![\"Helen](\"http:\/\/usawatchdog.com\/wp-content\/uploads\/2016\/05\/Helen-Chaitman.jpg\")
<\/a>By Greg Hunter\u2019s USAWatchdog.com<\/a><\/strong><\/p>\nHelen Davis Chaitman was the lead attorney representing the victims of the $65 billion Bernie Madoff scam. Madoff had help from JP Morgan Chase Bank, and what she found out was stunning.\u00a0 Chaitman explains, \u201cJP Morgan Chase was the subject of a criminal complaint . . . it was charged with a criminal violation of the Bank Secrecy Act, which is a felony violation.\u00a0 JP Morgan Chase disgorged a small percentage of the profits it made on the Madoff relationship, and the government called it quits.\u00a0 Nobody was fired.\u00a0 Nobody disgorged bonuses, they just went on doing other crimes.\u201d<\/p>\n
<\/span>Chaitman, who wrote a book called \u201cJP Madoff,\u201d documented that JP Morgan Chase paid nearly $36 billion in fines for various crimes just in the last four years. Chaitman says all the big banks are basically criminal organizations, and \u201call of them regularly engage in fraud.\u201d<\/strong> Chaitman also says, \u201cI could have written this book about HSBC, Bank of America or CitiGroup.\u00a0 All the banks, and the government encourages them to do this, all of the banks have been operating like criminal enterprises. . . . The bankers have become such criminals it threatens the entire world economy.\u201d<\/strong><\/p>\n A key component in the Madoff fraud was Madoff never bought securities for his victims even though he claimed he did. The client statements were bogus, and Chaitman says JP Morgan Chase knew about the fraud for years.\u00a0 Chaitman contends, \u201cMadoff had a group of people, a small group of people, who were grossly over compensated, who would just make up the statements after the fact.\u00a0 They had no securities.\u00a0 They had no stocks.\u00a0 They just had pieces of paper saying they had stocks. . . . Madoff never bought the stocks.\u00a0 He just kept all the money, and in fact, that\u2019s why JP Morgan liked him as a customer. He kept on deposit billions of dollars, and JP Morgan Chase was free to use that money for its own purposes.\u201d<\/p>\n Why no jail time for the management at JP Morgan Chase for a slam dunk criminal fraud? Chaitman says, \u201cWe have a President who doesn\u2019t believe criminal bankers belong in jail, and he appointed an attorney general, Eric Holder, who had this nonsensical rationalization that the banks were too big to put in jail.\u00a0 In other words, JP Morgan Chase, America\u2019s biggest bank, who does business with 50% of American households, and 80% of fortune 500 companies, should keep all the criminal bankers because we would not be able to operate without them.\u201d<\/p>\n Chaitman says JP Morgan Chase alone has paid fines for multiple crimes and frauds. Chaitman explains, \u201cThey have admitted to violating the foreign exchange rules.\u00a0 They pled guilty to a felony with respect to that. . . . They have defrauded veterans.\u00a0 They have defrauded credit card holders.\u00a0 They have defrauded homeowners.\u00a0 There is no group of customers they won\u2019t defraud if they can enhance their profits.\u00a0 Yes, in the last four years alone, they have disgorged $36 billion as settlements of charges brought with respect to all these violations.\u201d<\/p>\n Chaitman says the $36 billion in fines is just a fraction of the profit JP Morgan Chase is making by committing various frauds. Chaitman says, \u201cIf you look at their financial statements, they are generating huge profits.\u00a0 That\u2019s why everyone loves Jamie Dimon, but a lot of people loved Carlo Gambino too.\u00a0 (Dimon reportedly has a net worth of $1 billion.)<\/p>\n Chaitman contends the big banks are like mobsters. Chaitman says, \u201cThere is no question about it.\u00a0 They operate illegally because they can generate huge profits by doing so.\u00a0 They go from one crime to another, and when they get caught committing one crime, nobody gets fired.\u00a0 Nobody disgorges bonuses.\u00a0 They just take those people and put them in a new area where they haven\u2019t yet been prosecuted.\u201d<\/p>\n What will happen to the customers of the big banks in the next financial meltdown? Chaitman warns, \u201cThe customers will be destroyed, and if the banks still have enough money to buy Washington, the government will protect them just like it has since 2008.\u201d<\/p>\n Join Greg Hunter as he goes One-on-One with Helen Chaitman, author of the new book \u201cJP Madoff.\u201d<\/a><\/strong><\/p>\n (There is much more in the video interview.)<\/p>\n