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 RT @ncardozo: Ever wanted to see a National Security Letter? Today, for the first time ever, you can, thanks to @nickcalyx! https://t.co/Cr
emptywheel FBI fought release of this NSL for longer than they've had an NSB. https://t.co/TAVniKh93K https://t.co/aQgy1j2nQF
emptywheel RT @ncardozo: Ever wanted to see a National Security Letter? Today, for the first time ever, you can, thanks to @nickcalyx! https://t.co/Cr
emptywheel RT @just_security: Israel has suspended diplomatic contact with EU bodies engaged in Israel-Palestine peace efforts https://t.co/78RYVmiuOI
emptywheel @Pachacutec_ You did see this, I hope? https://t.co/tIAdD3HI6B @bmaz
bmaz @mike_stark welp, we shall have to disagree then. Gotta go defend some criminals!
bmaz @mike_stark That is why I am so adamant in the face of the general public thinking they are doing great work of some kind. Not so much!
bmaz @mike_stark Most people don't get to see from the vantage point I do. A tool for abuse is about all I really see from these artifices.
bmaz .@SteveKornacki @KagroX Uh, isn't this more a function of defense than Christie/State/Elections? Speedy trial rights and all that, you know.
emptywheel DOJ will prosecute someone for this leak. https://t.co/197Vwly8VZ
bmaz @mike_stark Right. And it REALLY eats into free speech+expression too. Tarek Mehanna, Holy Land, etc. Criminalizes thought as much as crime
August 2011
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