Is JP Morgan a Criminal Enterprise?

Why CNBC is Wall Street’s Propaganda Arm

By Jimmy Mengel 

Since I’m a glutton for punishment, I decided to subject myself to an hour of CNBC last week.

For once, I was actually glad I did… In between watching the talking heads squawk at one another about how high Apple is going to go, I was pleasantly surprised when Closing Bell host Maria Bartiromo had a round table discussion about whether or not Jaime Dimon should step down as the head of JP Morgan.

In the face of $920 million in fines — the largest in financial history — would one of these financial analysts actually come out and call for Dimon’s head? Would they objectively cover the news that JP Morgan has been implicated in bribery, fraud, and corruption?

Of course not.

Instead, they exposed themselves as nothing more than the propaganda arm of Wall Street.

And the sad part is they really didn’t even try to hide it.

Stick to the Facts

Bartiromo invited Salon author Alex Pareene to the show. Pareene had written a series of articles criticizing JP Morgan for their repeated regulatory fines, wondering how the head of a business can continue to keep his job after a horror show like the London Whale scandal, where they lost $6.2 billion.

They were slapped with a massive fine for the London Whale scandal. But that’s only the biggestone-time fine. The interesting thing is the firm been fined $11 billion and spent around $16 billion in legal fees in the last few years alone.

How in the world do you keep your job when you are regularly found to be the head of a criminal enterprise?

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