Tags: Welch | JPMorgan | feds | investigation

Suzy Welch: Feds Have a ‘Vendetta’ Against JPMorgan Chase

Image: Suzy Welch: Feds Have a ‘Vendetta’ Against JPMorgan Chase Suzy Welch, left, and her husband businessman Jack Welch.

Thursday, 28 Mar 2013 12:40 PM

By John Morgan

Suzy Welch, author and wife of former General Electric Chairman Jack Welch, claims the federal government is out to get JPMorgan Chase, as evidenced by a flurry of investigations that have been launched against the bank.

Commenting on Twitter, Welch wrote: “JP Morgan being investigated by eight federal agencies. Eight. Tell me that’s not a vendetta.”

The federal authorities taking a look at the bank’s activities include a veritable alphabet soup of agencies including the FDIC, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchanges Commission (SEC), as well as federal prosecutors and the FBI, The New York Times reported.

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Congressional committee members questioned JPMorgan executives earlier in March over the giant investment losses of about $6 billion run up by the bank’s so-called London Whale trader.

The company is also now reportedly under investigation for failing to alert regulators to questions about Bernard Madoff’s Ponzi scheme, according to MarketWatch.

Madoff told MarketWatch in an email Wednesday that banks were complicit in his multi-billion dollar crimes.

In the emailed letter, Madoff named JPMorgan, Bank of New York Mellon, HSBC and Citigroup as having access to information about his scam, MarketWatch reported. He also said that other banks knew.

The Times said JPMorgan faces a “full-court press” of investigations and is in the “cross hairs of federal authorities.”

Some unnamed executives at the bank are worried the investigations will undercut the authority of CEO Jamie Dimon in Washington, The Times reported.

“Jamie and other executives feel terrible that the bank’s self-inflicted mistakes have put regulators in an awkward position,” said Joe Evangelisti, a JPMorgan spokesman. “We are wholly to blame for our errors and are fully cooperating with all authorities to make things right.”

MarketWatch carried news of Suzy Welch’s tweet under the headline: “Suzy Welch follows husband Jack’s lead and tweets her own conspiracy theory.”

MarketWatch was referring to a widely covered instance last year when Jack Welch tweeted about his suspicions that federal employment data was being distorted to benefit President Barack Obama’s campaign.

Suzy Welch is a business writer and author of “10-10-10” and co-author with her husband of the best-seller “Winning.”

Editor's Note: The IRS’ Worst Nightmare — How to Pay Zero Taxes

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