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Tag Archives: DOJ

No honor among cronies. What’s really behind the JP Morgan fine?

 

“My administration is the only thing between you and the pitchforks.” – Barrack Obama March 27, 2009

The president was speaking to the heads of America’s largest banks in the White House shortly after his election. At this extraordinary meeting, Obama and his administration made it very clear that the big banks would play ball or have problems.

The CEOs of the big banks genuflected, as was wise. Jamie Dimon, Ken Lewis, and others knew what was expected of them. The play for these men was to roll over, which they did. And to write checks to Democrats, which they did.

They had already written big checks to Obama in the 2008 campaign. Wall Street piled onto the Obama bandwagon when things began to look obvious. Goldman Sachs employees for instance were Obama’s largest contributor after the University of California system. JP Morgan and Citi were not far behind.

They all got protection from the “pitchforks,” courtesy of President Obama. In particular, they got protection from legal actions connected to the Crash.

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Is justice finally actually being done on Wall Street? No, not really. It’s all party of the crony game.

The government waited until after the 2012 election to get maximum presidential  campaign money out of these companies. Now however these trials 1) allow the government to get billions from the same companies, always useful for the government and 2) remind the same companies that their survival depends on their keeping up the campaign cash. Otherwise the statute of limitations would take effect and companies might stop giving

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