Departing vice president slams goldman sachs for having ‘unethical’ practices, says he was a ‘good, honest broker’
Goldman Sachs vice president J.P. Morgan, who resigned this week from his post as managing director of global lending, says he was a “good, honest broker” and should have taken responsibility for his own conduct.
J.P. Morgan was forced to apologize Wednesday to senior executives at the world’s largest bank after a Senate inquiry into the firm found its compliance practices had violated the laws of several nations and in some cases violated the country’s own laws.
“The culture of these corporate and government agencies is unethical, deceptive and even illegal, to borrow their term,” Morgan said in a statement.
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The chairman of the Senate Committee on Banking, Housing and Urban Affairs also said Monday that he would ask the Justice Department to investigate the conduct of banks during the financial crisis in Europe, the United States and elsewhere. Morgan’s departure, which was announced a day after the Senate hearing, marked a quick end to a tumultuous and largely secret affair at the bank that began six years ago. Morgan was known as one of the firm’s most prominent clients.
While Morgan was not named in the Senate report issued Tuesday, the firm agreed to a $45 million penalty and paid a fine for not making sure its financial statements were in compliance with international law. The firm is subject to the U.S. Bank Secrecy Act as well as regulations in more than a dozen other countries.
The New York-based investment bank, which has become a kind of “Chosen One” for a slew of high-stakes transactions, has faced several lawsuits for what the banks said were deceptive practices in its dealings with financial regulators.
In January, Morgan, who is now based in the firm’s hometown of London, agreed to settle a criminal complaint by the State of Nevada in a plea bargain after spending hundreds of millions of dollars seeking immunity from a criminal prosecution for helping two banks escape legal scrutiny of suspicious purchases of mortgages they failed to maintain.
He also pleaded guilty last August to two counts of failing to report $2.9 billion in sales commissions for investments that he made while serving as financial adviser and managing director to the Mexican oil giant Pemex. The company agreed to pay Morgan $675 million in civil penalties.
The Senate report found that the bank broke multiple US banking laws during a period of financial crisis from 2008 to 2010. The report noted how Morgan’s firm, which has operations in more than a dozen countries, “failed to conduct due diligence” regarding the transactions of a host of major companies in that era, including Goldman Sachs, Merrill Lynch, Morgan Stanley, Citibank and JPMorgan Chase.
Woman given probation for locking kids in car for more than two hours. Police: No one had money. Child found dead on a roof, face down. Child found dead of gunshot wounds inside car. Post-Gazette, January 8, 1999]
The article then quotes the police as saying: “The young woman also said she told police a neighbor had come to her home at 2:30 a.m. with cash to help her and a friend with a flat tire.”
This reporter had only recently read this story but still has no idea what they mean.
No child was found at the house after 2 a.m. A man came to the door and asked for money; she got into his car and told the man he couldn’t take much of it, the police said. After he left, the child was found on a street next door; the police said her face was “down under,” apparently dead, from multiple gunshot wounds. The child later died at a hospital. News, February 2, 1999]
The police didn’t say that this is anything short of “paedophile” behavior.
So, it’s pretty likely that the child’s parents, both at some point, made it clear to her that she was not going to have much luck if she ever got a job, let alone money, and that she should find a better life somewhere else and stop making stupid claims about being abused or dying before she did.
It’s no surprise that, given that this reporter has been around for a couple of years and knows a lot about children, and because it’s probably the kind of thing that a parent who knows a child well might have written down somewhere, the little girl is in some way dead (or, at the very least, missing a leg).
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