Of all of big bank CEOs at the time, this is probably the least arguable case of a CEO that should have been sent to prison. JP Morgan was taking less relative risks than any of the other big banks at the time. It was the only big bank that largely avoided a major credit crunch during the crisis, as they got out of subprime in 2006, before the credit crisis hit. It was also the only bank out of the nine largest in the US at the time that didn't need TARP funds, which allowed them to use the TARP funds that they did receive to buy other banks and businesses.
Half of the big bank CEOS, and major wall street players should be in jail... they just have more money then Sam Bankman-Fried had, because he lost it all. If he had substantial resources outside FTC, do you think he would be in jail?
The problem is proving the culpability of a particular individual, because it is the organizational structure that drives criminal acts. That's why big organizations have lawyers on their payrolls in order to provide policies to shield individuals. The only way to get around that is to use RICO. I don't think any US attorney wants to use RICO against any big business in the states, thanks to the revolving door.
TeaBrain|1 year ago
dubcanada|1 year ago
JumpCrisscross|1 year ago
Yes. The brazenness of his fraud would land the most powerful Wall Street tycoon in jail.
In case the rose tint is coming on, this was his balance sheet [1][2].
[1] https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af...
[2] https://www.bloomberg.com/opinion/articles/2022-11-14/ftx-s-...
raincom|1 year ago
JumpCrisscross|1 year ago
Dimon? Why?