Pam Martens and Russ Martens, 23 July 2021
The unthinkable is happening with alarming regularity at the Frankenbank JPMorgan Chase. Over the last seven years, with Chairman and CEO Jamie Dimon at the helm, JPMorgan Chase has managed to do what no other federally-insured American bank has managed to do in the history of banking in the United States. The bank has admitted to five separate felony countsbrought by the U.S. Department of Justice, while regulators took no action to remove the Board of Directors or Jamie Dimon.
Now, once again, the outrageous hubris of this Board is on display. Just last fall the bank forked over $920 million of shareholders moneyto settle its fourth and fifth felony counts brought by the Department of Justice, this time for rigging the precious metals and U.S. Treasury market. Now, in the dog days of summer, rarely a time for bonuses on Wall Street, the Jrgan Chase board announced on July 20 that it is giving Dimon 1.5 million stock options which, according to a specialist cited at Bloomberg News, have a total value of $50 million on paper.
British police have confiscated around $250 million worth of cryptocurrency as part of an ongoing money laundering investigation, London’s Metropolitan Police announced Tuesday, marking one of the largest crypto seizures in the world and breaking a record the force set last month. 
Allegations of currency-trade manipulation are bubbling up into a potential class-action suit against several big banks, according to a report from the Financial Times.
JP Morgan is warning hedge fund clients that it will demand they post more cash at any time during the day if their trades lose value.
As Brussels sold its new five- and thirty-year debt, four banks that had previously suspended EU bond sales were selected to manage Block’s latest trading on Tuesday.
The previous eight banks Banned After promising “integrity” and providing evidence of “remedial measures” after historical violations of antitrust rules, the bond sales of the EU’s 800 billion euro recovery fund have been approved to process future transactions.
As part of its 800 billion euro recovery fund, the European Union has excluded the 10 most hit banks in the debt market from lucrative bond sales because they have historically violated antitrust rules.
Wall Street banks must speed up their efforts to stop using Libor, regulators said Friday, issuing one of their sternest warnings yet about abandoning the scandal-plagued benchmark.
CEOs from the six largest banks on Wall Street testified under oath yesterday before the House Financial Services Committee. But only one CEO, Jamie Dimon, had an ear-piercing electronic sound emanate from his microphone, which blocked out the sound of his voice, when he was asked key questions by two separate members of Congress.
New contenders are emerging in the race to get rid of the London interbank offered rate by year-end.
Malaysian state fund 1Malaysia Development Berhad (1MDB) and a former unit have filed 22 civil suits seeking to recover more than $23 billion in assets from entities and people allegedly involved in defrauding them, the finance ministry said on Monday.
The Securities and Exchange Commission (SEC) is dragging its feet in deciding whether it should approve the listing of a Bitcoin exchange-traded fund (ETF) proposed by VanEck Associates Group. While it is good to be cautious, speed and political decisiveness are equally important. Otherwise we risk the rise of a digital shadow finance industry.