Written and sent to the OCC, 5/5/2013.
This email is concerning the JPMorgan Chase “manipulative schemes” in energy markets case being reviewed by the Office of the Comptroller of the Currency (OCC). As a government institution whose mission is to serve the people of the United States through “Ensuring a safe and sound federal banking system for all Americans”, “warning of a potential crackdown” in the wake of such gross criminal activity by JPMorgan Chase is a dereliction of duty and an affront to the American people, the majority of whom ARE law-abiding citizens who play by the rules set forth by law.
If “too-big-to-fail” financial institutions can act with impunity, the American people will not only lose faith in the trustworthiness of large financial institutions, but government agencies whose mission is to regulate those institutions. Eventually, this loss of trust could result in a systemic breakdown of financial confidence by the typical American consumer.
So far, I haven’t even mentioned the hypocrisy of not holding large financial institutions to the same standards of the law as the average American nor have I mentioned the ethical outrage that should accompany ‘events’ like JPMorgan Chase’s illegal activities in the energy market.
I implore the OCC to prosecute/regulate JPMorgan Chase to the fullest extent possible if only to set an example for other financial institutions engaging, or thinking about engaging, in similar illegal activities. How many laws must these institutions break before the regulations fully and justifiably applies to them? It’s time to finally act in the best interests of Americans in the present, and for future generations of Americans who deserve to grow up in a country where everyone plays and is held to the same set of rules.
Thank you for your time on this important matter.