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Do you think JPMorgan Chase's $1.7 billion penalty to settle charges that it turned a blind eye to Bernard Madoff’s Ponzi scheme is fair?

ABC News Money 2014/01/07 16:30:41
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  • Sissy 2014/01/08 00:35:51
    No
    Sissy
    Absolutely not. It was a slap on the wrist.
  • A Founding Father 2014/01/07 21:51:41 (edited)
    No
    A Founding Father
    +1
    The corporation probably charged fees of fifty or one hundred times the amount of the "penalty" and freed themselves of future litigation by paying this token amount. But, establishing conspiracy and fraud are tough thresholds when the permission to defraud was so clearly given in the "deregulation" and tax code changes of the first half of the 1980s decade, all necessary for "Reaganomics" to arrange for the looting and pillage that followed. If you didn't share in the "trickle down" it is probably because you are not an insider on Wall Street or a Reagan Bank. Better luck next time you support such a program and allow it to go on for three decades.
  • t.eliot, topbard 2014/01/07 19:46:04
    No
    t.eliot, topbard
    +1
    Higher fine and jail for the perps.
  • brettw97 2014/01/07 18:39:37
    No
    brettw97
    +1
    First off, I don't think they turned a blind eye to a ponzi scheme. If you looked at Madoff's resume before this was discovered, he was Chairman of NASDAQ from 1990-1993. I can understand how someone would turn as some have called it a blind eye to someone with the reputation that he had. It would be like an offensive coordinator challenging Peyton Manning. Manning knows more than you do. He's your meal ticket. You don't question Peyton like you would Matt Flynn.

    However bad JP's actions were, the fine was suitable, they acknowledged their responsibility. Investors also have responsibilities too. Most of Madoff's clients, aka suckers, were people who took Madoff as being some sort of financial God and went lot, stock, and barrel with them, something you should never do. Always diversify with numerous investment houses when you're dealing with millions of your own dollars or in many cases, endowments for charities. If one Madoff gets you, you're still on your feet. There's responsibility for what went wrong here, but 90% goes to Madoff, 5% to JP and 5% to the investors.
  • letitbeknown 2014/01/07 17:40:33
    No
    letitbeknown
    +1
    it only gets the company, not the PEOPLE who did it. jail em.
  • rbeas 2014/01/07 16:56:43
    No
    rbeas
    +1
    triple would have been fine with me

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2014/11/23 01:32:48

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