White Collar Crime at JP Morgan Chase Essay

1300 Words 6 Pages
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; “We all know [Magnetar] wants to print as many deals as possible before everything 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, “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, “distressed homeowners into insurance policies up to 10 times as costly as the homeowners original plan.” The banks themselves proved there to be a “conflict of interest (5)” offered these policies. One example of this crime was a customer of state farm began their insurance payments…

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