Topic: JPMorgan Facing Money Laundering and Bribery Allegations (Read 71 times)

What are you two talking about? This doesn't even have anything to do with bitcoin. It is just another US bank being caught red handed doing some illegal shit, and it is not even the first time or the biggest amount of money.

The only connection with bitcoin is that this just shows that those who have historically bashed bitcoin the most accusing bitcoin for being used for illicit behavior are the same people who are involved in the most amount of illicit acts using US dollar!

I wonder how much this allegation would affect JPM.

Never expected them to do some deals with barrels of oil since they're a bank and I am happy that they're caught with all this stupid stuff because bribery makes the game unfair for everyone even though this isn't that much of a setback for JP Morgan.

Great timing for FUDs, but it's probably not strong enough to dent our confidence in this market. Personally, I don't have a problem with the current market news, looking at the volatility of btc I feel that we are being slowed down a lot and a boom is coming.
As for this news, I have not assessed the seriousness of the impact it will have but a few times ago we are also seeing crypto receiving very positive attention.

It is attack to cause more FUD on Bitcoin. They try to seed as many fud as possible when China released their fud again.

JP Morgan changed from calling Bitcoin is a fraud to provide their service for customers to buy Bitcoin. How long does it take? 4 years from 2017 to 2021. Government try to crack it down or people who do fud try to borrow JP Morgan case to manipulate the market.

Makes you wonder how many things like this happen that have nothing to do with JPM Chase / Petrobras / whoever and more about the employees working for them.
Back in 2011 a barrel of oil was in the $110 range. So 300,000 barrels is barely $33 million in total. Even if JPM was getting them at a hefty discount (say 1/2 price) and reselling them above market price (say $120 a barrel) you are talking about less then $20 million.

Not worth it for a major bank. Worth it for a few corrupt employees on both sides.

Not saying banks don't do bad things just that the numbers really look too small for them to bother at the institutional level.

As for the amount of bad things that other places do with other things vs BTC it really is just a numbers game and PR.
BTC does not have anyone running a PR office to bury bad news about it or correct misinformation in the news. So it's easier to bash.

But, it's not like BTC is going away.

-Dave

JPMorgan Chase is under investigation by Brazilian authorities for money laundering and bribery with 300,000 barrels of fuel.
Investigators say the scheme dates back to 2011 and is part of an ongoing investigation into the banking giant’s dealings with the state-owned oil company Petrobras.
“The probe, which is in preliminary stages, is part of a larger investigation by Brazilian authorities who have been examining wrongdoing across the commodity trading industry for years.
The authorities are working to determine if the alleged bribery continued in subsequent years.
As one of the world’s largest banks, JPMorgan would represent the biggest target yet in the investigation.”
So far, JPMorgan has not responded to requests to comment on the allegations.
While Bitcoin (BTC) and other cryptocurrencies are often in the news over concerns about illicit activity, some of the world’s leading mainstream financial institutions have been in hot water for years and ordered to pay billions of dollars in fines as restitution.
The exact amount that Bitcoin and crypto assets are used for illicit activity is the subject of much debate. Blockchain data platform Chainalysis noted a decrease in its annual report on criminal dealings within the digital asset space.
“In 2020, the criminal share of all cryptocurrency activity fell to just 0.34%, or $10.0 billion in transaction volume.”
Just this week, the Biden administration cracked down on the Suex exchange, which is alleged to have run ransomware campaigns out of Russia and the Czech Republic.
Chainalysis sees the move by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) as a step in the right direction.


Source: https://dailyhodl.com/2021/09/23/jpmorgan-facing-money-laundering-and-bribery-allegations-over-massive-oil-purchase/