Cramer: Justice Dept. going after JPMorgan like Jimmy Hoffa
The government's wave of legal actions against JPMorgan Chase is designed to make the bank look bad and is a relentless approach similar to Feds' pursuit of Jimmy Hoffa, CNBC's Jim Cramer said Wednesday.
"The Justice Department just wants to keep opening investigations everywhere. It's kind of like the BP deal. ... I think [Attorney General Eric] Holder has blessed this 'get JPMorgan' campaign," Cramer said on "Squawk on the Street."
"Why have they made a proliferation of cases in many districts if they really want to do a national settlement? " Cramer asked. "If I were JPMorgan I would want a national settlement."
On Wednesday, reports surfaced suggesting that the bank, facing several investigations into its mortgage practices, is seeking a global settlement with U.S. government authorities in multiple jurisdictions. However, Cramer was skeptical that this will be the ultimate outcome and that the government is "not the least bit interested" in a broad settlement.
(Read more: JPMorgan may settle with group of agencies)
"I think that the government is basically trying to make it so JPMorgan and [CEO Jaime] Dimon look bad," he said. "This is incredibly painful now for shareholders. ... I see the Justice Department basically saying 'open season, let's just sue them everywhere.' "
"Forget the money, forget the fines, this is about making an institution heel," Cramer said, adding that the government is using events like the London Whale trading debacle as justification for its actions. "It isn't like the Justice Department is trying to get money. [They're] trying to make JP Morgan look horrible in order to be able to show that they are tough. "
"This is a Hoffa situation. I've never seen the Justice Department do this, other than with Hoffa," he said, likening Holder to Robert F. Kennedy and suggesting that like the investigations of the infamous Teamsters boss, the bank may not be getting its due process.