White Collar Crime at JP Morgan Chase Essay - 1300 Words

Corporate crime has become increasingly common over the past couple of decades. It seems that every big corporation today has some type of dark side. With the constant trials against corporate officials it seems that many high profile companies can no longer be trusted. We can no longer look at our banks the same either; JPMorgan Chase in the recent two years can be added to corporate crime list. They have committed crimes against its costumers and the government by rigging their bids for investments for years, improper home insurance rates, and overcharging military veterns. From this they stole millions of dollars to put in their pockets. What makes this case interesting is that Chase is one of the top banks in this country. Millions of†¦show more content†¦It was also similar to the Golden Sachs allegations. Evidence found against them was e-mails from different representatives saying; â€Å"We all know [Magnetar] wants to print as many deals as possible before everythin g completely falls apart (3).† There was no heavy amount of punishment given to Chase executives. They had to pay of about 211 million insuring the investors will get their money back. However, this payment didn’t significantly impact the company since back in 2007 they lost $900 million in a deal gone wrong. The only person to really get the blame was Edward S. Steffelin the companies’ advisor, â€Å"was charged with civil securities fraud in the case (3).† For the rest of JP Morgan Chase they claim to have no knowledge of this and they do not, tolerate anticompetitive activity (3).† Earlier this January, JP Morgan was suspected of committing home insurance fraud along with a few other major banks. They are being accused of steering, â€Å"distressed homeowners into insurance policies up to 10 times as costly as the homeowners original plan.† The banks themselves proved there to be a â€Å"conflict of interest (5)† offered these polic ies. One example of this crime was a customer of state farm began their insurance paymentsShow MoreRelatedAnalysis Of The Documentary Inside Job 1576 Words   |  7 Pagesthe white-collar crimes they had done before and during the economic crisis of 2008. Later, within some years of the released of â€Å"Inside Job†, the Federal Bureau of Investigation began a criminal investigation for the largest bank in the nation, JP Morgan Chase, which lost at least $2 billion in the risky results of trading stocks and investments from innocent citizens. A very important white-collar crime analyst and Professor of the University of Missouri-Kansas William Black believed that JP Morgan’sRead MoreWhite Collar Crime Report : Red Collar Crimes1585 Words   |  7 PagesSabine Louis-Jacques - 1554763 White Collar Crimes – 0613-380-001 Summer 2013 (Incomplete Course) Essay #2: White Collar Crime Report Periodically, business magazines like Fortune, Forbes, the economist, International—among others, publishes the results of surveys, ranking big corporations by sales, assets, profits and market share. The purpose of these surveys is to identify and celebrate the most profitable corporations. Our era is best known for its booming markets and profits, but it is alsoRead MoreThe most controversial case of fraud in history left more questions than answers. Bernard Madoff,1800 Words   |  8 Pagesthat originated his company, which guaranteed a gain of 8%. Adding to its credibility built for years between millionaires and investment banking. The banks invested their own assets and those of its clients in the Madoff firm as was the case of JP Morgan, which agreed to pay $ 2.6 billion to settle claims by Madoff relations. This technique led him to build an empire of lies that brought the financial system to tremble when he revealed this millionaire scam leaving as the main victims fund FairfieldRead MoreEssay on Criminology in the Future3348 Words   |  14 PagesCRIMINOLOGY IN THE FUTURE 1 Criminology in the Future As the world changes, people change, new technology advances, and so does crime. Criminals look for new ways to commit crime and the â€Å"loop holes† in the laws. The justice system needs to stay on top of these new technologies to protect the people. With the advancement of technology, law officials have to follow the rules of law. Law Enforcement must keep these â€Å"liberties† in mind when fighting cybercrime. The Bill of Rights guaranteesRead MoreSarbanes Oxley And The Oxley Act1358 Words   |  6 PagesAccounting Oversight Board, Auditor Independence, Corporate Responsibility, Enhanced Financial Disclosures, Analyst Conflicts of Interest, Commission Resources and Authority, Studies and Reports, Corporate and Criminal Fraud Accountability, White Collar Crime Penalty Enhancement, Corporate Tax Returns, and Corporate Fraud Accountability. Six areas of the Act create what are considered to be the main compliance components. These six main components are, the oversight board, increased auditor independenceRead MoreMadoff Scandal6132 Words   |  25 Pagesevent of greed and dishonesty that lasted for more than 20 years, in which $65 billion dollars vanished from the pockets of some of the world’s richest people, charities and ordinary investors alike. This scheme lasted longer than any other white collar crime in history and along the way ruined countless individuals and organizations. â€Å"The Madoff Ponzi scheme has changed the rules of trust that governed the money game.† Unlike other similar schemes, Madoff’s Ponzi scheme also scammed wealthy andRead MoreSEC v. Goldman Sachs3375 Words   |  14 Pagesas Fabrice Tourre, who had found the proper loopholes made substantial money off the backs of others.17 Mr. Paulson is not named in the suit. In time, it would come to fruition that this practice was not isolated.18 Bank of America, AIG, JP Morgan Chase, and Lehman Brothers are just a few of the other financial institutions involved in the same deceptive trade practices.19 Interestingly, none of the executives or employees of these massive banks are in prison for securities fraud; all of themRead MoreEnron Scandal9449 Words   |  38 Pagesmethod for Chewco and JEDI. This disqualification revealed that Enron s reported earnings from 1997 to mid-2001 would need to be reduced by $405 million and that the company s indebtedness would increase by $628 million.[30] Whitewing[edit] The White-winged Dove is native to Texas, and was also the name of a special purpose entity used as a financing method by Enron.[31] In December 1997, with funding of $579 million provided by Enron and $500 million by an outside investor, Whitewing AssociatesRead MoreGsk Annual Report 2010135604 Words   |  543 Pagesreinvested it in key growth areas such as Emerging Markets, Vaccines and Consumer Healthcare. 2010 reported sales for these businesses were up 22%, 15% and 5% respectively. This is helping to reduce GSK’s dependency on sales of products generated in ‘white pills/western markets’† . Sales from these markets and products have decreased from 40% in 2007, to 25% in 2010. Over time, this should help to reduce the adverse impact of patent expirations on the Group. Delivering diversiï ¬ ed underlying sales growth