Target: Dennis Kelleher, president of Better Markets, a financial watchdog organization
Goal: Support lawsuit against the Department of Justice for protecting bank executives guilty of fraud
The Department of Justice (DOJ) recently penalized JPMorgan, one of the largest banks in the country, for fraudulently selling “toxic mortgage backed securities” by fining the bank $13 billion. The problem is that the DOJ’s contract with JPMorgan offers the executives immunity from further legal action and fails to ensure that the fine will be paid from the right places. JPMorgan has already rewarded its executives and punished its employees in order to pay the DOJ’s fine, all while avoiding any official legal charges, according to Rolling Stone.
These specific crimes committed by JPMorgan played a pivotal role in the economic collapse of 2008. “Toxic mortgage backed securities” means little more than “real estate bubble,” and in this case the bubble was purposefully engineered without concern for economic consequences or the law. And now that those responsible have been fully exposed for the frauds that they are, they will stay far above legal prosecution thanks to the DOJ’s unbelievably weak response.
Capitalism only works when all parties play by the same rules. Clearly the executives at JPMorgan do not play by the same rules as everyone else, and the only thing capable of holding these bankers to any rules at all, the federal government, apparently has an interest in protecting this kind of fraud and corruption. How can any of us be expected to follow the most basic laws of our society if the pillars of our economy are allowed to rot all the way through? Sign the petition to support Better Markets’ lawsuit against the DOJ for this injustice.
Dear Mr. Kelleher,
The Department of Justice’s (DOJ) response to JPMorgan’s criminal activity is nothing short of absurd. The executives responsible for the systematic fraud that contributed to the economic collapse of 2008 will not only walk away without facing prison, as they should, but will barely even notice the fine imposed by the DOJ. In fact, the lower level employees of JPMorgan will feel the effect of the $13 billion fine but the executives responsible for these crimes will keep their salaries, and may even take massive bonuses.
We have signed this petition to show our support for Better Markets’ lawsuit against the DOJ regarding its failure to bring criminal charges against JPMorgan executives. Capitalism only works when everyone follows the same rules, and clearly the executives at JPMorgan do not follow these rules. A government that protects this kind of behavior is hypocritical at best, and at worst is moving uncomfortably close to oligarchy. We wish Better Markets the best of luck in this lawsuit and hope that these criminals will be exposed to the public for what they are.
[Your Name Here]
Photo Credit: Robin Hood Tax USA via Flickr