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
bmaz @walterwkatz @emptywheel There is simply a ton of criminal law in there actually. Kind of hard to get across, but it is in there. I tried!
8mreplyretweetfavorite
bmaz Yes, here it is, a Storify recap of "Emptywheel's Parallel Prosecution Primer" http://t.co/VAqHz7OEVf Just what you wanted for Easter!
14mreplyretweetfavorite
bmaz @bmaz Yes, here it is, a Storify recap of "Emptywheel's Parallel Prosecution Primer" http://t.co/gdn7Eb6QYx
15mreplyretweetfavorite
bmaz @emptywheel @HanniFakhoury Well, actually, I kinda been hoping @Atrios would get a Supertrain built between Phoenix+Tucson. #WantSupertrain
39mreplyretweetfavorite
emptywheel @bmaz FFS bmaz, haven't you ever heard of driving 2 hours before? @HanniFakhoury
48mreplyretweetfavorite
emptywheel @PatrickCToomey Don't forget they're not telling ANYONE (except Moalin, who may not have been 215 but instead 12333) dragnet involved.
50mreplyretweetfavorite
bmaz @kevinjonheller Ah, you thought you had gotten rid of me, eh matey? Soon it will be glorious Packers season again!
51mreplyretweetfavorite
bmaz @KagroX So, you ARE old! #GetOffaMyLawnersUnite!
52mreplyretweetfavorite
bmaz @HanniFakhoury Wait, you are speaking with Judge Frank Zappa? Not that close, but my wife just bought gas miser Prius, Maybe I'll come down.
53mreplyretweetfavorite
bmaz @charlie_savage Wait, people still blog? Who are those guys? https://t.co/qIqdwWoed4
56mreplyretweetfavorite
bmaz And that is a wrap on today's parallel construction lesson. http://t.co/dUqzgH0Jkd
1hreplyretweetfavorite
bmaz And that, my friends, is why this post is so important. http://t.co/lI7Xs9vZ3i Shine it on at your own peril and/or stupidity.
1hreplyretweetfavorite
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