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 Twitter0Share 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 @EliGP: Formula 1's big teams react to smaller teams' concerns: http://t.co/otoopgYHdK
6mreplyretweetfavorite
bmaz @JustinRaimondo @towards_freedom But they won't if a wing nut Republican wins?
12mreplyretweetfavorite
bmaz @ScottGreenfield @lawfareblog @OrinKerr @granick You saw my opening salvo I presume.
1hreplyretweetfavorite
bmaz @ScottGreenfield @lawfareblog @OrinKerr @granick Ah, top of the morning to you Mr. Greenfield.
1hreplyretweetfavorite
bmaz Okay, CNN International simulcast is great. Just did a report on the scary clown ban in France. Now that is news I can use. #BanClowns
4hreplyretweetfavorite
bmaz @LegallyErin The report I just saw on CNN looked pretty awesome. Wind and waves onto roads and all kinds of good stuff.
4hreplyretweetfavorite
bmaz @LegallyErin Bundle up baybee!
4hreplyretweetfavorite
bmaz @LegallyErin Say, my tee-bee says you have some kind weather thing going on there.
4hreplyretweetfavorite
bmaz @walterwkatz @gideonstrumpet @ScottGreenfield @LilianaSegura @roomfordebate Yes, that was a nice little touch, no? Jeebus.
4hreplyretweetfavorite
bmaz RT @LegallyErin: There's something very sexy about Anthony Hopkins as Hannibal. I always date the worst guys.
6hreplyretweetfavorite
bmaz @imraansiddiqi You seemed like such a respectable chap, and now here you are talking about Kardashians. #Shame
7hreplyretweetfavorite
bmaz @cody_k I went as a Pando journalist blowing shit out of my ass about Greenwald.
7hreplyretweetfavorite
August 2011
S M T W T F S
« Jul   Sep »
 123456
78910111213
14151617181920
21222324252627
28293031