JPMorgan whistleblower: Justice still hasn’t been done

by 12 Feb 2015
The whistleblower who brought JPMorgan Chase to its knees and cost the bank a $13 billion settlement doesn’t think the bank has suffered enough.

Alayne Fleischman, who worked as a securities lawyer at JPMorgan between 2006 and 2008, turned over information on the bank’s dealings in shoddy mortgage-backed bonds during the run-up to the financial crisis. Attorney General Eric Holder was noted at the time saying the bank’s conduct, “helped sow the seeds of the mortgage meltdown.”

Rolling Stone revealed her identity as a whistleblower last November.

In a recent interview with Financial News, Fleischman said justice hasn’t been served yet to JPMorgan and other major financial systems that caused the recession. “I’m still hopeful that, with enough public pressure, criminal cases will be brought against the individuals responsible, not just at JPMorgan but also at the other banks that sold fraudulent securities,” she told the media outlet.

She added banks are using their “lawyers, lobbyists and PR groups to protect individuals who should clearly be charged and tried in a court of law.”

“As long as these individuals are shielded from accountability for the damage that they’ve done, then their victims — in many cases the retirement funds of ordinary, hard-working Americans — will be left without justice,” she added.

In late 2013, JPMorgan signed a $13 billion settlement with the government to put to rest claims that it sold shoddy mortgages to investors during the run-up to the financial crisis.


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