If you read the news it seems that JP-Morgan Chase, the biggest US bank, has agreed to pay US$13 billions on fraud charges for their mortgage practices leading up to the financial crisis. Bill Black, author of the fantastic and properly titled book The Best Way to Rob a Bank Is to Own One, argues that the number is inaccurate.
So more like US$6 billions. Out of profits of more than US$20 last year, and god knows of how much they made out of their fraudulent practices.
See the full interview from the Real News Network here.
See the full interview from the Real News Network here.
