JPMorgan Sued With Goldman in Aluminum Antitrust Racketeering Case

[Ichingcarpenter]

The banks and Glencore are accused in the complaint filed yesterday in federal court in Tallahassee of racketeering and conspiring with the London Metal Exchange, hoarding aluminum in Detroit-area warehouses and violating federal antitrust laws.


Goldman Sachs was sued on Aug. 1 over similar claims by a Michigan company.
“By inserting itself into a healthy industry producing widely needed commodities, severely degrading functionality and widely distributing costs while itself benefiting, Goldman Sachs and JPMorgan couldn’t fit a more archetypal description of a parasite on the markets,”


http://www.bloomberg.com/news/2013-08-07/jpmorgan-sued-with-goldman-in-aluminum-antitrust-case.html



On October 15, 1970, the Racketeer Influenced and Corrupt Organizations Act (18 U.S.C. §§ 1961–1968), commonly referred to as the "RICO Act", became United States law.


The RICO Act allowed law enforcement to charge a person or group of people with racketeering, defined as committing multiple violations of certain varieties within a ten-year period. The purpose of the RICO Act was stated as "the elimination of the infiltration of organized crime and racketeering into legitimate organizations operating in interstate commerce". S.Rep. No. 617, 91st Cong., 1st Sess. 76 (1968). However, the statute is sufficiently broad to encompass illegal activities relating to any enterprise affecting interstate or foreign commerce.


The DOJ will never use the RICO act against these criminal organizations though they are just that.

Anyway good luck to the plaintiff.

[BlueToTheBone]

1. I hope this ends in more than a little wrist slap.

I hope there are prison sentences and that this is only the beginning of the flood of arrests.

[Ichingcarpenter]

2. If they win this civil case in Federal Court

then there is really no excuse except for politics for the DOJ to go after them for racketeering.

However I vote politics, too big to jail too big to fail, too big in the pockets of government. will prevail

Besides:

Eric Holder's 1999 Memo Helped Set The Stage For 'Too Big To Jail'

http://www.huffingtonpost.com/2013/06/04/eric-holder-1999-memo_n_3384980.html


The Rico act is dead.