Sen Kaufman "Striking Observation" On JPMorgan Chase: Private Lawsuit Found Evidence the Feds Didn't [View all]
Former Sen. Ted Kaufman, whose epic struggle to bring Wall Street to justice was depicted in PBS Frontline's recent episode The Untouchables, made a striking observation on a press call today. "In a private case," Sen. Kaufman said, the Dexia bank's lawsuit "… uncovered reams of emails directly related to the fact that fraud was (allegedly) being committed by JPMorgan Chase."
He was referring to headlines like "E-Mails Imply JPMorgan Knew Some Mortgage Deals Were Bad" in the New York Times and "JPMorgan Hid Reports of Defective Loans Before Sales" in Bloomberg News. Sen. Kaufman added:
"It is just hard to believe that if the Department of Justice had made Wall St fraud a major priority, with the resources they have, they could not have found these same emails and brought these cases."
It's not just that the government wasn't bringing a case against JPMorgan Chase. Everybody in Washington from the President on down was praising its CEO, Jamie Dimon, claiming he was our nation's smartest and most ethical banker. So were a lot of reporters. Roger Lowenstein's flattering profile of the dyspeptic Dimon remains a classic of the Wall Street flattery genre.
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http://crooksandliars.com/richard-rj-eskow/sen-kaufman-jpmorgan-chase-privat
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