$13 Bil Bribe: JPMorgan Chase Purchases Immunity From Future Prosecution by D.O.J.

Submitted by: Susannah Cole,The Pete Santilli Show & The Guerilla Media Network

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A record $13 BILLION settlement between the Office of Eric Holder and JP Morgan Chase has at least one advocacy group filing a civil complaint in the courts this week. Evidence is bountiful that JP Morgan Chases’s reckless & unlawful actions caused trillions of dollars in damage.

When JP Morgan Chase is allowed to pay pennies on the dollars for damage they created —-most of which we won’t see for years down the road —- they are essentially allowed to pay for immunity for future prosecution. The deals struck with the DOJ certainly include a final payment and final settlement protecting them from future prosecution. JPMorgan Chase & Co.’s. The record $13 billion deal to end U.S. probes of its mortgage-bond sales would free the nation’s largest bank from mounting civil disputes with the government while leaving a criminal inquiry unresolved.

JPMorgan Chief Executive Officer Jamie Dimon, 57, personally discussed the deal with Holder after markets closed back on Oct. 18 as the banker sought to end probes that have beset his firm and resulted in its first quarterly loss under his watch. The agreement includes $4 billion in relief for unspecified consumers and $9 billion in payments and fines, according to another person briefed on the terms. Holder negotiated privately with JP Morgan Chase CEO Jamie Dimon to reach the November 2013 deal, in which Wall Street’s top bank did not admit guilt and simply agreed to a statement of facts. < Read The Statement of Facts!!

The privately brokered deal, said Dennis Kelleher, President of Better Markets, put on ice plans by federal prosecutors in Sacramento, Calif., to seek an injunction against JP Morgan Chase. The group argues that reaching a settlement 300 times the nearest similar settlement without any sort of judicial review amounted to a power grab by the executive branch and Holder.

Specifically, Monday’s legal filing asks the U.S. District Court for the District of Columbia to impose an injunction halting the settlement with JP Morgan Chase from going forward. It calls the settlement unconstitutional and also alleges it violates the Administrative Procedures Act and more importantly the Financial Institutions Reform, Recovery and Enforcement Act of 1989.

Better Markets President Dennis Kelleher, said at a news conference this week:

“It reads the separation of powers right out of the Constitution,”.  The entire DOJ settlement was designed to conceal, not reveal, Such a deal carried out by the Bush administration would have drawn cackles from Democrats. “If (former Attorney General) Alberto Gonzales did this with Halliburton, what would people say?” he asked incredulously, adding, “$13 billion is a lot of money, but not for Wall Street.” This case really stands out, let’s face it, for the power grab it is.

The pact with the Department of Justice increased from an $11 billion proposal to a $13 billion proposal marks the largest amount paid by a financial firm in a settlement with the U.S. The deal wouldn’t release the bank from potential criminal liability, at the insistence of U.S. Attorney General Eric Holder, according to terms described by a person familiar with the talks, who asked not to be named because they were private. The settlement did not preclude criminal charges brought against JP Morgan Chase employees or those in companies it acquired. But since the 2008 financial crisis, there have been few prosecutions of high-level Wall Street executives.

To date NO high-powered law-firms have stepped forward to back Better Markets in their fight to stop Eric Holder and JP Morgan Chase from getting away with the bank heist of the century.

 

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