Surprise, surprise: JP Morgan facilitated Jeffrey Epstein's human trafficking and sexual exploitation of minors was bank policy. Jes Staley, a highly placed executive, was the bank's officer in charge of the Epstein account(s). NYT investigative journalists uncovered the depth of the relationship that the bank carried on with the convicted felon who committed suicide in prison.
Staley told Jamie Dimon that Epstein brought much business to the bank's private wealth department, naming individuals who could bring assets under management with large fees for the division. Staley often visited Epstein's island, residences, and offices to engage in conversations about his business. Epstein drew large amounts of cash from the bank, in the 10's of thousands to pay his own minions who engaged in criminal behavior necessitating cash payments. despite warning from many insiders, including house counsel, Epstein was allowed to continue his relationship with the bank.
Too big to fail is what we always hear after these banking scandals. And why does this continue? Because the banks spend money to silence the critics, the pols, and the media types who report their misdeeds. Some things never change; some people never change. JP MOrgan never changes.
Have a nice day, Jes.
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