"This from the New York Times:
A year after an embarrassing trading blowup led to millions of dollars being docked from Jamie Dimon's paycheck, the chairman and chief executive of JPMorgan Chase is getting a raise.
JPMorgan's board voted this week to increase Mr. Dimon's annual compensation for 2013, hashing out the pay package after a series of meetings that turned heated at times, according to several executives briefed on the matter.
After the year JP Morgan have had, Dimon should be getting fired, not financially rewarded.
Bernie Madoff's ponzi scheme, just netted JPMorgan the largest Department of Justice penalty for breaching the Bank Security Act in US history. JP Morgan is to pay $1.7 billion for ignoring obvious signs of Madoff's corrupt practices, federal authorities announced today.
The Madoff scheme was a long con that went on for several decades. Throughout this time, JP Morgan was his bank of choice. As Larry Nuemeister writes for AP:
"Account statements for thousands of clients showing $60 billion in assets were fiction. Of the roughly $17.5 billion in principal that was real, most of it was gone.
Since then, a court-appointed trustee has recovered more than $9.5 billion to redistribute to burned clients. The trustee sued JPMorgan for $6.4 billion in 2010, accusing the bank of being "willfully blind" and "thoroughly complicit" in the fraud, but an appeals court found in 2012 that he had no legal standing to make the claim.
The JPMorgan settlement is the latest in a series of major deals it has made to resolve its legal troubles. In November, the bank agreed to pay $13 billion over risky mortgage securities it sold before the financial crisis — the largest settlement to date between the Justice Department and a corporation."
In 2011, JPMorgan CEO Jamie Dimon wrote his annual letter to shareholders, arguing that Banks should be able to corrupt the political system by lobbying legislators for favourable legislation. He wrote:
"You read constantly that banks are lobbying regulators and elected officials as if this is inappropriate. We don't look at it that way."
Given JPMorgan's ever expanding rap sheet, it seems the cost of their criminal behaviour is about to rise a lot higher than the $7.5m they spent on lobbying that year."
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