, it financed trade with Iran, tried to hide the Khartoum deal, and financed more trade with Sudan (though it sent money to Cuba and sent Iran 32,000 ounces of gold, now worth $55 million, before taking our money, in 2006). Some of this trading with the enemy was reported internally to “JPMC management and supervisory personnel;” at least some of this wasn’t the work of rogue employees.

This is the kind of MOTU that Obama considers an ally.

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23 Responses to Jamie Dimon’s Company Fined $88.3 Million for Trading with the Enemy

Emptywheel Twitterverse
emptywheel (The reason is bc Mitch would rather play chicken to expand surveillance--has been plan all along. Guess surveillance is just power?)
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emptywheel Sounds like Mitch McConnell has conceded he has failed to meet 1st national security deadline of his Leadership. Why can't GOP keep us safe?
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bmaz This is just insane, Katherine Forrest is out of her mind. https://t.co/7tG8PKWfXm
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bmaz @CabouJ No, seriously, thank you for this work. Forfeiture cases drove me so nuts I quit doing them. Am glad for the progress.
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bmaz RT @jeremyscahill: We just published a major exposé: "Death and Neglect at the Rikers Island Women’s Jail:" http://t.co/CD5S52PDRx
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bmaz @JHWeissmann The world is our jurisdiction! But someday, another country will pull the same gambit on us. And all hell will break loose.
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emptywheel Wouldn't even take the mockery of Jesus. Just the bodies and weapons would be enough. https://t.co/oirSwoBH2T
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emptywheel RT @JerryMander: @emptywheel its not a fantasy, its satire about gender stereotypes in the 70's
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JimWhiteGNV RT @GatorZoneScott: Great catch by #Gators OF Buddy Reed earlier…great shot by @RobFoldyPhoto#Gators up 11-0, T7th http://t.co/BJfkBEyoMH
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bmaz @JHWeissmann Ort Miami where the actual soccer people are office? ¯\_(ツ)_/¯
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bmaz @JHWeissmann Here seems to be the core (including honest services) http://t.co/WRZo7xLApp
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emptywheel Man, whoever leaked rape-fantasy essay from Sanders on weekend everyone dug into Hastert's wrestling molestation news timed things badly.
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