JPMorgan Coin. Why crypto is clearer than banks
felicity last edited by
We usually discuss cryptocurrency projects in the context of possible fraud. None of the more or less known startups have passed by our attentive eyes. Our eyes are searching everywhere: the roadmap, whitepaper, GitHub, they crawl into the profiles of the team in LinkedIn, Facebook, and Instagram. It’s no longer enough to convince us with the names of Ver, Palmer, or Buterin. We need some strong evidence that our money won’t be spent on a yacht or Lambo.
This is what our mentality is. We still believe brands. We believe that LeBron will always play in the play-off final (but not this season), and Pepsi and Adidas won’t break our trust. Somewhere in this temple of faith, there is an altar for banks. Powerful organizations with a quarter of a million employees around the world who sell us houses in mortgages, let us order pizza and pay for an HBO subscription. The pizza will be eaten with the new season of “Game of Thrones,” Daenerys will die, and our faith in the banks won’t go nowhere.
Or nah? Let’s look at them on the example of JPMorgan. Recently, the holding launched a JPM cryptocurrency that crypto-pessimists immediately dubbed the “Ripple Killer.” We decided to check the organization’s reputation, imagine that it is a cryptocurrency startup, and decide: to invest, or not to invest?
Two years after its foundation, as a result of a merger of about thousands of financial institutions, JPMorgan was fined $80 million. The reason is non-objective research that the organization has presented to its investors.
2,2 billion dollars is the amount that the state obliged to pay JPMorgan. It turns out that the holding was financed by Enron Corporation and helped them cheat with reports. And those guys, in their turn, hide billions of dollars into their pockets, marking them as failing projects. After the company’s shares fell from $90 to $1, and shareholders filed a lawsuit for $40 billion, it went bankrupt.
Another bankruptcy, WorldCom this time, caused JPMorgan to pay $2 billion to the company’s investors. Since it acted as an insurer.
Alabama Mayor Larry Langford was imprisoned for financial crimes linked to the exchange of bonds. To prevent the case from proceeding further, JPMorgan has greased all the witnesses. Our beloved SEC thought so. As a result, the bank got off with a fine of 722 million dollars.
JP Morgan trader Bruno Iksil nicknamed the “London Whale,” blew 6 billion of investor money at auction. For this, the British authorities fined $ 920 million. The trader called himself later a scapegoat and declared that he had only followed instructions from above.
The US Department of Defense sent soldiers to fight in Afghanistan, and JPMorgan continued to collect mortgage loans from them. When the veterans гnited and filed a class-action lawsuit, the bank lost $27 million. And the head of the loan department, Dave Loeman, resigned.
At the same time, JPMorgan violated economic sanctions against Cuba, Iran, Sudan, and Liberia. $300 million of fine.
100 million dollars. That’s what it costs to quietly raise the minimum monthly payments on consumer credit cards. One beautiful morning, the guys woke up and suddenly increased them from 2 up to 5%. For that, they paid with a collective lawsuit.
The tender activities of a subsidiary of JPMorgan Ventures Energy Corporation led to charges of manipulating the energy market. $ 410 million of fine.
For many years the holding turned a blind eye to the activities of Bernie Madoff because of the fear of losing a client who can earn good money. At the same time, the client earned cash on the investors of his financial pyramid (perhaps the largest in history). JPMorgan knew about this but didn’t report to the government. The retribution was followed by severe – 2,05 billion dollars.
During a cyber attack, hackers stole data from more than 83 million JPMorgan customers.
JPMorgan made lucrative deals in Hong Kong promising to hire hundreds of friends and relatives of the Chinese government members into their structure. This bribe opened up, and the holding was forced to pay $264 million for bribery.
SEC obliged JPMorgan to pay more than $ 35 million for the fraud with American depositary receipts.
Since 2008 to 2013 alone, JPMorgan spent about $18 billion in litigation. But the organization doesn’t learn from its mistakes. Another fuck up happens almost every year, and it turns out that these bankers are really the smart-ass cats who are trying to fuck the system.
Imagine that all of this is happening not in the world of Pepsi, Kylie Jenner and the “Game of Thrones,” but among Crypto enthusiasts. A powerful Blockchain company that has repeatedly hit the pages of the scandalous chronicle is launching its coin.
Oleg last edited by Reward
This is definitely an interesting point
nik12 last edited by Reward
A good read!