JPMorgan Chase may have agreed to pay $153.6 million to settle federal charges that it defrauded investors, but to Cramer, the bank got off easy.
The U.S. Securities and Exchange Commission accused the banking giant of defrauding investors who bought mortgage securities sold just before the nation's housing market collapsed. Cramer wonders whether those involved with the disputed transactions were awarded bonuses. He assumes they did, which is why he thinks it's troubling JPMorgan only had to pay a fine to get the charges dropped. After all, the fine doesn't matter to the bank, he said.
"The shareholders paid for the fine and now everyone moves on [at JPMorgan]," Cramer complained. "There's no shame; just bonuses and on to the next piece of merchandise. I want those bonuses returned to the shareholders by the people who took them."
Its complaint against the financial institution was larded with excerpts from internal JPMorgan communications that indicated bankers sold a collateralized mortgage obligation in 2007 to ensure that it could get credit-scarred mortgage securities off its books.
"We are soooo pregnant with this deal, we need a wheel-barrel to move around," the head of CDO distribution wrote in a March 22, 2007 email to the sales staff. "Let's schedule the cesarian, please!"
What's most troubling to Cramer is that it's unlikely any JPMorgan employees lost their jobs over this. After allegedly hosing vulnerable investors, Cramer complained these bankers are probably enjoying their summer home in the Hamptons or relaxing at Martha's Vineyard.
"I want to see names. I want numbers, as in bonuses. I want to know all about the people who had a hand in this," Cramer said. "This kind of behavior is why the banks are untouchable and they wonder why they got stuck with an anti-banking zealot like Elizabeth Warren.
"She's the only real punishment most of these bankers will ever see."
—Reuters contributed to this report
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