Subject: Why no criminal penalties for JPMorgan’s bribery scheme?
Nov. 17, 2016
Why No Criminal Penalties for JPMorgan’s Bribery Scheme?
Statement of Bart Naylor, Financial Policy Advocate, Public Citizen’s Congress Watch Division
Note: Federal regulators fined JPMorgan Chase $264 million because the bank hired “unqualified” children of China’s ruling elite to win business deals from the country’s key decision makers. JPMorgan’s “Sons and Daughters” program flagrantly violated the Foreign Corrupt Practices Act, yet neither the bank nor any of its executives will face criminal charges.
Once again, one of the nation’s largest banks has escaped true accountability for violating our laws. JPMorgan executives belong in jail, but instead shareholders will foot the bill for what one government official described as “systemic bribery.”
Between Wells Fargo’s widespread fraud and now JPMorgan’s bribery of foreign officials, it’s hard to escape the conclusion that many big banks are running a criminal enterprise. When the next shoe in the banking industry inevitably drops, federal regulators need to prosecute.