RICO is typically used to indict mobsters – which makes its use against employees of the largest bank in America a very disquieting event.
By Pam Martens and Russ Martens of Wall Street on Parade
Yesterday, three traders at JPMorgan Chase, the bank headed by Jamie Dimon, got smacked with the same kind of criminal felony charge that was used to indict members of the Gambino crime family in 2017. The charge is racketeering and falls under the Racketeer Influenced and Corrupt Organizations Act or RICO. According to the Justice Department, the traders engaged in a pattern of rigging the gold, silver and other precious metals markets from approximately May 2008 to August 2016.
One of the traders, Michael Nowak, was actually a Managing Director at the bank and the head of its Global Precious Metals Desk. The other two traders are Gregg Smith and Christopher Jordan.
RICO is typically used to indict mobsters – which makes its use against employees of the largest bank in America a very disquieting event. But even more disquieting is that two trial lawyers compared JPMorgan Chase to the Gambino crime family five long years ago and recommended in their 2016 book that the bank’s officers be prosecuted under the RICO statute.
The trial lawyers are Helen Davis Chaitman and Lance Gotthoffer and the book is JPMadoff: The Unholy Alliance Between America’s Biggest Bank and America’s Biggest Crook.
In chapter 5 of the book, Chaitman and Gotthoffer write as follows: (JPMC stands for JPMorgan Chase.)
“In Chapter 4, we compared JPMC to the Gambino crime family to demonstrate the many areas in which these two organizations had the same goals and strategies. In fact, the most significant difference between JPMC and the Gambino Crime Family is the way the government treats them. While Congress made it a national priority to eradicate organized crime, there is an appalling lack of appetite in Washington to decriminalize Wall Street. Congress and the executive branch of the government seem determined to protect Wall Street criminals, which simply assures their proliferation.”
Raise your hand if you think Wall Street’s campaign windfalls to political candidates might have something to do with Washington’s failure to rein in its serial criminal acts…