– JP Morgan to Pay Another Slap on the Wrist Fine for Engaging in Systemic Consumer Credit Card Debt Fraud (Liberty Blitzkrieg, July 8, 2015):
Just yesterday, I published a post titled: Florida Man Sentenced to 2.5 Years in Jail for Having Sex on the Beach. The purpose of that post wasn’t to justify his actions, but rather to highlight the difference between how average citizens are treated under the U.S. “justice” system, and how thieving, remorseless financial oligarchs are treated.
While, Mr. Caballero may have ruined the day of a few beach goers by crudely having sex on a public beach in broad daylight, he didn’t run the U.S. economy into the ground and cause destitution to tens of millions of Americans. Nor did he received trillions in taxpayer backstops and bailouts, only to turn around and pay himself a record bonus and then carry on with extremely profitable, illegal financial schemes. No, it was the bank executives who did (and continue to do) all of that. Guess who ends up in prison?
And now, for the latest financial scam perpetrated by JP Morgan, as well as the insignificant slap on the wrist fine, I present the following from Reuters:
JPMorgan Chase & Co has agreed to pay at least $125 million to settle probes by U.S. state and federal authorities that the bank sought to improperly collect and sell consumer credit card debt, according to people familiar with the matter.
The settlement also includes about $50 million in restitution, the sources said.
$50 million? Jamie Dimon’s presidential cufflinks probably cost more than $50 million.
The nation’s largest bank has been accused of relying on robo-signing and other discredited methods of going after consumers for debts they may not have owed and for providing inaccurate information to debt buyers. Robo-signing refers to signing documents in mass quantities without reviewing records.
I mean, what’s the big deal here? Clearly sex on the beach presents graver threat to American society.
The U.S. Consumer Financial Protection Bureau (CFPB), 47 states and the District of Columbia are expected to announce the settlements as soon as Wednesday, the people said.
California Attorney General Kamala Harris sued in 2013, claiming the bank engaged in fraudulent and unlawful debt collection practices against 100,000 California credit card borrowers over some three years.
The state claims the bank flooded state courts with questionable lawsuits, filing thousands every month, including 469 such lawsuits in one day alone.
In September 2013, the U.S. Consumer Financial Protection Bureau ordered JPMorgan to refund $309 million to about 2 million customers for illegal credit card practices, including charging consumers for credit card monitoring services they did not receive.
Thanks for playing suckers. Now go BTFD.
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