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 @stevenzzhou What do you mean by that?
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emptywheel RT @LilianaSegura: "Mindful of the bad name that night raids have, the American military has renamed them 'night operations.'” http://t.co/
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JimWhiteGNV @Pedinska Our dogs don't know the fun they have in store. Older daughter is bringing her dog for a few days at Thanksgiving.
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bmaz Jimmy McCulloch is a very underrated guitar player.
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bmaz What a lousy day of football here in Cactusland. Bleech!
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bmaz I KNOW he is on my side, so I cannot understand how @AllThingsHLS is letting the SeaSquawks kick Arizona's ass like this. #YouCanStopNow
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bmaz On behalf of Cheeseheads everywhere, from the heart of Mr. Rodger's neighborhood, thank you sincerely to the New England Patriots.
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emptywheel @nickmanes1 I jinxed him.
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emptywheel @nickmanes1 A lot of great passes were dropped, even by people who normally catch them.
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emptywheel Vince Wilfork got almost up to sumo weight in his injury year. He'd be damn good at sumo, I bet.
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emptywheel @nickmanes1 Had said if Kitties kept penalties low and Stafford avoided picks they might have a chance. Forgot to say, "catch the ball."
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emptywheel Stafford fucked up the slide.
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