Off the Record

Greta: DoJ sells out, allows JPMorgan to settle Madoff case

'Off the Record', 1/7/14: Forget justice. The Dept. of Justice allowed JPMorgan to buy its way out of the Madoff crime

 

By Greta Van Susteren

OK, let's go "Off the Record" for a minute.

I'm livid with Attorney General Eric Holder and his pals in the U.S. attorney's office in New York. You ought to be livid, too. Here is why. The Justice Department just settled with JPMorgan. JPMorgan not only swindled billions of dollars in innocent people, destroying their lives, but also set off a panic on Wall Street that affected all of us.

So today, the Justice Department sold you out with a terrible settlement with the bank. Under the settlement, not one person from JPMorgan involved in one of the worst frauds - worse bank frauds - in our American banking system is going to prison. Didn't even get handcuffs.

Instead, the Justice Department let JPMorgan buy its way out of trouble. $1.7 billion. Sounds like a lot of money, right? It is. But here is the dirty little secret, the one the Justice Department knows but doesn't want you to realize. Do you know who is paying that $1.7 billion? If you think for one second it's the executives at JPMorgan who are responsible for the crimes, you are so dead wrong. They won't pay a red cent. Those executives will probably still get their big golden parachutes.

It's the innocent shareholders who will pay. Many of you, those with absolutely nothing to do with the crimes. They are the ones who will have to pony up the $1.7 billion. Justice? No, it's disgraceful. Worse, it's business as usual. Nothing unusual about it.

That's my "Off the Record" comment tonight. If you have an important story or issue you think I should take "Off the Record," go to GretaWire.com and tell us about it.