WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement on the jury verdict convicting another JPMorgan Chase officer of criminal conduct:
“There has been a crime spree on Wall Street for decades largely because the financial crooks believed they wouldn’t get caught and, if caught, not punished. Today’s jury verdict criminally convicting the third officer of JPMorgan Chase for fraudulently manipulating financial markets shows that the Justice Department cops are finally back on the Wall Street beat. We applaud the Department of Justice for bringing this case and for charging not just the bank, but also the responsible individuals with serious crimes. After all, banks don’t commit crimes, bankers do and, until those bankers believe they will be caught, convicted, and seriously punished personally, the crime spree will not stop.
“While the crime here is euphemistically referred to as ‘spoofing,’ it is really very serious fraud and manipulation that undermines the integrity of our markets. Like everyone on Main Street, those who commit crimes on Wall Street should go to prison even if they wear a white collar at JPMorgan Chase, make millions of dollars a year, drive fancy cars, live in mansions, fly private jets, and are toasted as a master of the universe. Putting Wall Street bankers behind bars will not only punish those criminals but will also send an unmistakable message to the Street that will deter future lawbreaking like nothing else can.
“The Justice Department must now expand its targets far beyond spoofing charges. Wall Street financiers have brazenly broken almost every law and rule repeatedly for decades with few if any consequences, as detailed in these reports. That corrosive double standard of justice must end and, hopefully, these convictions are just the beginning of the rule of law being applied to Wall Street as it is to Main Street.”
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.