{"id":428,"date":"2014-01-31T10:09:23","date_gmt":"2014-01-31T10:09:23","guid":{"rendered":"http:\/\/republicirelandbank.com\/?p=428"},"modified":"2014-01-31T10:09:23","modified_gmt":"2014-01-31T10:09:23","slug":"enough-is-enough-fraud-ridden-banks-are-not-l-a-s-only-option","status":"publish","type":"post","link":"https:\/\/republicirelandbank.com\/?p=428","title":{"rendered":"Enough Is Enough: Fraud-Ridden Banks Are Not L.A.\u2019s Only Option"},"content":{"rendered":"

By Ellen Brown, Web of Debt\u00a0<\/b><\/p>\n

Posted on Jan\u00a030,\u00a02014. Read full article on truth<\/span>dig<\/span><\/a><\/b><\/p>\n

This piece first appeared at\u00a0Web of Debt<\/a>.\u00a0<\/i><\/p>\n

\u201cEpic in scale, unprecedented in world history.\u201d<\/i>\u00a0That is how William K. Black, professor of law and economics and former bank fraud investigator, describes the frauds in which JPMorgan Chase (JPM) has now been implicated. They involve more than a dozen felonies, including bid-rigging on municipal bond debt; colluding to rig interest rates on hundreds of trillions of dollars in mortgages, derivatives and other contracts; exposing investors to excessive risk; failing to disclose known risks, including those in the Bernie Madoff scandal; and engaging in multiple forms of mortgage fraud.<\/p>\n

So why, asks Chicago Alderwoman Leslie Hairston, are we still doing business with them? She plans to introduce a city council ordinance deleting JPM from the city\u2019s list of designated municipal depositories. As quoted in the January 14th Chicago Sun-Times:<\/p>\n

“The bank has violated the city code by making admissions of dishonesty and deceit in the way they dealt with their investors in the mortgage securities and Bernie Madoff Ponzi scandals. . . . We use this code against city contractors and all the small companies, why wouldn\u2019t we use this against one of the largest banks in the world?”<\/strong><\/p><\/blockquote>\n

\"Share<\/a>