Today’s post is about what seems to be a  “massive criminal securities fraud” within one of the world’s largest multinational bank.

A massive payout of NINE BILLION was given to witness Alayne Fleischmann, a lawyer from JP Morgan Chase to keep her from talking. This is all an attempt to cover up for possibly one of the largest white-collar case yet.

This was after she found out that her company was selling sub-prime mortgages. Alayne says “I could lose my license to practice law. I could lose everything. But if we don’t start speaking up, then this really is all we’re going to get: the biggest financial cover-up in history.”

This is an incredibly shocking story and the ethical conducts of the company’s operations comes into question. It is simply unethical to give bad mortgages and loans out, especially when it was a large cause of the financial crisis of 2008.  Have they not learnt?

Fact of the matter is that companies may just commit illegal crimes in order to earn more money and make more sales. However, this situation affects the WORLD if anything goes sour.

For me, i feel that some industries have dark backgrounds. Whilst many glorifies their reputations through CSR, I can’t help but imagine the secrets behind companies that they’re keeping from the general public. As you can see here that JP Morgan was willing to pay such large sums of money in order to cover up their crimes. This also comes to show the importance of company image.

I really do hope that the truth comes out and adequate punishment is given for their crimes.

Articles:

http://www.salon.com/2014/11/08/whistleblower_jp_morgan_chase_paid_9_billion_to_keep_me_silent_about_its_crimes_partner/

http://www.dailymail.co.uk/news/article-2824580/Witness-s-testimony-powerful-forced-9-billion-settlement-JP-Morgan-reveals-bank-giant-s-schemes-swindle-investors-selling-worthless-mortgages.html

http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106#ixzz3IRCXIJE2