Tag Archive | "JPMorgan"

JPMorgan to pay $2.6 bn to Madoff victims. No criminal charges

bankster and uncle sam

If we had a functioning legal system, the top people at JPMorgan would have been indicted long ago. Instead the company pays fines for offenses that most of us would go to prison for. The government fines them, the company promises to be good, and nothing changes. This cynical and pitiful charade is little more than a protection racket. The banks do whatever they want. the government pretends to be vigilant, then fines the banks instead of filing criminal indictments.

The bank connected the dots when it mattered to its own profit but was not so diligent when it came to its legal obligations,” Manhattan U.S. Attorney Preet Bharara said at a press conference.

Here’s some dots to connect, Mr. Bharara. Criminal behavior requires criminal indictments. Anything less is simply proof of a captured government and incompetent or worse prosecution.

Posted in Banksters

Banksters get fined for what we go to prison for. This is bribery

Bribery

The Justice Department refusal to criminally prosecute banksters is little more than a protection scheme. The banks pay stiff fines and promise to sin no more, no one goes to prison, and the banks continue breaking the law

A jury found a Bank of America unit and executive liable for mortgage fraud. You might think $165 million of fraud would put someone in prison, but you’d be wrong.

JPMorgan will pay the government $13 billion for misleading mortgage practices but again, Justice is doing nothing tacky like filing criminal charges against those responsible. It’s just so much easier to fill the coffers with the bankster’s ill-gotten gains instead, something which is also known as bribery. If they went to prison and the criminality stopped, then there would be no more government income from the fines. And they can’t be letting that happen.

Posted in Banksters

Is JPMorgan a bank or a criminal enterprise?

jail-banksters

So far, no high level banksters have gone to prison for their roles in the financial fraud and collapse. Thousands of bankers went to prison during the S&L scandal of the 1980’s. The feds are finally making noises about filing criminal charges. But these must be against people and not just against the corporations. We will begin to have Rule of Law again when elegant thugs in boardrooms like those at JPMorgan get frogmarched to prison.

JPMorgan faces criminal and civil inquiries

JPMorgan Chase disclosed on Wednesday that it faced a criminal and civil investigation into whether it sold shoddy mortgage securities to investors in the run-up to the financial crisis

JPMorgan sued over warehouse aluminum prices

Glencore Xstrata and JPMorgan Chase & Co face a U.S. lawsuit alleging they artificially inflated aluminum prices and disrupted supplies, as legal challenges related to metal warehousing piled up this week.

JPMorgan said to be near SEC settlement on ‘London Whale’ loss

JPMorgan Chase & Co. is negotiating the final terms of a deal with the Securities and Exchange Commission to close the regulator’s yearlong investigation into a derivatives bet that led to the bank’s largest trading loss ever, according to two people briefed on the talks.

Posted in Banksters

JPMorgan trading loss now between $6-9 billion

“That idiot Dimon lost how much money???”

Estimates of the JPMorgan trading loss continue to climb. This is the very same JPMorgan who originally said losses were $1.5 billion or so and whose CEO Jamie Dimon used to preen arrogantly about how they had the best risk managagement of any investment bank.

Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.

Let see, if you engage in insanely reckless speculation, lose money then have no freaking clue how much you’ve lost, then I’d say your risk management was nonexistent.

“Essentially, JPMorgan has been operating a hedge fund with federal insured deposits within a bank,” said Mark Williams, a professor of finance at Boston University, who also served as a Federal Reserve bank examiner.

This is the sorry crux of the matter. Federal oversight of the banks also is also mostly nonexistent, else why did they allow JPMorgan to play the slot machines with depositor and bailout money. I mean, at least slot machines bets are understandable. The disastrous JPM London trade was so convoluted and complicated that maybe no one really understands it.

Banks should not be allowed to do this with depositor money. And until Bill Clinton and Tom DeLay presided over the repeal of Glass-Steagall, banks weren’t allowed to. Of course all the bloated parasites involved in this mess made fat commissions so why should they care what happened? (However the JPM trade is so egregious that the bad PR will force JPM to clawback some of the money but this is just window dressing.)

Our investment banks for the most part are corrupt, venal, and most probably insolvent. They should be put out of their misery so new, healthy institutions can replace them. If we had actual capitalism, this would have already happened. Instead we have a compliant and captured government continuing to prop them up.

Posted in Banksters, News

JPMorgan losses could be $7 billion now

If you add in the drop in the stock price, then JPMorgan losses are more like $30 billion.

Obama is of course mute when it comes to criticizing the banksters, especially when it involves an old pal like JPMorgan CEO Jamie Dimon.

Dimon, in his comments on Monday, said the bank wasn’t going to keep updating everybody on its losses.

That means the losses are huge. Will anyone in the government or Congress actually do something about this vaporizing of customer money by insanely reckless banks? We need real investigations. But I doubt we’ll get them. The fix is in far too deep for that.

However, governments and institutions that are both corrupt and incompetent often do have a way of crumbling, and of course outside forces sometimes do it for them.

Posted in Banksters, News

JPMorgan losses at least $5 billion and growing

JP Morgan’s loss in risky derivatives originally estimated at $2 billion is now $5 billion and could well go higher. In addition, they have another $100 billion in risky bonds. This from the bank that had a sterling reputation for managing risk. CEO Jamie Dimon told the traders to take on more risk, so they did. oversight was non-existent as was government regulation and scrutiny.

WSJ

But there were no details about the trades themselves. “I want to see the positions!” he barked, throwing down the papers, according to attendees. “Now! I want to see everything!” When Mr. Dimon saw the numbers, these people say, he couldn’t breathe.

The Big Picture has more, including the news that the trade is still open, plus this comment

I tell you this now, no $5 billion in potential losses took Dimon’s breath away… There’s something far more sinister on those books. We’ll know in the fullness of time.

You can be sure that Obama will protect and run interference for JPMorgan and his old buddy Jamie Dimon as much as possible.

Posted in Banksters, News

Did JPMorgan learn of trading disaster from newspapers?

I may have been a pirate but at least I created companies with genuine, lasting value like GE and US Steel. These modern bankers create nothing of value.

JPMorgan executives may have learned of the impending disaster with their London Whale trade from articles in the WSJ and Bloomberg. This from the company that more or less invented risk management and were supposed to be expert at it. Clearly their risk management was and is mostly nonexistent.

This is how Wall Street now operates; reckless, amoral, oblivious to financial responsibility, always pushing for more risk which in their myopic view means more profit – except when it doesn’t.  Then they force the government through the politicians and regulatory agencies they have corrupted to give them more money. This isn’t capitalism, this is theft.

Thew TBTF banks are too big and too irresponsible to live. They must be broken up and the crony capitalism they typify must be smashed. Really folks, it’s us or them.

Posted in Banksters, News

The mad Captain Dimon vs. the London Whale


Jonathan Turley reflects upon the vengeance Moby Dick delivered to Captain Ahab.

Now Dimon is expected to blame the whale rather than his own anti-reform position. It is not the first time that a mad leader personified his own failings.

If you haven’t read Moby Dick, why he’s just getting warmed up in the picture…

Posted in Banksters, News

JPMorgan. Rats in the granary and executive suites

JPMorgan thinks it's time to demand more bailout money from the government again. (JPM CEO and Obama go way back, to the early 1990's in Chicago.)

JPMorgan has lost at least $2 billion in deranged derivatives trades. Despite all the pretend reform by the government, nothing has changed on Wall Street and the feds are still asleep at the wheel, no doubt deliberately so.

Now we know the truth about Wall Street: It’s just kids playing with dynamite. Yesterday’s JP Morgan implosion has now put any lingering questions to rest. Wall Street banks simply cannot be trusted to manage the massive risks they are taking.

And our government continues to allow them to be reckless.

Wall Street traders like rats in a granary

I’m thinking the real rats are in the executive suites as well as government regulatory agencies.

JPMorgan’s CEO, Jamie Dimon, said on a conference call late Thursday that there were “many errors,” “sloppiness” and “bad judgment.”

Regrettably Mr Dimon misses the point. Banks backed by government guarantees shouldn’t be involved in gambling. Period.

Emphasis added.

Oops, we underestimated our risk profile again.

It’s always bad when real life reminds you of a movie with an ominous soundtrack. JPMorgan Chase Jamie Dimon’s conference call on Thursday afternoon apologizing for the bank’s “egregious mistakes” felt eerily similar to the 2011 movie Margin Call. At the start of that movie, a young analyst discovers that the bank has grossly underestimated its risk profile.

Could Jamie Dimon really be as clueless as he sounded on the phone yesterday?

Either Dimon misled the public about the gravity of the festering trades during his company’s first-quarter earnings call last month. Or he didn’t know what was happening inside the bowels of his own company. History tells us the latter is the norm for Wall Street bosses, though it’s hard to say which is worse.

It is always better to appear incompetent than culpable.

Deliberately Dimbulb Dimon also said that the losses could increase which almost certainly means they will.

Let’s review the facts. The TBTF banks were given hundreds of billions which they were supposed to use to rebuild the economy by loaning to busness. Instead they bought zero risk treasuries will government money or used the money to do insane speculation.

No lessons have been learned. The government is still complicit in this looting of the public for the benefit of the few. Instead of being Masters of the Universe, the TBTF banks are incompetent at core, backed up by a similar government, and both are corrupt and uncaring about the economy at large.

Posted in Banksters, News

We are banksters, we don’t follow no stinking laws

We now have confirmed instances, including 911 calls, of banks hiring people to break into homes where the foreclosure has not yet taken place, and in some instances, they’re breaking into the wrong house. That’s illegal – until the bank has a court order giving them possession, they don’t have possession and they have no right to be there.

How bad is it getting? This bad.

JP Morgan ‘thug’ breaks into home not in foreclosure

A JPMorganChase representative told the news crew that the company had made a “mistake” in attempting to change the locks, and that the company has no right to change the locks on a home that hasn’t been foreclosed and which is occupied.

As some blogs were quick to point out, the bank agent’s move may have broken Florida law.

May the thugs JPMorgan hired as well as JPMorgan itself get indicted on criminal charges.

Really folks, it’s getting so hard to tell the difference between organized crime and bankers now.

Posted in Banksters, News

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