The media may have you convinced that cryptocurrency serves as a conduit for criminals to conduct their financial transactions. However, every Bitcoin transaction on the network is stored on the blockchain. It can be traced to every wallet it passes through and each block it’s mined from. With centralized banks, we rely on them to keep accurate records of every client and transaction (and not destroy them when they’re needed). If history is any indication, JP Morgan’s involvement with Jeffrey Epstein will fizzle out with an apology or insignificant fines.
Try to think of the most evil political movement within the past 100 years. A lot of you would probably think of the Nazis during World War II. Here’s an interesting fact. Most banks throughout the world would not accept German currency during this time as it could help fund the Nazi regime. JP Morgan Chase saw this as an opportunity and allowed the Nazis to convert their Mark into other currencies that would be accepted. This helped raised money for themselves and the Nazis. They later washed their hands of this by making a public apology – no reparations were made.
There’s a laundry list of criminal charges that have been brought against JP Morgan Chase. We might be able to add another one to that list as we learn more about JP Morgan’s involvement with Jeffrey Epstein. Internal compliance officers recommended that Chase eject Epstein as a client because his financial records posed unaccepted legal and reputational risk to the bank.
In 2008 Epstein plead guilty to a charge of procuring for prostitution a girl below the age of 18. Even after this, Chase kept Epstein as a client until 2013 despite the compliance recommendations. Six high ranking executives indicate that this was due to an intervention made by Mary C. Erdoes, CEO of Chase. According to the anonymous executives at Chase, part of her rationale was that Mr. Epstein played a lucrative role recruiting new customers to JP Morgan’s private-banking division, which caters to ultra wealthy people and families, the six employees said. That made him an especially coveted client.
It is clear that we need a more transparent government and financial system if we want justice to prevail over profit. If you read about Epstein’s “incarceration” from 2008 to 2009, you’ll discover that he was treated better than most of us when we’re on vacation. His jail cell was left unlocked, he was free to go home 6 to 7 days a week, he had “doctor appointments” scheduled twice a day, he even had the officers that were watching him on his payroll (they were dressed up in business suits).
The lifeblood of any bank is money. If yours is in JP Morgan Chase, you may want to reconsider what your options are and why you haven’t moved to another bank, or diversified with cryptocurrency.
I wrote another article about JP Morgan’s cryptocurrency, JPM Coin, here. To stay up-to-date on the cutting-edge of crypto, click here or the green ‘Follow’ button on the bottom left to get notified for future posts.
Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.