Goldman Sachs and JP Morgan Launder Billions… and Walk Free??!

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Equal under the law? Not if you’re a big bank. JP Morgan just agreed to pay $330 million over the 1MDB scandal—years after Goldman Sachs forked out $5 billion. Billions looted, money laundered, and once again… nobody goes to jail.
In this episode of Watchdog on Wall Street:

• How big banks treat billion-dollar fines as a cost of doing business
• Why no executives ever face handcuffs or perp walks
• The “wink and nod” game regulators play with Wall Street
• Why trusting ethically bankrupt institutions is a losing bet

Big banks keep winning. Regular Americans keep losing.

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
You know we're all supposed to be equal under the law, right,
Thomas Jefferson, Right, Yeah, big banks above the law. This
is a follow up to a story that we first
started tracking. Wow, and you're talking ten years ago, I
mean longer than that, quite frankly, this is going back

(00:37):
to the whole Malaysian Sovereign Wealth Fund scandal. JP Morgan
now has to pay three hundred and thirty million over
this one MDB and the transactions that took place, and
the billions upon billions of dollars that were looted. Again,
this goes all the way back.

Speaker 3 (00:57):
Come only back to Wow, twenty years while I'm getting old,
they started a scheme to misappropriate about four point five
a billion dollars, and I you know, when all of
a sudden done, it ended up being more than that.

Speaker 2 (01:17):
Goldman Sachs already paid five billion dollars in multiple countries.
Money laundering at its best, all sorts of nonsense going on.
But again, this is nothing new. This is how they operate,
and that's obviously some significant fines from both of them.
But don't you think don't you think they know the

(01:43):
risk and you don't think that they understand You don't
think these big banks. You don't think Goldman Sacks, you
don't think JP Moore, you don't think at Morgan Stanley,
all of these firms, Bank of America, marilynch You don't
think that they understand the return earn on investment when
they're doing something like this. I talk about risk often

(02:06):
on our programs Managing Money, and I always talk about
the fact that you can never let risk lead to ruin. Well,
the worst thing that's going to happen to these guys
are going to pay a fine. They make a calculated
decision saying, well, you know there's a risk involved with this,

(02:26):
we get caught, we'll pay a fine, we'll walk away again.
I don't know how much they made when all was
said done. You don't know any sort of back channel
deals that are done with some of the players that
are involved with this. I mean, who knows, But man,
oh man, they pony up at every year your pony up,
find this one hundred million here billionaire, all that stuff

(02:47):
that's real money, right, Yeah, never really seems to bother them.
And the other thing, too, is is anyone, is any
individual at these big banks ever held personally responsible. This
is the other issue I have, and I've described this before.

(03:09):
Corporation is a tax id number and a logo. Goldman
Sachs the tax id number and logo, nor JP Morgan
the tax id number and logo are not capable in
of themselves to launder money, to rip people off, to
steal anything. They can't. You need a human being to

(03:33):
engineer that. And what's interesting is is that if you
work at one of these firms, one of those human beings, again,
you're basically above the law, are you not. I don't
see I don't see any You ever see anybody from
any of these big firms, all the crap that they
pull off on a regularly, Do you ever see anyone

(03:55):
actually held accountable? You ever see any purp walks, handcuffs. No. No,
It's kind of like a wink nod nod type of
an agreement between the authorities and these big banking institutions.

(04:15):
It's like they're playing cops and robbers, so to speak.
No one really does any time. Again, big banks continue
to get rich, continue to pull this crap off, nothing
happens again. I put this out there because again, it
is what it is. Nothing's changing. I don't think it's
going to change anytime soon. I just let people know

(04:38):
because again, you decide who you're going to do business with.
I think it's a wise choice to do business with
people that are this ethically challenged. Well, I guess that's
on you. Watchdog on Wall Street dot com