Does Justice need its own investigation of JPMorgan?
Peter Johnson, Jr. weighs in
- Duration 3:47
- Date May 16, 2012
Peter Johnson, Jr. weighs in
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By the department of justice and FBI now launching their own criminal probe into the two billion dollar trade loss by the JPMorgan suffered the SEC is already conducting their own investigation so.
Why is Eric holder's Justice Department getting involved Fox News legal analyst Peter Johnson junior who they I'm asking the same question Peter.
Why is it does say that attorney general put himself and well we don't know what happened so I think in some -- it's appropriate that they be investigation.
The same way that should be a robust investigation -- fast and furious.
That the attorney general's office hasn't seemed to really conducted.
But is -- gonna go anywhere in the -- we know that that JPMorgan Chase he's America's bank number one bank.
But almost most importantly we know that it's the president's.
Bank literally got over a million dollars of that financial disclosure that may be a million dollars and in in in a bank account there.
We know that mr.
Dimon the head of the bank has been to the White House more than a dozen times in fact a one on one meeting with the president.
So he was kind of the Democrat.
President Democrat banker pal and so when the president gets on the view and defends.
The banks color authority defended don't hit it on the view but did the same time what we're gonna have an investigation.
-- the investigation really go.
Anywhere and -- should be -- -- here's the question they say we wanna -- the bank lost as a result of a barely.
Badly executed hedge.
Or that the bank was betting purely for profit well either way it's a private bank and these are depositors while this is a losing argument that -- -- surprised to private bank until the bank goes down in the -- this president decides.
To put billions and billions of dollars trip to bail out that bank and ensure that this.
You know the public's deposits.
Don't go under you also see it at the bank this and well we -- have to claw back.
Take back compensation.
From the employees of the bank they really screwed up.
The point is that the employees are doing -- the bank.
Asked them to do.
This is apparently a policy.
-- -- to conduct this kind of activity should that cut activity kind of be conducted especially in these types of of markets and then finally at least to the issue of is there equal justice.
Is there a double justice system is there a double standard.
What's going on with regard to MF global.
And senator Corzine.
Where is -- that and they get millions of dollars deposits are out of money he has actually no answers and it doesn't seem to be no one's even curious about it so if time will tell there was a Wall Street Journal article last week in which.
The federal government the Justice Department was asked to quantify.
How many people were actually prosecuted and -- went to jail as a result.
Of the financial debacle back in 2008.
In the Justice Department said well.
We can't really tell you we don't really keep those.
Numbers it's fun to announce an investigation have a press release and give the appearance.
Of being tough.
On banks and being tough for the merit or is this -- group what happens is this really gonna lay the ground work for what you really want alien and that is.
Very strict financial reforms that may -- choke off all profit at Wall Street no I think to give the appearance.
Of strict financial reforms you create class warfare in order propel an election year.
Theme but in the end does anything really change based on personal relationships and America's bank America's banker.
And let's see what happens he was he's meeting with that somebody who is actually -- powerful Wall Street executive yesterday and -- terms of a big fund raiser.
Thanks so much for joining us Peter -- -- you -- -- we reset the Department of Justice we got no response we're still waiting.
Meanwhile straight ahead.