Zerohedge:

Why should we care?

Because Wells Fargo received a $25 billion dollar bailout and Goldman received $10 billion in one bailout and $13 billion in another.

Moreover, fraud was one of the main causes of the Great Depression and the Great Recession … which cost tens of trillions of dollars in losses. But nothing has been done to rein in fraud today. And governments have virtually made it official policy not to prosecute fraud criminally. (Background.)

Fraud is an economy-killer, and trying to prevent deflation while allowing a breakdown in the rule of law is like pumping blood into a patient without suturing his gaping wounds.

Looks like Sanders got underneath Dimon’s skin…

Jamie Dimon waved a placard at Bernie Sanders in his annual shareholders letter on Wednesday.

It says, in effect: “Don’t Bite the Hand That Feeds Us.

With the Democratic presidential primary battle coming to New York on April 19, including firebrand Sanders who frequently bashes Wall Street, the JPMorgan Chase chief executive sang a different tune in the letter.

Dimon argued that big banks such as JP Morgan, with structures that span corporate and investment banking, perform “mission-critical services . . . that regional and community banks simply cannot do.”

Read on.

And here is Dimon’s annual shareholder letter. Click here. Check out the section under “The Banking Industry is Critical.”

Isn’t that the truth…And this another example of a financial firm that admits that they misled their own investors (just like Wells Fargo settlement last week that admitted that they misled their investors in mortgage sales) and yet no criminal charges in both cases.

Vice News:

In the complaints released Monday, the Department of Justice accused Goldman of misleading its own investors as to the strength of its mortgage-backed securities it was selling between 2005-2007. In 2006, for example, Goldman purchased a package of mortgages from a company called New Century Mortgage Corporation. Goldman’s own employees reviewed the loans and flagged them for “extremely aggressive underwriting” practices — meaning New Century’s employees were selling mortgages to buyers who couldn’t afford them, using shoddy documentations, and dubious financial models.
Internally, Goldman then took a close look at a third of those New Century Loans, to see if they were truly healthy…

Professor Bill Black is now Sen. Bernie Sanders’ economic adviser. Bravo!

By William K. Black
April 7, 2016     Bloomington, MN

I am now officially an economic advisor to Senator Sanders, and this column reflects some of that advice.  Part of my advice is not to take money from Wall Street felons.   (I am not taking credit for Bernie’s decision — at most I supported a decision he had already made over a year ago.)  One of the reasons I reinforced Bernie’s decision was witnessing the problems President Obama experienced given his taking very large contributions from Wall Street.  I channeled the prescient warning that Professor Thomas Ferguson (U. Mass, Boston) gave a group of us in 2008.  He predicted, accurately, that Obama would not lead an effective crackdown on the endemic fraud by Wall Street elites that caused the financial crisis.  Tom (he is a personal friend) is the…

Remember the days when Bernie was ignored and laughed at by the mainstream press? Apparently those days are over.

How so, you might ask?

Well, the Washington Post favored us with an unabashed corporate propaganda piece disguised as an “op-ed” by GE CEO Jeffrey Immelt. Its title: “GE CEO: Bernie Sanders says we’re ‘destroying the moral fabric’ of America. He’s wrong.”

Immelt (or more likely, his PR department) had this to say:

We at GE were interested to read comments Monday by Sen. Bernie Sanders (I-Vt.), who told the New York Daily News editorial board that GE is among the companies that are supposedly “destroying the moral fabric” of America. The senator had been asked to cite examples of corporate greed at its worst. Somehow that got him to talking about us.

That’d be great, except Bernie never uttered the phrase “GE is destroying the moral fabric of America.” The…

Bloomberg:

“JPMorgan Chase, and virtually every other major bank in this country,” Democratic presidential candidate Bernie Sanders answers when asked by New York Daily News to name three U.S. corporations “destroying the national fabric.”

• Sanders is quoted by New York Daily News in editorial board interview
• Sanders says Apple isn’t in that category, through “I do wish they’d be manufacturing some of their devices, here, in the United States rather than in China” and paying fair share of taxes
  • Says GE closing plants, shipping jobs overseas, and avoiding taxes is an example of “greed” and “selfishness”
• Says he’ll renegotiate all U.S. trade agreements if elected
  • On difference between him, Republican Donald Trump on trade: “We have some specificity and it isn’t just us going around denouncing bad trade”
• Asked if his too-big-to-fail list is “essentially the list that already exists under Dodd-Frank? Under the Financial Stability Oversight Council?” he says…