In their latest Daily Beast article, Newsweek reporter Peter Boyer and contributing Breitbart News editor Peter Schweizer argue that JP Morgan Chase and Jamie Dimon have little to fear from the FBI’s probe into the financial giant’s nearly $3 billion bad bet.
For starters, President Obama has between $500,000 to $1 million with JP Morgan Chase in a “private client asset management account.”
Second, as Boyer and Schweizer revealed last week, the Department of Justice has not charged or prosecuted a single “top executive from a major Wall Street firm.” Furthermore, financial-fraud prosecutions by DOJ are at 20-year lows.
Third, JP Morgan Chase’s Jamie Dimon has visited the Obama White House 18 times.
And finally, as Nick Sorrentino of the AgainstCronyCapitalism.org blog points out, in 2008, JP Morgan Chase employees donated $808,799 to then-candidate Barack Obama.
For these reasons and more, say Boyer and Schweizer, JP Morgan Chase and Jamie Dimon appear not to have too much to worry about. They are safe and sound inside the protective cone of crony capitalism.