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.

Tweet about this on Twitter16Share on Reddit5Share on Facebook15Google+0Email to someone

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

Emptywheel Twitterverse
bmaz @Gaius_Publius @AmyGoodman Maher is as unwatchable as Dennis Miller, and has been for a while now. Plus he is an ass.
1mreplyretweetfavorite
bmaz Kozinski making very clear he was not backing away from support of DP in his Wood dissent. #ToldYouSo
12mreplyretweetfavorite
bmaz Whoa...Kozinski is on @CNN right now agitating for firing squad for the DP. Alex is on a mission!
15mreplyretweetfavorite
bmaz @shoirca That has always been a powerful argument in addition to the moral one to my mind. Though CA effectively doesn't have DP right now.
23mreplyretweetfavorite
bmaz @CitizenCohn @brianbeutler @ezraklein But, hey, I guess everybody was all up on everything, right?
29mreplyretweetfavorite
bmaz @CitizenCohn @brianbeutler @ezraklein Really? Cause there was no competent reportage regarding §2712 actually ingraining carrier rescissions
30mreplyretweetfavorite
bmaz The Beginning of the End of America’s Death-Penalty Experiment http://t.co/hJh5e48VDf David Dow is the man on the DP; but think end not nigh
34mreplyretweetfavorite
bmaz One thing is pretty clear: The SSCI Torture Report looks like it proves what a whitewashing toadie John durham was http://t.co/1cmNmyBcwL
37mreplyretweetfavorite
JimWhiteGNV RT @ICRC_ilot: We condemn in the strongest possible terms attacks on medical personnel, hospitals & ambulances #Gaza @HCIDproject http://t.…
39mreplyretweetfavorite
bmaz RT @RebekahLSanders: Strip club endorsement a blessing from God, says Democratic pastor running for Congress http://t.co/QPx0IV91H4 http://…
48mreplyretweetfavorite
bmaz @RebekahLSanders @myhlee Okay, that is so awesome.
48mreplyretweetfavorite
bmaz After CIA gets secret whistleblower email, Congress worries about more spying http://t.co/YknFiRCcbu Clearly, this is just a Mistake-O
49mreplyretweetfavorite
August 2011
S M T W T F S
« Jul   Sep »
 123456
78910111213
14151617181920
21222324252627
28293031