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JPMorgan Chase has agreed to pay $88.3 million to settle potential civil liability for apparent violations of a wide range of U.S. sanctions, the U.S. Treasury department announced Thursday.
This will be the largest settlement ever paid for sanctions violations by a U.S. financial institution, according to Treasury officials.
Among the sanctions apparently broken by JPMorgan are weapons of mass destruction proliferation rules as well as sanctions against against Cuba, Iran, Sudan and ........
J.P. Morgan and John Jacob Astor both funded Nikola Tesla, who created a way to generate an infinite amount of electrical energy. Tesla planned to allow people to access that energy for free, but Morgan squashed Tesla because he wanted to profit from energy, not give it away. Astor, Tesla's good friend, seemed to have deep pockets for Tesla. Not good for Morgan.
John Jacob Astor, along with Benjamin Guggenheim and Isa Strauss, were three very wealthy and powerful men, all of whom were vehemently against the creation of the Federal Reserve, and were quite outspoken on the matter. Morgan viewed Astor and Co. as a huge obstacle. These three men died when the Titanic -- a ship built by J.P. Morgan's White Star Line -- hit that infamous iceberg and sank.
Once Astor, Guggenheim and Strauss were dead, there was no more public outcry against the Federal Reserve. It passed congress and was signed into law the following year on December 23, 1913. In addition, now Tesla's funding was wiped away, his friend in Astor gone.