The supposedly best run bank in the financial industry is in the thick of yet another investigation once again. Besides suggestions that JPMorgan may also be involved in the Libor criminal manipulation that has taken down three top executives at Barclays, JPMorgan is under investigation in the US for possibly manipulating the US energy market.
How many more free rides and bogus settlements that involve agreement that nobody was guilty are we going to have to see before Washington gets serious about white collar crime?
First it was $2 billion. Then it was $5 billion.
Citigroup Inc. (C) Chief Executive Officer Vikram Pandit, who took a $1 salary after his bank received the most taxpayer assistance of any U.S. lender, is poised to collect $80 million from other payments and awards that may eventually total more than $200 million.
Pandit, 54, will get the $80 million from Citigroup’s purchase of his Old Lane Partners LP hedge fund tomorrow, according to regulatory filings. The deal brought him to the lender in July 2007. JPMorgan Chase & Co. (JPM), which remained profitable through the financial crisis, has disclosed about $90 million in awards for CEO Jamie Dimon since 2007.
So working people get Medicare and Social Security cuts while the wealthy keep raking it in.