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 TwitterShare on Reddit0Share on Facebook0Google+0Email to someone

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

Emptywheel Twitterverse
bmaz RT @NATICKPOLICE: Unrest spotted at this morning's Little League Parade. #FreeBrady https://t.co/tLjm3ERgw3
5mreplyretweetfavorite
emptywheel @AthertonKD How are you supposed to learn abt math if all wars are forever really? @pastordan
36mreplyretweetfavorite
emptywheel @pastordan mine is asking mom where those US soldiers were & she said Cambodia but not to worry abt that BC it was far away.
38mreplyretweetfavorite
bmaz RT @VinceWarren: What Do We Know About the #Guantanamo Cancer Cluster? https://t.co/oWxJ4z1uCA via @ShayanaKadidal @theCCR
50mreplyretweetfavorite
emptywheel @AthertonKD oof. Serves me right for pointing that out.
53mreplyretweetfavorite
JimWhiteGNV @GatorsBB I'm confused. I thought Horvath is a sophomore.
1hreplyretweetfavorite
JimWhiteGNV That said, Trump's idiocy will probably take us to Armageddon, so I will wind up voting for Clinton with tears in my eyes for what we are.
1hreplyretweetfavorite
JimWhiteGNV I see zero prospect of US policy getting out of the shithole where it is mired on Clinton's watch. She will only make it worse.
1hreplyretweetfavorite
JimWhiteGNV And yes, I still maintain that with regard to policy in the region, Barack Obama has been W's third and fourth terms. Clinton will be fifth.
1hreplyretweetfavorite
JimWhiteGNV US policy in Iraq, Afghanistan, Libya, Syria, Israel and Saudi Arabia since 9/11 will live in infamy as long series of worst possible moves.
1hreplyretweetfavorite
JimWhiteGNV Not that the Middle East was peaceful before, but since the US started actively interfering after 9/11, we have destroyed multiple countries
1hreplyretweetfavorite
JimWhiteGNV Who could have imagined that Iraq could melt down even further? The US could pay massive reparations for generations and still not suffice.
1hreplyretweetfavorite
August 2011
S M T W T F S
« Jul   Sep »
 123456
78910111213
14151617181920
21222324252627
28293031