JPMorgan Pays $88 Million in Fines for Trading with Enemies

[The Straight Story]

JPMorgan Pays $88 Million in Fines for Trading with Enemies

In agreeing to pay the largest settlement by a bank to date involving sanctions violations, JPMorgan Chase will fork over $88.3 million to the Department of the Treasury.

Treasury officials went after JPMorgan for breaking U.S. embargo laws and trade sanctions, including Global Terrorism Sanctions Regulations and Weapons of Mass Destruction Proliferators Sanctions, in three incidents between 2005 and 2011 that involved Cuba, Iran and Sudan.

In the Cuban case, the bank violated embargo laws by processing $178.5 million in wire transfers for Cuban nationals.

The Iranian violation involved a $2.9 million loan that JPMorgan processed for a bank that had ties to Iran’s government-owned shipping line, which is not allowed under trade sanctions against the country.

Trade sanctions against Sudan also were violated by the bank when it processed wire transfers involving Khartoum.




http://www.allgov.com/Top_Stories/ViewNews/JPMorgan_Pays_88_Million_Dollars_in_Fines_for_Trading_with_Enemies_110910

[Donnachaidh]

1. if they *agreed* to pay this, can you imagine what they should have been fined?

Chump change, for a photo-op and a *settlement* that does nothing to stop them from doing the same exact thing in the future.

Two different levels of justice in the US.

[dbt]

2. And what would $88 million be?

Two minutes' worth of profits? Seems like if the Republics were all about the Rule Of Law and fighting the deficit, they'd be in favor of taking these corporate criminals out back and making them pay some serious fines.

You know--the way that Little People like you and me would be handled if we got caught trying to shave fifty bucks off our taxes?

[fasttense]

3. A traitorous corporation should receive the same punishment as a traitorous person.

I'll bet you JP Morgan made $880 million off of the transactions so the fine for traitorous behavior was just a cost of doing business.

[formercia]

4. "It's just the cost of doing business."

...as they walk away laughing.....

[CaliforniaHiker]

5. Exactly

We all know that this fine won't hurt the bank at all, they'll just pass it on to the consumers somehow. They certainly won't allow it to affect their profit margins.