How JPMorgan Enabled the Crimes of Jeffrey Epstein

Source: NYT

A Times investigation found that America’s leading bank spent years supporting — and profiting from — the notorious sex offender, ignoring red flags, suspicious activity and concerned executives.
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One day in October 2011, Jeffrey Epstein walked into the cavernous lobby of 270 Park Avenue in Midtown Manhattan. The skyscraper was home to JPMorgan Chase, arguably the world’s most prestigious bank. The sex offender — who barely a year earlier was under house arrest after serving 13 months in a Florida jail — was ushered onto an elevator and whisked to a top floor where Jamie Dimon, the bank’s chief executive, and the rest of the senior leadership had their offices.

Epstein had long been a treasured customer at JPMorgan. His accounts were brimming with more than $200 million. He generated millions of dollars in revenue for the bank, landing him atop an internal list of major money makers. He helped JPMorgan orchestrate an important acquisition. He introduced executives to men who would become lucrative clients, like the Google co-founder Sergey Brin, and to global leaders, like Prime Minister Benjamin Netanyahu of Israel. He helped executives troubleshoot crises and strategize about global opportunities.

But a growing group of employees worried that JPMorgan’s association with a man who had pleaded guilty to a sex crime — and was under federal investigation for human trafficking — could harm the bank’s reputation. Just as troubling, anti-money-laundering specialists within the bank noticed Epstein’s pattern of withdrawing tens of thousands of dollars in cash virtually every month. These were red flags for illicit activity.

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